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In Florida when a condominium association allows a special…

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In Florida when a condominium...
In Florida when a condominium association allows a special assessment to be paid in installments which involve an interest charge do the terms of the loan have to be disclosed? Please provide the applicable statutory and regulatory references.
Submitted: 11 months ago.Category: Real Estate Law
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8/30/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 11 months ago
Law Educator, Esq.
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Real Estate Lawyer: Law Educator, Esq., Lawyer replied 11 months ago

Special assessments are governed by FS 718.103 (24). Where condominium boards vote to pass a special assessment, the courts review those decisions based on the business judgment rule. See Cedar Cove Efficiency Condominium Association, Inc. v. Cedar Cove Properties, Inc., 558 So. 2d 475 (Fla 1st DCA 1990). As long as the board exercises business judgment in determining the need for the assessment , the FL courts will not interfere with that decision or judgment.

Under FL law, the Association Declaration, Bylaws and Articles of Incorporation, often address the mechanism for passing special assessments. Under the Florida Condominium Act there are notice requirements for passing the assessment. See: FS 718.112 . Once the determination is made to vote on a special assessment, the association must provide written notice to each unit owner. The funds collected for such special assessment may only be used for the specific purposes set forth in that notice.

Section 718.112(2)(c)1, Florida Statutes, provides (in material part) "…written notice of any meeting at which nonemergency special assessments, or at which amendment to rules regarding unit use, will be considered must be mailed, delivered, or electronically transmitted to the unit owners and posted conspicuously on the condominium property at least 14 days before the meeting. Evidence of compliance with this 14-day notice requirement must be made by an affidavit executed by the person providing the notice and filed with the official records of the association….Notice of any meeting in which regular or special assessments against unit owners are to be considered for any reason must specifically state that assessments will be considered and provide the nature, estimated cost, and description of the purposes for such assessments."

Assessments and installments on them that are not paid when due, bear interest at the rate provided in the association documents, from the due date until paid. If a rate is not provided in the declaration or cooperative documents, interest will accrue at the rate of 18 percent per year.

Condominium: See: FS 718.116(3).

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