Subscribe to the Zelda Newsletter!

Join for the latest info about Zelda Magazine. We'll let you know when new issues are available and when we are sponsoring new events!

Categories

  • No categories

Recent Posts

Common Interest Agreement Florida

If you are a resident of Florida, you may have heard of a common interest agreement. A common interest agreement is a legal document that outlines the rights and responsibilities of homeowners who live in a shared community, such as a condominium or a homeowners association.

In Florida, common interest agreements are governed by Chapter 718 of the Florida Statutes, which provides guidelines and regulations for condominium associations. This law sets forth the rules for the establishment and operation of a condominium association, including the requirement for a common interest agreement.

A common interest agreement is a critical document that establishes the framework for the relationship between the association and its members. It outlines the association`s powers and responsibilities, as well as those of the individual owners. Some of the essential elements typically included in a common interest agreement are:

1. Maintenance and repair responsibilities: The agreement should outline who is responsible for maintaining and repairing common areas, such as the building exterior, elevators, and hallways.

2. Assessments and fees: The agreement should specify the types of assessments and fees that the association can levy, including regular dues, special assessments, and penalties for violations.

3. Use and occupancy restrictions: The agreement should describe any restrictions on the use or occupancy of the units, such as pet policies, smoking bans, and noise restrictions.

4. Dispute resolution: The agreement should outline the procedures for resolving disputes between the association and its members, including mediation and arbitration options.

5. Insurance requirements: The agreement should describe any insurance requirements for the association and its members, including liability insurance and property insurance.

In addition, a common interest agreement may include other provisions that are specific to the community. For example, it may describe maintenance responsibilities for private balconies or patios, or it may outline the procedures for making modifications to a unit.

Overall, a common interest agreement is a vital document for homeowners who live in shared communities in Florida. It is critical to ensure that the agreement accurately reflects the needs and expectations of both the association and its members. By understanding the provisions of a common interest agreement, homeowners can protect their investment and maintain a positive living environment within their community.

Comments are closed.