The Florida Condominium Act was invoked to protect tenants and consumers from being charged unfairly by property management companies and associations. The act was established in 1963 and has been updated several times since then, with the latest provision being in 1992. When establishing such an Act, the intentions are to keep protections in place and provide a fair marketplace for home buyers. The issue arises when an Act is established but is not enforced. This leads to price gouging and taking advantage of unsuspecting buyers.
To own property in the South Florida housing market is not for everyone, as the price tag and median costs are above many consumers’ budgets. That is why a majority of investments in South Florida property comes from foreign individuals or out of state residents. If a consumer is not a resident of Florida, the most advantageous property to own is a beautiful condominium. These luxurious condos are coveted by the local South Floridians as well, but just because you’re from South Florida, does not mean you receive any special treatment.
When a person or family would like to lease, purchase or transfer a condominium, they must pay a fee to cover the services rendered. The fee can be stated as the move in or out costs, background checks or even simple transfer fees. Most times these typical fees range anywhere from $150 to potentially $500. A key factor to understand is that the Florida Condominium Act mandates that this said fee has a cap of $100 per person. So, if this is the case, South Floridians are left wondering why associations get away with charging higher fees that are against the current law.