Condominium Association 718

What is a Condominium Association?

A condominium association (COA) is an organization established to manage and maintain the common areas and enforce community rules in a condominium development. When you purchase a condo, you automatically become a member of the COA and agree to abide by its rules and regulations. Condo owners own their individual units and share ownership of common areas such as hallways, elevators, and recreational facilities.

How Do COAs Operate? – Florida Statute 718

Condominium associations in Florida are governed by Florida Statute 718, which outlines their creation, management, and operation. A COA is typically created by a developer through a Declaration of Condominium, also known as the Master Deed, filed with the county. This document establishes the COA and its governing rules. COAs are managed by a board of directors elected by the unit owners. The board is responsible for making decisions on behalf of the association, including financial management, rule enforcement, and maintenance of common areas.

All condo owners within the community are automatically members of the COA and have voting rights on major decisions, such as electing board members and approving budgets. COAs operate based on their governing documents, which include the Declaration of Condominium (Master Deed), bylaws, and articles of incorporation. These documents define the association’s structure, powers, and member obligations. The COA has the authority to levy assessments (fees) on unit owners to fund the maintenance of common areas, building repairs, and other operational costs. These assessments are mandatory and enforceable. The board has the power to enforce community rules and regulations as outlined in the governing documents. This includes issuing fines for violations and taking legal action if necessary. Florida Statute 718 requires COAs to hold regular board meetings that are open to members. The statute also mandates transparency in COA operations, including access to financial records and meeting minutes.

Why are COAs Unique?

Condominium associations are unique because they offer a distinct form of property ownership and community living. Unlike single-family homes, condos involve shared ownership of common areas, which means that maintenance responsibilities and costs are distributed among all unit owners. This shared ownership model allows for amenities such as swimming pools, gyms, and clubhouses that might be unaffordable for individual homeowners. Additionally, condo living provides a sense of community and shared responsibility, with rules and regulations that help maintain property values and ensure a harmonious living environment. It’s important to note that many people mistakenly refer to condominium associations (COAs) as homeowners associations (HOAs), but there are key differences between these types of associations.

Advantages of Living in a COA Community

Living in a COA community offers numerous advantages. COAs ensure that common areas and individual units are well-maintained, creating a pleasant and visually appealing environment. By enforcing community standards and maintaining high-quality amenities, COAs help protect and potentially increase property values over time. Many COA communities offer amenities such as swimming pools, fitness centers, clubhouses, and recreational areas that might be cost-prohibitive for individual owners to maintain on their own. COAs often organize events and activities that bring residents together, fostering a strong sense of community and belonging. With the support of professional property management companies like Florida 360, COAs benefit from expert guidance in financial management, maintenance, legal matters, and more. COAs maintain the building’s appearance and functionality through architectural guidelines and regular maintenance, ensuring a uniform and attractive look throughout the property.