Summary of Important Ownership Qualifications & Rules

The information below is a summary of some of the important rules and qualifications you need to know
 before considering the purchase of a condominium apartment. 
 The complete set of documents are contained in a "documents'
book that is supplied to each buyer by the seller.

CENTURY VILLAGE is a community of over 7000 condominium units

Age Requirements
Century Village is a legal "Over 55 Community" Apartments must be occupied by at least one person over the age of 55.

No one under 18 years of age can permanently live in or occupy an apartment.
Note: Owners must occupy their apartments for 2 years before renting called "Owner Occupied"

Down Payment?

Security Deposit?

Pets-? with letter from doctor

Vehicles- 1 assigned space only, NO EXCEPTIONS


Application and Interview

Credit Score

Background Check



Condominiums are a significant segment of the housing market in Florida.
 However, many prospective condominium purchasers are
 unaware of condominium concepts or the provisions
of Chapter 718, Florida Statutes, the Condominium Act.
The purpose of this information is to
provide prospective purchasers with important information
that should be considered prior to making a purchase.


A condominium is a form of real property consisting of condominium units and common

elements. Units are the parts of the condominium property which are subject to exclusive

ownership. Common elements are the portions of the condominium property not included in the

units. Proportionate ownership of the common elements is an appurtenance to a unit, meaning

that it comes with the purchase of a unit and cannot be divided from the unit. Each unit’s share

of ownership in the common elements is the same proportion by which the unit owner will share

in the cost of operating the condominium. The condominium form of ownership, usually

associated with high-rise buildings, may also be found in garden-style apartment buildings, row

structures, semi-detached structures, single-family homes, mobile home parks, and recreational

vehicle parks. A condominium may be residential, commercial, or a mixture of both.

The Condominium Act provides that an association, usually a not for profit corporation, is

responsible for operating the condominium. The association’s responsibilities include

maintaining, repairing, and protecting the land and the facilities in the condominium such as

swimming pools, tennis courts, elevators, etc. The condominium association is run by a board
of directors, initially appointed by the developer,
but ultimately turned over to unit owner elected directors.

The declaration of condominium is a document that describes the condominium property, the

unit boundaries, the common elements, and other improvements. Reading this document will

assist you to understand what you will own when you purchase a condominium unit. A

purchaser usually obtains ownership and exclusive possession of everything inside the

unfinished interior surfaces of the walls, floors, and ceilings of the unit, including the interior

partitions, cabinets, appliances, and fixtures. The land and structural parts of the building are

usually common elements. The declaration will also provide for the maintenance

responsibilities of the unit owners and the association.

Condominium life requires that you live in close proximity to your neighbors, abide by

restrictions on the use of your unit and common elements, and that you be personally involved

in the operation of your condominium association. In order to protect your investment, it is

important to attend meetings to keep informed on the issues pertaining to the operation of the condominium.

You may purchase a condominium unit from a developer of from a private party.

 The Division does not regulate by private parties.
 Keep the following in mind when purchasing a condominium unit from either a developer or a private party:

 What will be your ownership and voting rights in the association?

 What will be your percentage share of the common expenses?

 What are the restrictions on the use of the common elements and the unit?

 Are there any leases or contracts associated with the condominium association? If so,

what are their terms?

 Do you understand all of the provisions of the documents?

 Exactly what items will you be personally responsible for maintaining?

 Is the condominium development completed? If not, how many units will eventually be

added to the condominium development and what impact will they have on the use of

the recreational amenities?

 What is the proposed schedule for adding units or amenities to the condominium?

 Does the developer have the option of not completing certain facilities or amenities?

 Does the association have a history of complaints by residents of the condominium?

 Is the association currently involved in litigation?

 Does the association carry adequate insurance?

 Is the condominium property well maintained?

Has the association established reserve funds for future capital expenditures and deferred

maintenance projects?

 If the condominium being created by converting a previously occupied residential structure,

what is the condition of the property and will major repairs be required in the near future?

What is the history and reputation of the developer?

 What is the association’s pet policy?

 Are there any restrictions on the selling or renting units?

 Are there any restrictions on the number of family members or guests who may occupy a unit?

Answers to many of these questions can be found in the "condominium documents.” These

documents include the declaration of condominium, articles of incorporation of the

association, bylaws of the association, and the Frequently Asked Questions and Answers

Sheet. The developer is required to file these documents with the Division of Florida Condo

miniums, Timeshares, and Mobile Homes, prior to offering units for sale. The developer is

required to give each purchaser a complete set of the condominium documents. Once you sign

a purchase agreement and receive the documents from the developer,
 you have 15 days in
which to cancel your purchase.
Read these documents thoroughly before you purchase a
condominium unit,
and not later than the expiration of the 15 day cancellation period.

is for your protection and to your advantage to carefully read and understand the condominium

documents. If you are purchasing from a private party rather than a developer, the cancellation

period expires three days from the date you sign the purchase agreement.


Reservation Deposits

A reservation program allows a developer to “test the market” in order to make a decision to

construct a condominium project. Prior to construction, the developer may enter into a

reservation agreement with prospective purchasers. The reservation agreement is not a binding

contract since it allows either the developer or the purchaser to back out at any time. The

developer is not required to construct the property. Any reservation deposit must be fully

refunded upon the written request of the purchaser or the developer.

Sales Deposits

If you are purchasing a condominium unit in which the construction, furnishing, or landscaping

of the property is not substantially complete, The Condominium Act requires that deposits up to

10 percent of the sales price must remain in an escrow account with an independent escrow

agent. Deposits in excess of 10 percent of the purchase price may be used in the actual

construction of the condominium, if so provided by the purchase contract. For example, in

the sale of a condominium unit priced at $100,000, only $10,000 of the sales deposit must

remain in the escrow account. The remainder of the sales deposit may be used in the actual

construction of the property. You should check your purchase contract to determine whether

your complete sales deposit is protected.

Listed below are key condominium documents, along with a brief explanation of what these

documents should address:

Declaration of Condominium

The declaration of condominium is one of the most important condominium documents

as it is the document that creates the condominium (when it is recorded in the official

records of the county in which the condominium is located). Some of the issues

addressed in the declaration include: membership and voting rights of unit owners; the

manner of sharing in the common expenses, common surplus, and ownership of the

common elements; the maintenance responsibilities of the association and of the unit

owners; identification of the units; use restrictions; the manner in which alterations may

occur within the condominium; insurance requirements of the association and of the unit

owners; rights of the developer during the period of construction and the sale of units;

and procedures for amending the declaration.

Articles of Incorporation

The association’s articles of incorporation address: the purpose of the articles, the

powers granted to the association, the rights of members, the number of directors and

officers, an indemnification clause for directors and officers, and procedures for

amending the articles.


The association bylaws address items such as: the type, frequency, and location of

meetings; meeting notice requirements; powers and duties of the association; duties of

officers and directors; procedures for amending the bylaws; use restrictions; financial

reporting and other pertinent information.

Estimated Operating Budget

Estimated Operating Budget

The estimated operating budget provides detailed estimates of various common expenses

that are to be shared by the unit owners. The budget also includes significant information

regarding future capital expenditures and deferred maintenance projects such as: roof

replacement, building painting, pavement resurfacing, and other future expenditures in

excess of $10,000.

Receipt for Condominium Documents

Remember that your purchase agreement with the developer may be cancelled up to 15

days after the date that the purchase agreement is executed and the date you receive

the condominium documents, whichever is later. The developer will ask you to sign a

receipt for condominium documents. Be sure you have actually received all the documents

listed on the receipt. If you are purchasing from a private party, you are entitled to copies of

the declaration of condominium, the articles of incorporation, the bylaws and the most recent

financial reporting information, at the seller’s expense.

Frequently Asked Questions and Answers Sheet

This document provides a summary of any leases or other covenants and restrictions,

affecting the operation of the condominium and association.

Source Quote:

Department of Business and Professional Regulation

Division of Florida Condominiums, Timeshares,

and Mobile Homes


Division of Florida Land Sales, Condominium and Mobile

Northwood Centre

1940 North Monroe Street

Tallahassee, FL 32399-1030

(850) 488-1122