Historically, anyone offering to sell a condominium unit was required by Chapter 718, Florida Statutes, to provide each potential purchaser with a “Frequently Asked Questions & Answers” sheet. While Condominium Associations are no longer required to provide this sheet to potential purchasers, they are required to create FAQ&As, maintain it within their official records, and provide it to a member upon request.
The purpose of the FAQ&A is to briefly inform the potential purchasers of their rights and obligations as owners of a unit in your condominium, including voting rights, unit use restrictions, lease restrictions, rent or land use fees for the recreational or other commonly used facilities, assessment information, and whether the association or other mandatory membership association is involved in any court cases in which it may face liability in excess of $100,000. Unfortunately, many Condominium Associations do not keep these FAQ&As current.
In addition to requiring the creation of a FAQ&A, Rule 61B-23.002 of the Florida Administrative Code requires each condominium association to update the FAQ&As every 12 months. A Condominium Association can use The Department of Business and Professional Regulations Form CO 6000-4, which consists of questions addressing the issues delineated above. Answers to these questions must refer to the relevant sections of the Governing Documents. If your Association needs assistance preparing the FAQ&A, your legal counsel can help.