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FLORIDA CONDO LIVING PART 2 - GLOSSARY OF TERMS

1:01 PM, Posted by Editorial Staff, No Comment

A Glossary of Commonly Used Condominium Terms

Amendment:
A written statement of a change or revision in a bylaw or other governing document.

Annual Financial Report:
A report of financial activity taking place during the current year. These reports consist of all the receipts and expenditures of an association for a given year, prepared on the cash basis to detailed financial statements, prepared in accordance with generally accepted accounting principles.

Articles of Incorporation:
The document creating the corporate entity responsible for operating the condominium. It describes the purpose of the association as well as its powers and duties.

Assessment:
A unit owner’s share of the amount of money required to pay the common expenses of the association and the condominium.

Association:
The entity responsible for the operation of the condominium. In most instances, the association is a not-for-profit corporation. The individual unit owners are members of the association.

Board of Directors:
The representative body responsible for administration of the association. They are usually unit owners and are elected to office.

Board Meetings:
Any gathering of at least a quorum of the members of the board of directors for the purpose of conducting association business.

Bylaws:
The document that describes the operational requirements of the association. It provides for the administration of the association including procedures for: calling meetings, determining voting requirements, quorums, and contains other requirements relating to the association’s operation.

Common Elements:
The portion of the condominium property that is not included in the units, as described in the declaration of condominium. The common elements are owned jointly by all unit owners.

Common Expenses:
All expenses properly incurred by the association for the condominium in carrying out its duties and responsibilities.

Common Surplus:
The excess (or deficit) of all revenues of the association over the common expenses.

Condominium:
A form of ownership of real property. This property is made up of units that may be owned by one or more persons, and common elements that are owned jointly by all unit owners.

Condominium Parcel:
The unit together with its undivided share in the common elements.

Conversion:
A condominium that is created from existing improvements.

Declaration of Condominium:
The document that establishes the property as a condominium. A condominium is considered to be legally created when the declaration is recorded in the public records of the county where the condominium is located. The declaration contains legal descriptions of the property, including the units. It also describes each unit owner’s undivided share in the common elements, membership and voting rights in the association, and covenants and restrictions on the use of the units and common elements.

Condominium Documents:
The set of papers creating and describing the condominium and the association, including items such as the declaration of condominium, articles of incorporation, bylaws, and any existing leases or contracts of the association.

Leasehold:
The right to use property in exchange for rent.

Lien:
A condominium association’s claim against each condominium parcel to secure the payment of assessments.

Limited Common Elements:
The portions of the common elements that are reserved for the use of a certain condominium unit or units to the exclusion of other units. They must be specified as such in the declaration of condominium.

Multicondominium:
A condominium which is part a group of more than one condominium operated by a single condominium association.

Percentage of Ownership:
The ownership share in the common elements that is assigned to each unit. The total percentage of all units must equal 100. In a residential condominium, the percentage of and manner of sharing common expenses must be the same as the undivided shares in the common elements. The percentage of ownership assigned to each unit should be found in the declaration of condominium.

Phase Condominium:
A single condominium that is created over time by amending the declaration as new units are added to the project. The developer has the option, but is not obligated, to add future land, units and other improvements to the condominium for a period not to exceed seven years from the initial creation of the condominium. As phases are added, the percentage of ownership in the common elements changes.

Proxy:
Written authorization for one person to act or vote for another at a meeting of the association.

Quorum:
The number of voting interests or board members of an association, who must be present at a meeting in order to legally transact business.

Reserves:
Reserves are funds that are restricted as to their use and set aside by the association.

Special Assessment:
Any assessment levied against unit owners other than the regular assessment required by an annual budget.

Undivided Interest in Common Elements:
The percentage or share of ownership in the common elements that is appurtenant to a unit. This share passes with title to a unit and cannot be separated.

Unit:
A part of the condominium property that is subject to exclusive ownership. A unit may be in improvements, land, or land and improvements together, as specified in the declaration of condominium.

PART 1 INTRODUCTION
PART 2 GLOSSARY OF CONDOMINIUM TERMS
PART 3 CONDOMINIUM OWNERSHIP & OPERATION
PART 4 RESTRICTIONS & RESPONSIBILITIES
PART 5 PROTECTIONS FOR UNIT OWNERS
PART 6 THE FLORIDA DBPR ROLE

Enjoy this educational series and feel free to send your questions and comments to:
The Condo Communicator
Keywords
St. Augustine Shores Homeowner Association
St. Augustine Shores, Shores Service Corporation
St. Augustine Shores Condominium
Conquistador Condominium, Greens Condominium
Greens II Condominium, Fairview Condominium
Casa Bella Condominium, St. Augustine Shores News



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