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7 Cards in this Set
- Front
- Back
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Unit |
A lot, Villa, town homes, or house. The member receives a deed to the lot, Villa, town home, or house. |
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Common |
Referred to as common areas. The HOA (Corporation) may own the common property, or members make on it with joint undivided interest. |
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HOA Statute |
F.S. 720 |
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F.S. 720 homeowners association act has three parts |
Part 1: General provisions Part 2: disclosure prior to sale of residential parcels Part 3: Covenant revitalization |
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Part 1 General provision |
FS 720.301 defines a HOA as a corporation that is responsible for the operation of a community or mobile home division where the membership consists of owners or their agents; excludes Community Development District and/or other special taxing districts |
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Part 1 General provision |
FS 720.302 recognizes not-for-profit corporations that operate residential communities, provides procedures for operating HOAs and protect the rights of members |
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Part 1 General provisions |
FS 720.303 powers and duties: Board meetings minutes official records (including requirements to retain inspect and or copy) Community directory Budgets and reserves financial reporting commingling funds Litigation prohibition compensation of directors Recall of directors Windstorm Insurance Registration of the Community Association with the division of Florida condominiums timeshares and mobile homes |
