When looking for a condominium, it’s not enough to scout the property. You should also look closely into the Condominium Owners Association (COA) because it’s in charge of security, trash pickup and other property matters. The COA would also require condo owners to become members of the association.
How to spot an efficient COA
A COA must maintain, manage and operate the property with efficiency. It has a broad range of responsibilities, and this checklist will help you determine if it’s doing a good job:
- Board members have certifications: Florida mandates all board members of COAs to undergo training within 90 days from their election. Topics include their obligations, operations oversight, financial duties and records management.
- Holds regular maintenance works: The COA needs to protect and improve the property’s value. It must have insurance on the building and common areas. It should also hold frequent maintenance works such as pest control, cleaning, repainting and repairs.
- Has transparency in dealings and finances: The condo association must be faithful to its covenants, conditions and restrictions (CCRs). It should also be transparent about its collections of fees, accounting and official records.
- Engages in constant communication: The COA should inform condo owners about the board’s structure and operations. It must give regular updates through email, social media, newsletters and meetings. It should also be accessible and responsive to members whenever they request for records, estoppel certificates and other documents.
A bonus factor is if the COA provides balanced fees for buyers of inclusionary housing. There are condos that offer this budget-friendly option by selling units with below-market rates.
Ensuring to find a good condo
The process of buying a condo unit has a lot of considerations that would need legal advice especially when looking into the property, CCRs, purchase contract and the COA’s reputation. Should you face a COA issue, return to the checklist to see where the association was lacking before taking the appropriate action.
