Post by Admin on Feb 28, 2014 13:04:52 GMT -5
(4) OFFICIAL RECORDS.—The association sH all maintain each of the following items, when applicable, which constitute the official records of the association:
(a) Copies of any plans, specifications, permits, and warranties related to improvements constructed on the common areas or other property that the association is obligated to maintain, repair, or replace.
(b) A copy of the bylaws of the association and of each amendment to the bylaws.
(c) A copy of the articles of incorporation of the association and of each amendment thereto.
(d) A copy of the declaration of covenants and a copy of each amendment thereto.
(e) A copy of the current rules of the homeowners’ association.
(f) The minutes of all meetings of the board of directors and of the members, which minutes must be retained for at least 7 years.
(g) A current roster of all members and their mailing addresses and parcel identifications. The association sH all also maintain the electronic mailing addresses and the numbers designated by members for receiving notice sent by electronic transmission of those members consenting to receive notice by electronic transmission. The electronic mailing addresses and numbers provided by unit owners to receive notice by electronic transmission sH all be removed from association records when consent to receive notice by electronic transmission is revoked. However, the association is not liable for an erroneous disclosure of the electronic mail address or the number for receiving electronic transmission of notices.
(h) All of the association’s insurance policies or a copy thereof, which policies must be retained for at least 7 years.
(i) A current copy of all contracts to which the association is a party, including, without limitation, any management agreement, lease, or other contract under which the association has any obligation or responsibility. Bids received by the association for work to be performed must also be considered official records and must be kept for a period of 1 year.
(j) The financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:
1. Accurate, itemized, and detailed records of all receipts and expenditures.
2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due.
3. All tax returns, financial statements, and financial reports of the association.
4. Any other records that identify, measure, record, or communicate financial information.
(k) A copy of the disclosure summary described in s. 720.401(1).
Editor's Note: This is the disclosure to a Buyer of Property in SLohA that the property being considered for purchase is encumbered by use restrictions and assessments. Here is the mandate:
(c) If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section, the purchaser may void the contract by delivering to the seller or the seller’s agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.
Note: This is part of every realtor sales agreement in Florida but, in the case of person-to-person sales as so many SLR transactions are, is almost always overlooked. However, the right exists regardless of whether the sale is represented and agreed orally or on a napkin.
(l) All other written records of the association not specifically included in the foregoing which are related to the operation of the association.
Editor's Note: This means ALL OWNER CORRESPONDENCE and all the rants on the "Official SLohA Website".
Disclaimer: I am not an attorney and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you are contemplating legal action. Consult an attorney for legal advice.
(a) Copies of any plans, specifications, permits, and warranties related to improvements constructed on the common areas or other property that the association is obligated to maintain, repair, or replace.
(b) A copy of the bylaws of the association and of each amendment to the bylaws.
(c) A copy of the articles of incorporation of the association and of each amendment thereto.
(d) A copy of the declaration of covenants and a copy of each amendment thereto.
(e) A copy of the current rules of the homeowners’ association.
(f) The minutes of all meetings of the board of directors and of the members, which minutes must be retained for at least 7 years.
(g) A current roster of all members and their mailing addresses and parcel identifications. The association sH all also maintain the electronic mailing addresses and the numbers designated by members for receiving notice sent by electronic transmission of those members consenting to receive notice by electronic transmission. The electronic mailing addresses and numbers provided by unit owners to receive notice by electronic transmission sH all be removed from association records when consent to receive notice by electronic transmission is revoked. However, the association is not liable for an erroneous disclosure of the electronic mail address or the number for receiving electronic transmission of notices.
(h) All of the association’s insurance policies or a copy thereof, which policies must be retained for at least 7 years.
(i) A current copy of all contracts to which the association is a party, including, without limitation, any management agreement, lease, or other contract under which the association has any obligation or responsibility. Bids received by the association for work to be performed must also be considered official records and must be kept for a period of 1 year.
(j) The financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:
1. Accurate, itemized, and detailed records of all receipts and expenditures.
2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due.
3. All tax returns, financial statements, and financial reports of the association.
4. Any other records that identify, measure, record, or communicate financial information.
(k) A copy of the disclosure summary described in s. 720.401(1).
Editor's Note: This is the disclosure to a Buyer of Property in SLohA that the property being considered for purchase is encumbered by use restrictions and assessments. Here is the mandate:
(c) If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section, the purchaser may void the contract by delivering to the seller or the seller’s agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.
Note: This is part of every realtor sales agreement in Florida but, in the case of person-to-person sales as so many SLR transactions are, is almost always overlooked. However, the right exists regardless of whether the sale is represented and agreed orally or on a napkin.
(l) All other written records of the association not specifically included in the foregoing which are related to the operation of the association.
Editor's Note: This means ALL OWNER CORRESPONDENCE and all the rants on the "Official SLohA Website".
Disclaimer: I am not an attorney and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you are contemplating legal action. Consult an attorney for legal advice.