Understanding Common Interest Communities in Florida
Condominium, Cooperative, and Home Owners Association
Condominium, Cooperative, and Home Owners Association are all types of common interest communities governed by different sections of the Florida Statutes. Each has its own specific rights, responsibilities, and regulations. The corresponding sections in the Florida Statutes are 718, F.S., 719, F.S., and 720, F.S.
Explanation: The subject being asked about in this question is Real Estate. The three options provided - Condominium, Cooperative, and Home Owners Association - are all types of common interest communities in Florida governed by different sections of the Florida Statutes.
The corresponding sections of the Florida Statutes are 718, F.S. for Condominiums, 719, F.S. for Cooperatives, and 720, F.S. for Home Owners Associations. Each of these sections outline the specific rights, responsibilities, and regulations for each type of community.
For example, under 718, F.S., condominium owners have ownership of the interior space while common areas are shared. Cooperative housing, under 719, F.S., involves a corporation owning the property and individuals owning shares in the corporation, granting them the right to occupy a unit. Home Owners Associations, governed by 720, F.S., are typically found in planned communities and have the power to enforce rules and collect fees from homeowners.
What are the different types of common interest communities governed by the Florida Statutes? Condominium, Cooperative, and Home Owners Association are the different types of common interest communities governed by the Florida Statutes.