Quote:
Originally Posted by Marathon Man
It is tracked. I have spoken to one of the people who do it. It is behind the scenes and occurs during the month between signing the deal and closing. A sale could be disallowed if we ever approach the 80% limit. Tracking is required by law as part of remaining a 55+ community.
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I don't see how this would work for resales. Would the RE agent have to check with TV to see if there's extra capacity to sell to an under 55 couple every time? Seems doubtful.
I'm aware that there's a law about the 80% rule, I just haven't seen a specific law about requiring all Deed Restricted communities to have it being tracked. I can't imagine that any of the many smaller condo complexes in Florida with 200 units or less have the financial resources to constantly track the demographics of every unit.