Quote:
Originally Posted by MrChip72
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.
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I only know what I was told by the lawyer who is involved in the tracking. He told me that all sales are reviewed and that there is a mechanism in place. Remember - selling privately does not neutralize the deed restrictions or the requirements to remain a 55+ community. HOPA says that once the 55+ designation is lost, it cannot be recovered. So, yea, they track it.
As far as costs, a small community would be able to track very easily with little or no costs.