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Naples FL Condo Solvency Inquiries

Naples real estate is booming, in large part, due to the increase of Naples FL condo sales, especially the amount of distressed properties and, Naples foreclosures. One of the most frequently asked questions I get when my clients are interested in Naples condos is, "Is the association healthy?". The client is inquiring about the solvency (or insolvency) of the community. This answer and others like it can be found in my most frequently asked Naples real estate questions page: In the state of Florida, a seller is required to furnish the buyer with the following items when purchasing a condominium.  After receipt of ALL of the items, the buyer has a ‘3 day right to rescind' if there is something the buyer is not agreeable to. Further, the buyer is required to sign a checklist form substantiating that they have been provided all the documents. These documents include:

•             Declaration of Condominium

•             Articles of Incorporation

•             Bylaws

•             Rules & Regulations

•             Financials

•             FAQs 

While browsing the Naples mls, buyers should concentrate their search on their desired property. The Naples home buying process should be concentrated on the buyers wants and needs, and then, once this is realized, buyers will be provided all the necessary information on making a smart decision with regard to the solvency of a community. Some lenders will not even lend out money to purchase in an unhealthy association. They put limits on the percentage of homeowners who must be current as a prereq to obtain a loan. This may change depending on the loan type. Consult your lender for this information.

When buying Naples homes for sale, or Naples condos, feel comfortable knowing that your Naples Realtor, mortgage broker, and real estate attorney are looking out in your best interest.