HOW TO TERMINATE YOUR CONDO?
By
Rafael Aquino
Published July 13, 2022
Termination may be at the top of mind for many
condo boards and associations that don't have the money to follow
all the new requirements. The Florida Statutes outlines the steps to
terminate your condo association, and there is even a section for
Termination of the condominium because of waste or impossibility.
(2) TERMINATION BECAUSE OF ECONOMIC WASTE OR IMPOSSIBILITY.—
(a) Notwithstanding any provision in the
declaration, the condominium form of ownership of a property may be
terminated by a plan of Termination approved by the lesser of the
lowest percentage of voting interests necessary to amend the
declaration or as otherwise provided in the declaration for approval
of Termination if:
1. The total estimated cost of construction or
repairs necessary to construct the intended improvements or restore
the improvements to their former condition or bring them into
compliance with applicable laws or regulations exceeds the combined
fair market value of the units in the condominium after completion
of the construction or repairs; or
2. It becomes impossible to operate or
reconstruct a condominium to its prior physical configuration
because of land use laws or regulations.
(b) Notwithstanding paragraph (a), a
condominium in which 75 percent or more of the units are timeshare
units may be terminated only pursuant to a plan of Termination
approved by 80 percent of the total voting interests of the
association and the holders of 80 percent of the original principal
amount of outstanding recorded mortgage liens of timeshare estates
in the condominium, unless the declaration provides for a lower
voting percentage.
(c) Notwithstanding paragraph (a), a
condominium that includes units and timeshare estates where the
improvements have been totally destroyed or demolished may be
terminated pursuant to a plan of Termination proposed by a unit
owner upon the filing of a petition in court seeking equitable
relief. Within 10 days after the filing of a petition as provided in
this paragraph and in lieu of the requirements of paragraph (15)(a),
the petitioner shall record the proposed plan of Termination and
mail a copy of the proposed plan and a copy of the petition to:
Suppose your association looks like you are in a
challenging position. In that case, I highly recommend you contact
your association attorney to understand what your documents state
and what requirements are needed for Termination. It's better to
have all your options on the table when making these big decisions.
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As the Co-Founder and CEO
of Affinity Management Services, Rafael P. Aquino leads his team to
redefine excellence. They serve community associations
efficiently |
and effectively with
dedication and passion. Rafael’s energy and positive
spirit is the foundation of Affinity Management
Services’ company culture, which instills enthusiasm and
excitement when providing expert advice to its board
members and relieving the day-to-day burdens of running
a community association.
Since 2007, Rafael has
developed a work culture that values responsive and
high-quality services. He has led his team by following
a proactive vs reactive philosophy. The same approach
Rafael instills in the day to day operations of each
association. Today, Affinity Management Services
maintains its success and benefits as a result of the
foundation Rafael has built and continues to foster by
providing educational seminars, continuing education
classes for association managers and board members
alike.
Rafael and his team help condominium and homeowners’
associations save money and improve their communities.
His calm, personable, and service-oriented nature helps
him to establish strong relationships with ease. Rafael
is known as a sincere and honest leader who looks out
for the best interests of his clients and communities,
and he strongly advocates for their needs. His role
requires coordination and communication, as such he
takes logical and intelligent steps to approach
challenges head-on.
As a graduate of Florida International University’s
electrical engineering program and a licensed community
association manager, Rafael’s education and skills equip
him with unique insights to tackle complex problems
through critical thinking. He understands how each
component within a system works together in order to
effectively arrive at solutions, techniques, and
conclusions. Therefore, as he manages the multiple
challenges of running a community association management
company, he understands how each property is its own
unique system and tailors’ specific services to assure
that all their needs are met.
For more information about Rafael P. Aquino and Affinity
Management Services please visit
www.ManagedByAffinity.com or call 1-800-977-6279
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Doral Office: 8200 NW 41st ST
Suite 200
Doral, FL 33166
Broward Office: 150 S Pine Island RD Suite 300
Plantation, FL 33324
O: 800-977-6279 ● F: 305-325-4053
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