As a homeowner and member of a condo association or homeowners’ association in Florida, you have the right to access a wide range of financial, voting, contractual and other records of the Association under Florida Statutes 718 and 720. Typically, you will need to follow the rules for accessing the records as set out by your Association, but those rules must be reasonable.
Here are some of the most important documents you may look at:
- Minutes of board or member meetings for the last seven years.
- Audit records, tax returns, accounting statements, and financial reports depending on whether you own a condo or single family home.
- If your Association has performed work on the building, you are entitled to inspect the bids and any contracts pertaining to the work.
- All applicable insurance policies and any management agreement, lease, or other contract to which the Association is a party (for example, third-party vendors on the property).
- All receipts and expenditures of the Association, which it must keep “accurate, detailed, and itemized” by law.
The Florida Statutes give you these rights. Do not let your Association hide anything. Some Associations are notorious for fraud and corruption. If you suspect your Association is up to no good, are concerned about a special assessment, or simply want to know where your money is going, take charge! If you have questions or are suspect of the board, contact an attorney.