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Zoning Auth'd power of government to regulate land use by preventing the liberties of one property owner from interfering with the rights of another Building codes used by cities or counties to regulate methods and materials used in construction Environmental Protection Laws wide body of both federal and state law designed to protect the quality of our earth, water, and air Eminent Domain power of government to take property for public use in accordance with constitutional safeguards Taxation governmental bodies have the right to tax real property located within their jurisdictional boundaries to provide for things such as street repairs, school district operations, and emergency services. Requirements of Mechanic's Claim of Lien file within 90 days after completion of work with: amount of claim, name of owner, description of real property to be liened, & notarized signature of lien claimant Fee-simple Interest Type of estate a condo and PUD homeowner possess in his/her unit Fractional Share in Fee Simple Type of estate a condo homeowner possesses in the common areas of the development Condominium Association Responsible for structural repairs of a condo, such as exterior walls & roof Condo Association or HOA responsible for liability & maintenance on privately owned roads w/in a condo or PUD Local Municipality responsible for liability & maintenance on dedicated roads w/in a condo or PUD No Interest Type of estate a PUD homeowner possesses in common areas of development Unit/Homeowner Responsible for structural repairs, such as exterior walls & roof, of a PUD single family home Yes, but only if by-laws &/or Rules/regs contain such restrictions May a condo association lawfully restrict unit owners from having trucks or pets when Master Assn doc's do not address the issue 15 days to rescind By statute, buyer of new condo and resale can cancel contract within... Contract law prevails/Transaction is binding Buyer of new single family home signs contract, receives all docs, can they cancel contract Just Compensation what a property owner is entitled to if the government takes the property pursuant to eminent domain Restrictive Covenant Binds the owner & subsequent owners to restrictions of size, use of property, etc. Statutory Lien on unit Legal status of unpaid condo assessments Statutory Law of Condominiums In Fl., the legal authority for the formation of a condo Not more than 115% Annually By statute, the limitation on the authority of a condo association board to raise annual assessments Legal Status of Unpaid Homeowner's assessments HOA files suit, gets judgment, records in public records, obtains a lien Foreclose lien through judicial sale Method in which a condo or HOA may collect its unpaid assessment Corporation or other entity that sells shares of stock In a cooperative, title to all units and other property is vested in... 90 Days In Fl, how many days after completion of work must a mechanic's lien be filed in order for it to be valid First Mortgage & Home Equity Interest payments on debt that qualify for an income tax deduction Mechanic's Lien imposed on real property to secure payment for work performed or materials furnished for construction or improvements on property Notice of Commencement Filed by owner with clerk's office no sooner than 90 days prior to improvement. Void if work does not begin within 90 days, Must be posted at site; good for 1 year Waiver or Release of Lien signed by contractor at time payments are recieved releasing property owner from claims against improved property 1st Step of Contracting for Construction Notice of Commencement 2nd Step of Contracting for Construction Notice to Owner (all subs & GC) 3rd Step of Contracting for Construction Waiver/Release of Lien 4th Step of Contracting for Construction Contractor's Final Affidavit Sub-division Regulations Requires that streets & sewers be approved in advance by the gov't Capital Gain Exclusion $250,000 single ind, or $500,000 joint of gain from the sale of a home