Condo Conversions
Condo Conversions are the conversion of a rental community or other prior use of
a building to a condominium.  The developer in this arrangement is known as a
Condominium Converter.  

A board of directors for a community turned-over from a developer or a
condominium converter has a special responsibility of addressing financial,
construction defect, amenity and other issues that should be addressed without
any delay and with Andrew C. Demos, P.A. or another law firm experienced with
these types of issues, an accountant, an engineer and other experts.

It is common to see disclaimers within Declarations of Condominiums for a condo
conversion stating that all units are bought "as is" and without any warranties.  

However, the converter is required to fully fund "converter reserves" according to
the certified expected useful life and values of air conditioning, plumbing and roof
areas.

A developer makes no implied warranties when existing improvements are
converted to ownership as a residential condominium and reserve accounts are
funded in accordance with Florida law.  As an alternative to establishing such
reserve accounts, or when a condo converter fails to establish the reserve
accounts in accordance with the applicable statutory section, the condo converter
shall be deemed to have granted to the purchaser of each unit an implied
warranty of fitness and merchantability for the purposes or uses intended.

The warranty shall be for a period beginning with the notice of intended
conversion and continuing for 3 years thereafter, or the recording of the
declaration to condominium and continuing for 3 years thereafter, or 1 year after
owners other than the developer obtain control of the association, whichever
occurs last, but in no event more than 5 years.

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