Coop - Cooperative Act, Chapter 719, Florida Statutes

Chapter 719 of the Florida Statutes governs cooperatives or "co-ops" in Florida. Cooperatives are a unique form of home ownership, different from condominiums, where individuals buy shares in a corporation that owns or controls the property, and they then lease their units from that corporation.

Here's a summarized overview of Chapter 719 - COOPERATIVES:

  1. General Provisions: This section includes the definitions of terms used throughout the chapter to specify various aspects of cooperative ownership and governance.

  2. Creation, Alteration, and Termination of Cooperatives: Here you'll find guidelines for how cooperatives can be created, changed, or dissolved. This includes the creation of the cooperative documents and the ways they can be amended.

  3. Rights and Obligations of Developers: This portion sets forth the specific rights and responsibilities developers have when creating and selling cooperative properties. This can range from contract specifications to warranty obligations.

  4. Rights and Obligations of Association: This section deals with the cooperative's association, detailing its powers and duties. Topics might include maintenance of common areas, insurance requirements, and assessments.

  5. Rights and Obligations of Shareholders: This part pertains to individual shareholder rights and responsibilities. It could cover areas such as the right to use common areas, voting rights, and restrictions on unit transfers.

  6. Assessment and Management of Common Expenses: This section outlines the ways in which common expenses are determined, assessed, and managed. This might involve special assessments, budgeting processes, and lien rights.

  7. Regulation by Division: This part discusses the role of the Division of Florida Condominiums, Timeshares, and Mobile Homes in overseeing cooperatives. It can address issues like reporting requirements and dispute resolution mechanisms.

  8. Termination of Cooperative: This section details how a cooperative can be legally terminated and what happens to assets and liabilities in such cases.

  9. Miscellaneous: This part may include various other provisions not classified in the sections above. This could be related to bulk buyers, emergency powers, and other miscellaneous topics.

  10. Amendments to the Act: Details on how the act itself can be amended over time.

For more info visit Coop - Cooperative Act, Chapter 719, Florida Statutes