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New Owner Frequently Asked Questions
Olé at Lely Resort Condominium Association, Inc.

Welcome to Olé!

We are pleased that you are considering a home in our community.  Following are frequent questions with short, summary answers.  For more detailed information, please refer to the text of the Community Declaration and Rules.

Q.1.  What are my voting rights in the Condominium Association?

A.1.  Each Condominium unit has one vote in Olé at Lely Resort Condominium Association, Inc.  Votes are cast by the designated Primary owner, and may be cast in person, by proxy, or by electronic ballot process.  In general, unit owners are entitled to vote for the election of Directors, Amendment to the Declaration of Condominium, Bylaws and Articles of Incorporation of the Association.  

Q.2.  What restrictions exist in the Condominium Documents on my right to use my unit?

A.2.  Summary of use restrictions:
  • There are restrictions imposed on use of the condominium property including without limitation, restrictions on keeping of pets, reasonable regulations concerning use of Common Elements and Association property, and restrictions on parking, and prohibition against parking trailers, motorhomes, boats, recreational vehicles, commercial vehicles or trucks and other vehicles on condominium property. 
  • There are restrictions on guest use of amenities. 
  • Unit owners enjoy a privilege, not a right, of keeping a pet.  Unit owners may have up to two (2) commonly accepted household pets such as a dog or cat, subject to permitting by the Association. 
  • Among other things, the Community Covenants provide that each unit will be encumbered by a lien to secure payment of assessments due to Olé Association.
  • There are no restrictions on the age of occupants of units, although activities of children must be closely supervised.
For more detailed information, please refer to the text of the Community Declaration and Rules.

Q.3.  What restrictions exist in the Condominium Documents on leasing of my unit?

A.3.  In order to assure and foster a stable residential community of congenial residents and occupants and to protect the value of the units, there are restrictions and limitations on leasing units.  Leasing is a privilege, not a right.  The privilege of leasing is subject to revocation for not following Olé rules and procedures, or if abused by owner.  All leases must be in writing and approved by Olé Association prior to tenant occupancy.  Only the entire condominium unit may be leased, a bedroom or other portion of the unit may not be leased.  No unit may be leased for a period of less than 30 days, nor more often than 12 times per year.  Among other restrictions, leasing must comply with Section 13.0 through 13.9 of the Declaration of Condominium Rules plus Olé Rules and Regulations.  Tenants and guests of unit owners are not permitted to have pets on Condominium property.  Medical waiver for tenant pets may be requested upon submission of documents required by Olé Support Animal Policy and is subject to approval of Olé Association.  Unit owners are responsible for informing tenants of Condominium Rules, Declaration and procedures in order to promote a stable residential community.  Unit owners authorize Olé Association to remove tenants in violation of the Declaration.  

Q.4.  How much are my assessments to the Condominium Association for my unit type and when are they due?

A.4.  Operation and Reserve assessments based upon the association’s current annual budget are payable to the condominium association quarterly, in advance, due on the first day of January, April, July and October.  Assessments for units other than units within the Quads (as defined in Section 8.1 (d) of the Declaration) are $1,686.00 per quarter, for units within Quad 1 the additional assessments are $154.00 per quarter, for units within Quad 2 they are $151.00 per quarter, for units within Quad 3 they are $152.00 per quarter, for units within Quad 4 they are $138.00per quarter and for units within Quad 5 they are $187.00 per quarter.

Q.5.  Do I have to be a member in any other association?

A.5.  Yes.  Each Condominium owner is a member of Lely Resort Master Property Owners Association, Inc.  Each Condominium unit has one vote in Lely Master POA. 

Also, how much is the assessment of Lely Master POA?  

2019 Annual Assessment from Lely Resort Master POA is $50.42 per year and are included in the quarterly assessments paid to the association.

Q.6.  Am I required to pay rent or land use fees for recreational or other commonly used facilities?  If so, how much am I obligated to pay annually?

A.6.  No.  The cost for Olé Amenities and recreation facilities are included in the total amount of Olé Maintenance Assessment.

Q.7.  Is the Condominium Association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000?  If so, identify each such case.

A.7.  No, not as of 9/1/2018.

Q.8.  Who operates the Condominium and sees to maintenance? 

A.8.  The State of Florida requires that condominiums are operated by a non-profit corporation, run by a volunteer Board of Directors.  Olé Condominiums are operated by the Olé at Lely Resort Condominium Association, Inc. Board of Directors.  Access Residential Management, LLC has been hired by the Board to provide staffing, accounting and day-to-day management of the Association.  We believe we have a good group of professionals and volunteer Board members that place the best interests of the entire Association at the heart of our operation.  

Q.9.  Condos require Reserve Funds to take care of long-term maintenance responsibilities.  How are Olé's Maintenance Reserves?

A.9.  Olé at Lely Resort Condominium Association Board has invested steadily in maintenance and in saving for future maintenance.  Maintenance Reserve balance stands at $992,599 on 12/31/2017 per the annual audit.

 
*************************  PLEASE NOTE: **************************
Statements contained herein are summary in nature.  A prospective purchaser should refer to all Condominium Documents, exhibits thereto, the sales contract, and referenced items.  ************************************************************************

 

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