BRAEMORE PARK CONDOMINIUMS
ALTERNATIVE MEDIA DISCLOSURE STATEMENT
______________________________ (“Purchaser”), the purchaser of Unit _______ in Braemore Park
Condominiums, a Condominium (“Condominium”) from Braemore Park, LLC, a Florida limited liability company
(“Developer”), has elected to receive the Prospectus for the Condominium and the other documents required by
Section 718.503, Florida Statutes, to be furnished by a developer to a buyer or lessee (collectively, the “Condominium
Documents”) on either a thumb drive, media card, tablet, or other portable computing device, application, CD, DVD,
via e-mail or other electronic media (“Alternative Media”), rather than receiving paper copies of same.
Developer has given Purchaser the option of receiving the Condominium Documents on paper, but by signing
below, has elected to receive the Condominium Documents by Alternative Media. The Purchaser should not select
Alternative Media unless the Purchaser will have the means to read the Condominium Documents before the
expiration of the 15-day cancellation period described in the purchase agreement.
The system requirements necessary to view the Condominium Documents by Alternative Media are as
follows:
Operating System: Win 7 or Higher
Memory: 4GB DDR 2 or more
Hard Drive: 250 GB+
Processor Speed: 2GHZ
Software: Adobe Reader or compatible such as FoxIt or Windows PDF Reader
USB Port: 2.0 or 3.0
Display Resolution: 1024x768 or higher
By signing below, Purchaser hereby elects to receive the Condominium Documents by Alternative Media.
__________________________________________
Printed Name: ______________________________
Date: _____________________________________
__________________________________________
Printed Name: ______________________________
Date: _____________________________________
Prospectus for Braemore Park Condominiums Page 1 of 12
PROSPECTUS
FOR
Braemore Park Condominiums
1. THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS
IMPORTANT MATTERS TO BE CONSIDERED IN
ACQUIRING A CONDOMINIUM UNIT.
2. THE STATEMENTS CONTAINED HEREIN ARE ONLY
SUMMARY IN NATURE. A PROSPECTIVE PURCHASER
SHOULD REFER TO ALL REFERENCES, ALL EXHIBITS
HERETO, THE CONTRACT DOCUMENTS, AND SALES
MATERIALS.
3. ORAL REPRESENTATIONS CANNOT BE RELIED UPON
AS CORRECTLY STATING THE REPRESENTATIONS OF
THE DEVELOPER. REFER TO THIS PROSPECTUS
(OFFERING CIRCULAR) AND ITS EXHIBITS FOR
CORRECT REPRESENTATIONS.
Prospectus for Braemore Park Condominiums Page 2 of 12
SUMMARY
THIS CONDOMINIUM IS CREATED AND BEING SOLD AS FEE SIMPLE
INTERESTS.
THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE.
THE BUDGET CONTAINED IN THIS OFFERING CIRCULAR HAS BEEN
PREPARED IN ACCORDANCE WITH THE CONDOMINIUM ACT AND IS A GOOD
FAITH ESTIMATE ONLY AND REPRESENTS AN APPROXIMATION OF FUTURE
EXPENSES BASED ON FACTS AND CIRCUMSTANCES EXISTING AT THE TIME
OF ITS PREPARATION. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE
ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE
MATERIAL ADVERSE CHANGES IN THE OFFERING.
THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE
ASSOCIATION AFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD.
For further information, see Section 718.301, Florida Statutes, and Section 2.4
of the Bylaws as set forth as Exhibit “C” to the Declaration of Condominium
attached hereto.
Prospectus for Braemore Park Condominiums Page 3 of 12
TABLE OF CONTENTS OF PROSPECTUS TEXT
PARAGRAPH NUMBER TITLE
1 Name and Location
2 Description of Condominium Property
3 Plot Plan and Survey
4 Estimated Completion
5 Maximum Number of Units That Will Use
Facilities in Common
6 Fee Simple Interest
7 Description of Common Facilities
8 Leasing of Units
9 Management/Services Contracts
10 Control of the Condominium Association
11 Leasing of a Unit
12 Development Information
13 Rules and Regulations
14 Utilities and Other Services
15 Apportionment of the Common Elements
16 Projected Operating Budget
17 Assessments
18 Buyer’s Estimated Closing Expenses
19 Developer Information
20 Easements
21 Evidence of Ownership
Prospectus for Braemore Park Condominiums Page 4 of 12
EXHIBITS TO PROSPECTUS
Copies of condominium documents are being provided simultaneously with this
Prospectus and are deemed exhibits thereto pursuant to Fla. Stat. § 718.504(24):
(a) The declaration of condominium, or the proposed declaration if the declaration
has not been recorded.
(b) The articles of incorporation creating the association.
(c) The bylaws of the association.
(d) The estimated operating budget for the condominium and required schedule of
unit owners’ expenses.
(e) A copy of the floor plan of the unit and the plot plan showing the location of the
residential buildings and other common areas.
(f) The form of agreement for sale of units.
(g) A copy of the agreement for escrow of payments made to the developer prior to
closing.
Further, the developer is simultaneously providing to the purchaser the
documents required by Fla. Stat. § 718.503, for which the purchaser is signing a Receipt for
Condominium Documents (required by Rule 61B-18.004 of the Florida Administrative Code),
which includes but is not necessarily limited to the items listed above along with the
following items:
(a) Frequently Asked Questions and Answers sheet.
(b) Evidence of Developer’s Ownership or Contractual Interest.
(c) Survey of Land and Graphic Description of Improvements.
Prospectus for Braemore Park Condominiums Page 5 of 12
PROSPECTUS TEXT
1. Name and Location. The name of the condominium is Braemore Park Condominiums.
The condominium will be located in Leon County, Florida, at 1151 1223 Braemore
Way, Tallahassee, FL 32303. All references to “declaration” means the Declaration of
Condominium of Braemore Park Condominiums. All references herein to “developer”
means the developer of Braemore Park Condominiums as provided in the declaration.
2. Description of Condominium Property.
Each building in the Condominium contains one (1) Unit. Each Unit is one (1) single
family home. Therefore, the number of Units will be equivalent to the number of
buildings.
Number of Units: 28
Exact floor plan layouts are not guaranteed. Each Unit will either have two (2)
bedrooms and two (2) bathrooms or three (3) bedrooms and two and one-half (2 ½)
bathrooms. The developer reserves the right to change the floor plan subject only to all
local government permitting rules, regulations, orders, etc., as of the time that the
Developer, or the Developer’s successors or assigns, constructs the units. Floor plan
layouts and dimensions are not guaranteed until construction is completed for the
particular unit and/or building that contains the unit.
3. Plot Plan and Survey. A plot plan and survey of the condominium property is attached
to the declaration as Exhibit “A”.
4. Estimated Completion. The estimated latest date of completion of the last unit is July
31, 2018. Provided, however, that this is an estimate, and actual construction time may
vary.
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5. Maximum Number of Units That Will Use Facilities in Common. The maximum
number of units that will use facilities in common with the condominium is TWENTY-
EIGHT (28).
6. Fee Simple Interest.
THIS CONDOMINIUM IS CREATED AND BEING SOLD AS FEE
SIMPLE INTERESTS.
7. Description of Common Facilities.
(a) There is one (1) recreational facility in the condominium, which is a garden house
(location is depicted on the Condominium Survey) for use by all unit owners.
The maximum capacity for number of persons in the garden house shall be twenty
(20).
(b) The Developer is not committed to furnish any items of personal property for
recreational or common facilities, and the developer does not intend to expend
any funds for the purchase of personal property for recreational or common
facilities.
(c) Developer makes no commitments to build any additional facilities.
(d) There are no recreational facilities that will be used with other condominiums,
associations, or developments.
(e) There are no recreational leases, agreements, or associated club memberships.
(f) The developer does not have the right, without the consent of unit owners, to add
recreational or other common facilities after the establishment of the
condominium.
(g) Unit owners do not have to pay recreational fees, rent, dues, or other charges to
use the facilities.
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8. Leasing of Units. The developer’s plan does not include a program of leasing units
rather than selling them, or leasing units and selling them subject to such leases.
However, the developer and other unit owners do have the right to lease their units. See
Article XVIII of the Bylaws and paragraph 4 of the Rules and Regulations, which detail
the rights of unit owners to rent or lease their units.
THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE.
9. Management/Services Contracts and Storm Drainage.
The Developer has not contracted with a particular company to manage the
condominium, but the Developer and the Association have the right to do so (see Article
XVII of the Bylaws). Storm drainage will be provided and contained as depicted on the
Condominium Survey and the Association shall be responsible for furnishing storm
drainage.
10. Control of the Condominium Association.
THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE
ASSOCIATION AFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD.
MOREOVER, THE DEVELOPER OR ITS SUCCESSOR HAS THE RIGHT TO
APPOINT A MAJORITY OF THE PERSONS WHO WILL SERVE AS
MEMBERS OF THE BOARD OF DIRECTORS OF THE ASSOCIATION UNTIL
THE OCCURRENCE OF CERTAIN DESIGNATED EVENTS AS SET FORTH IN
ARTICLE II, §2.4 OF THE BYLAWS AND IN SECTION 718.301(1), FLORIDA
STATUTES, AS FOLLOWS:
(1) If unit owners other than the developer own 15 percent or more of the units in a
condominium that will be operated ultimately by an association, the unit owners other
than the developer are entitled to elect at least one-third of the members of the board of
administration of the association. Unit owners other than the developer are entitled to
elect at least a majority of the members of the board of administration of an association,
upon the first to occur of any of the following events:
(a) Three years after 50 percent of the units that will be operated ultimately by the
association have been conveyed to purchasers;
Prospectus for Braemore Park Condominiums Page 8 of 12
(b) Three months after 90 percent of the units that will be operated ultimately by the
association have been conveyed to purchasers;
(c) When all the units that will be operated ultimately by the association have been
completed, some of them have been conveyed to purchasers, and none of the others are
being offered for sale by the developer in the ordinary course of business;
(d) When some of the units have been conveyed to purchasers and none of the others
are being constructed or offered for sale by the developer in the ordinary course of
business;
(e) When the developer files a petition seeking protection in bankruptcy;
(f) When a receiver for the developer is appointed by a circuit court and is not
discharged within 30 days after such appointment, unless the court determines within 30
days after appointment of the receiver that transfer of control would be detrimental to the
association or its members; or
(g) Seven years after the date of the recording of the certificate of a surveyor and
mapper pursuant to s. 718.104(4)(e) or the recording of an instrument that transfers title
to a unit in the condominium which is not accompanied by a recorded assignment of
developer rights in favor of the grantee of such unit, whichever occurs first; or, in the
case of an association that may ultimately operate more than one condominium, 7 years
after the date of the recording of the certificate of a surveyor and mapper pursuant to s.
718.104(4)(e) or the recording of an instrument that transfers title to a unit which is not
accompanied by a recorded assignment of developer rights in favor of the grantee of such
unit, whichever occurs first, for the first condominium it operates; or, in the case of an
association operating a phase condominium created pursuant to s. 718.403, 7 years after
the date of the recording of the certificate of a surveyor and mapper pursuant to s.
718.104(4)(e) or the recording of an instrument that transfers title to a unit which is not
accompanied by a recorded assignment of developer rights in favor of the grantee of such
unit, whichever occurs first.
The developer is entitled to elect at least one member of the board of administration of an
association as long as the developer holds for sale in the ordinary course of business at
least 5 percent, in condominiums with fewer than 500 units, and 2 percent, in
condominiums with more than 500 units, of the units in a condominium operated by the
association. After the developer relinquishes control of the association, the developer
may exercise the right to vote any developer-owned units in the same manner as any
other unit owner except for purposes of reacquiring control of the association or selecting
the majority members of the board of administration.
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11. Leasing of a Unit.
See Article XVIII of the Bylaws and paragraph 4 of the Rules and Regulations, which
detail the rights of unit owners to rent or lease their units.
12. Development Information.
N/A
13. Rules and Regulations. There are restrictions on the use of the condominium property
as set forth in the Condominium Rules and Regulations, which are attached to the
declaration as Exhibit “E”.
A brief summary of the restrictions is as follows:
(a) Placement of signs may be controlled or prohibited;
(b) The parking of motorcycles, trailers, and other vehicles are restricted;
(c) Exterior appearance of the units is restricted;
(d) Children are restricted from playing in certain areas;
(e) There may be restrictions on pets;
(f) There are other restrictions on solicitation, noise, and other activities.
Please refer to the Rules and Regulations of Braemore Park Condominiums, which are
attached to the declaration as Exhibit “E”, for a complete detail of all rules, regulations,
and restrictions that apply to the condominium.
14. Utilities and Other Services. Utilities and other services to the condominium property,
and the entities providing said utility and services, are as follows:
Water & Sewer: City of Tallahassee.
Waste Disposal: City of Tallahassee or affiliated sub-contractor.
Electricity: City of Tallahassee.
Telephone: Embarq.
Cable Television Service: Comcast Cable.
Association Drainage: There is on-site Association drainage (see survey
for more detail).
Prospectus for Braemore Park Condominiums Page 10 of 12
The Developer has no control over the entities providing these services, and as such,
the services provided, and the entities providing them, may change.
Electricity, water and sewer service, waste disposal, cable television, and telephone
services to individual units are separately metered and recorded, and will be separately
billed to each unit owner. Water, sewage, waste disposal, and the electrical and
telephone charges for services to the common facilities, are included in the common
expenses of the Association.
15. Apportionment of the Common Elements. As required under Florida Statutes, Section
718.104(4)(f), appurtenant to each Unit in the Condominium shall be an equal undivided
ownership interest in the Common Elements, as well as an equal undivided share of the
Common Expenses and Common Surplus.
16. Projected Operating Budget. An estimated operating budget for the Association for the
initial fiscal year is being provided. THE BUDGET CONTAINED IN THIS
OFFERING CIRCULAR HAS BEEN PREPARED IN ACCORDANCE WITH
THE CONDOMINIUM ACT AND IS A GOOD FAITH ESTIMATE ONLY AND
REPRESENTS AN APPROXIMATION OF FUTURE EXPENSES BASED ON
FACTS AND CIRCUMSTANCES EXISTING AT THE TIME OF ITS
PREPARATION. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE
ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE
MATERIAL ADVERSE CHANGES IN THE OFFERING.
17. Assessment. See Article VIII of the Declaration and Article VII of the Bylaws for
information on assessments and the developer excusal and guarantee.
18. Buyer's Estimated Closing Expenses. §718.504(22), Florida Statutes, requires this
prospectus to include a schedule of estimated closing expenses, and the Division of
Florida Land Sales, Condominiums, and Mobile Homes will not approve a condominium
filing without inclusion of said estimates; however, said statutory requirement is
unmindful of the fact that the Developer has no control or knowledge of what the buyer’s
Prospectus for Braemore Park Condominiums Page 11 of 12
expenses will be, and the following schedule is given abstractly for statutory fulfillment
only:
SCHEDULE OF ESTIMATED CLOSING EXPENSES
Possible Expense
Appraisal
Bank Fees
Hazard Insurance
Prepaids or Escrows
Settlement, Abstract, Title Exam
Title Insurance
Survey
State Tax/Stamps
Intangible Tax
Down payment
The Buyer should obtain a Good Faith Estimate or closing disclosure from Buyer’s
bank/lender for more accurate estimates. The buyer must obtain owner’s title insurance
coverage, if desired, from an attorney or title company, and buyer is responsible for
obtaining an estimate of the cost of such a policy; the developer cannot accurately
estimate this cost. Further, if a buyer obtains all or any portion of the purchase price of
the unit from a loan secured by a mortgage encumbering the unit, all costs, expenses and
fees for applying for, obtaining, and closing such loan shall be paid by the buyer.
Inasmuch as the developer will not directly participate in any effort by a buyer to obtain a
mortgage loan, the developer cannot estimate the costs and expenses thereof, and the
buyer is advised to obtain disclosures of all loan costs, expenses and fees from buyer’s
mortgage lender. Further, the buyer is responsible for obtaining estimates for other
closing costs such as survey, termite bond, appraisal, etc., from the respective company
providing the service.
19. Developer Information. The condominium is being developed and sold by
BRAEMORE PARK, LLC. The Developer has had prior experience in the development
and/or conversion of residential condominiums in Florida.
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20. Easements. The condominium property is subject to easements for ingress, egress,
parking, utilities, storm water, and other matters. See the plot plan and declaration for the
exact location and description of the easements, and the Developer may add additional
easements as provided in the declaration.
21. Evidence of Ownership or Contractual Interest. Evidence of the developer’s
ownership or contractual interest in the land upon which the condominium is to be
developed is being provided.
Footnotes: All amounts shown in the budget are U.S. Dollar ($) values.
* All items marked with a * are required to be listed pursuant to Fla. Stat. § 718.504(21)(c), but are not applicable to this budget and have therefore been assigned a
value of $0. The Units are single family detached Units and those items marked with * are the responsibility of the Unit Owner.
BRAEMORE PARK CONDOMINIUMS ESTIMATED OPERATING BUDGET
Effective Date: October 1, 2017 September 30, 2018
Monthly Quarterly Annual
1. Expenses for the Association and Condominium:
a. Administration of the Association 0* 0* 0*
b. Management Fees $500 $1,500 $6,000
c. Maintenance:
Common Area Lights/Utilities, etc. $450 $1,350 $5,400
Trash $350 $1,050 $4,200
Lawn Maintenance (includes mowing of $2,000 $6,000 $24,000
common areas depicted on the condominium
survey)
Garden House Maintenance $250 $750 $3,000
d. Rent for Recreational
and other commonly used facilities 0* 0* 0*
e. Taxes upon association property $300 $900 $3,600
f. Taxes upon leased areas 0* 0* 0*
g. Recreational and Common Area Insurance $117 $350 $1,400
h. Security Provisions (includes fire alarm, emergency line, etc.) n/a* n/a* n/a*
i. Other Misc. Expenses $108 $325 $1,300
j. Operating Capital 0* 0* 0*
k. Fees Payable to the Division $9.33 $28 $112
2. Separate Reserves Schedule:
Est. Useful Est. Remain. Est. Cost of Est. Beginning
Life Useful Life Replacement Fund Balance
Painting n/a* n/a* n/a* n/a* 0* 0* 0*
Roofs n/a* n/a* n/a* n/a* 0* 0* 0*
Paving: 25 yrs. 25 yrs. $45,000 0 $150 $450 $1,800
3. Expenses for a unit owner:
a. Rent for the unit, if subject to a lease 0* 0* 0*
b.
Rent payable by the unit owner directly to the lessor or agent under any recreational
lease or lease for the use of commonly used facilities, which use and payment is a
mandatory condition of ownership and is not included in the common expense or
assessments for common maintenance paid by the unit owners to the association
0* 0* 0*
TOTAL BUDGET EXPENSES AND RESERVES $4,234.33 $12,703 $50,812
ASSESSMENT PER UNIT (28 UNITS) $185 $555 $2,220
ASSESSMENT COLLECTION PER UNIT (28 units): Pursuant to the Bylaws, assessments are collected from unit owners quarterly in advance.
Therefore, each unit pays $555.00 per quarter, which is the amount shown in the quarterly column above. This amount is NOT guaranteed SEE BELOW.
THE BUDGET CONTAINED IN THIS OFFERING CIRCULAR HAS BEEN PREPARED IN ACCORDANCE WITH THE
CONDOMINIUM ACT AND IS A GOOD FAITH ESTIMATE ONLY AND REPRESENTS AN APPROXIMATION OF
FUTURE EXPENSES BASED ON FACTS AND CIRCUMSTANCES EXISTING AT THE TIME OF ITS PREPARATION.
ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT
CONSTITUTE MATERIAL ADVERSE CHANGES IN THE OFFERING.
Important Unit maintenance exclusions for budgeting: the Association is not responsible for the maintenance of any constructed
improvements that comprise each single family home/structure. Each building in the condominium contains one (1) Unit. Each Unit is
one (1) single family home. Therefore, the intent of the general description of the Units is that each Unit Owner has an insurable
ownership interest in all constructed improvements, including all interior and exterior components, so that no part of the constructed
building improvements, and no part of the systems serving an individual building, is included within the common areas owned or
maintained by the Association.
Frequently Asked Questions & Answers Page 1 of 1
FREQUENTLY ASKED QUESTIONS AND ANSWERS
Braemore Park Condominiums Association, Inc.
Principal Office Address:
2050 Capital Circle NE, Tallahassee, FL 32308
As of April 5, 2016
Q: What are my voting rights in the condominium association?
A: Each unit owner shall be entitled to one (1) vote as a member of the condominium association (see Section 2.2 of
the Bylaws for more voting information).
Q: What restrictions exist in the condominium documents on my right to use my unit?
A: Restrictions concerning the use of condominium units are described in the Condominium Rules and Regulations
that are attached as Exhibit “E” to the Declaration of Condominium. Restrictions include, but may not by limited
to, use of the common elements and limited common elements, prohibited nuisances, leasing, signs, prohibited
vehicles, exterior appearance, antennas and satellite dishes, noise, obstructions, children, balconies and windows,
entry for emergencies, plumbing, roofs, solicitation, parking, storage of dangerous items, employee/agents control
and entry of units, complaints, payment of maintenance fees, charges, and fines, and pets. Please read the
Condominium Rules and Regulations in their entirety.
Q: What restrictions exist in the condominium documents on the leasing of my unit?
A: Leasing of units is permitted, but subject to restrictions contained in the Rules and Regulations. See the Rules and
Regulations for more detail.
Q: How much are my assessments to the condominium association for my unit type and when are they due?
A: The estimated operating budget shows assessments in the amount of FIVE HUNDRED FIFTY-FIVE DOLLARS
($555.00) per quarter. However, this amount is not guaranteed by the developer. Please see Section 8.3 of the
Declaration, Section 7.1 of the Bylaws, and the Estimated Operating Budget for more details. Assessments are due
QUARTERLY in advance.
Q: Do I have to be a member in any other association? If so, what is the name of the association and what are
my voting rights in this association? Also, how much are my assessments?
A: No.
Q: 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: No.
Q: 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: No.
NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE
PURCHASER SHOULD REFER TO ALL REFERENCES, EXHIBITS HERETO, THE SALES CONTRACT, AND
THE CONDOMINIUM DOCUMENTS.