Summary of Important Ownership Qualifications & Rules

The information below is a summary of some of the important rules and qualifications you need to know before considering the purchase of a condominium apartment in Hollybrook as represented in the purchase packet supplied by Hollybrook Golf & Tennis Club Condominium, Inc.   The complete set of documents are contained in a "documents' book that is supplied to each buyer by the seller.

Click here for "Hollybrook Rules & Regulations"

Hollybrook is a community of 1902 condominium units, administered by a single Board of Administration consisting of 20 Directors and 5 officers.

Age Requirements
Hollybrook is a legal " Over 55 Community " Apartments must be occupied by at least one person over the age of 55. No one under 18 years of age can permanently live in or occupy an apartment in Hollybrook.

Maintenance is paid quarterly. Phases 1-5: $1369.00/quarter ($456.00/mo.)     Phase 6: $1689/Quarter ($563.00/Mo.)

Recreation Leases
Most of the units in Hollybrook have the rec lease paid off and have no monthly payments. About 10% of the units still pay a rec lease. This is paid quarterly and is currently about $689.00/Quarter ($230.00/Mo.)   These units are priced about $25,000-$35,000 less than a similar unit that has the rec lease paid off. Click here for more info

Income Requirements
A purchaser must have two years consecutive income equal to or greater than 10 times the annual maintenance assessment for the subject unit, or a certified net worth of not less than $250,000. If the unit does not own its own Recreation lease, an additional five (5) times the annual recreation lease will be added to the income requirement. Currently the annual income requirements are:

$54,761.00 for Phases 1-5 & Towers or $68,540.00 with a rec lease,and $67,560.00 for Phase 6.

All persons on the deed or lease must qualify individually, except a husband and wife are considered one person and their income may be combined.

Down Payment
No unit in Hollybrook can have financing in excess of 80% of the appraised value of the premises purchased. Normally a 20% down payment will be sufficient.

Security Deposit
Purchasers must deposit, in escrow, an amount equal to one year's maintenance in advance of closing, which will be held for three (3) years and then returned with nominal interest.  Currently this amounts to $5476.00 for phases 1-5 and $6756.00 for phase 6 apartments and $6854.00 for rec lease apartments.

Each owner is required to purchase a Hollybrook Restaurant card each year for $200.00 per apartment.   This card can be be used at the restaurant throughout the year for $200.00 worth of purchases.   The restaurant is open every day for breakfast and lunch and for dinner on Wednesday and Friday evenings (and special occasions and holidays).

You may move in with one dog or cat which cannot weigh more than 15 pounds.

Overnight parking of Pick-up trucks, motorcycles, campers, trailers, etc listed in Hollybrook's Rules & Regulations is prohibited

Once you have owned a unit for 9 months you may then rent your apartment only once in each calendar year for a period of not less than two (2) months. If you purchase an apartment with a leased tenant, the tenant is grandfathered in to the end of the lease. Sub-leasing is prohibited

The Association now requires that a person be assigned to monitor your apartment for leaks, damage etc. if it is vacant for more than one month at a time

Application and Interview
The application processing fee and background check is $155.00 per applicant (husband and wife are deemed to be one (1) applicant. Each owner must apply. Out of state and Florida residents with less than two (2) years of residency must pay a $50.00 surcharge for background check. After applying you will be notified to meet with the Screening Committee for a personal interview. Non-Florida residents may request a telephone interview.

Credit Score
The association documents indicate that they require a FICO credit score of 700 or more. It is highly recommended that you check your FICO score (make sure it is FICO) before applying.