S1990 GENERAL BILL by
Senator Aronberg
Condominiums; requires unit owners who
are not developers to provide specific question & answer disclosure
document to certain prospective purchasers. Amends 718.503.
EFFECTIVE DATE: 07/01/2004.
02/06/04 SENATE Prefiled
CODING: Words stricken
are deletions; words underlined are
additions.
27-1066-04
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A bill to be entitled
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An act relating to condominiums; amending s.
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718.503, F.S.; requiring unit owners who are
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not developers to provide a specific question
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and answer disclosure document to certain
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prospective purchasers; providing an effective
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date.
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9 Be It Enacted by the Legislature
of the State of Florida:
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Section 1. Subsection (2) of section 718.503, Florida
12 Statutes, is amended to read:
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718.503 Developer disclosure prior to sale;
14 nondeveloper unit owner disclosure
prior to sale;
15 voidability.--
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(2) NONDEVELOPER DISCLOSURE.--
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(a) Each unit owner who is not a developer as defined
18 by this chapter shall comply
with the provisions of this
19 subsection prior to the sale
of his or her unit. Each
20 prospective purchaser who has
entered into a contract for the
21 purchase of a condominium unit
is entitled, at the seller's
22 expense, to a current copy of
the declaration of condominium,
23 articles of incorporation of
the association, bylaws,
and
24 rules of the association,
and a copy of the
financial
25 information required by s. 718.111,
and the document entitled
26 "Frequently
Asked Questions and Answers" required by s.
27 718.504.
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(b) If a person licensed under part I of chapter 475
29 provides to or otherwise obtains
for a prospective purchaser
30 the documents described in this
subsection, the person is not
31 liable for any error or inaccuracy
contained in the documents.
1
1
(c) Each contract entered into after July 1, 1992, for
2 the resale of a residential
unit shall contain in conspicuous
3 type either:
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1. A clause which states: THE BUYER HEREBY
5 ACKNOWLEDGES THAT BUYER
HAS BEEN PROVIDED A CURRENT COPY OF
6 THE DECLARATION OF CONDOMINIUM,
ARTICLES OF INCORPORATION OF
7 THE ASSOCIATION, BYLAWS
AND,
RULES OF THE ASSOCIATION, AND A
8 COPY OF THE MOST RECENT
YEAR-END FINANCIAL INFORMATION AND
9 FREQUENTLY
ASKED QUESTIONS AND ANSWERS DOCUMENT MORE THAN 3
10 DAYS, EXCLUDING SATURDAYS, SUNDAYS,
AND LEGAL HOLIDAYS, PRIOR
11 TO EXECUTION OF THIS CONTRACT;
or
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2. A clause which states: THIS AGREEMENT IS VOIDABLE
13 BY BUYER BY DELIVERING WRITTEN
NOTICE OF THE BUYER'S INTENTION
14 TO CANCEL WITHIN 3 DAYS, EXCLUDING
SATURDAYS, SUNDAYS, AND
15 LEGAL HOLIDAYS, AFTER THE DATE
OF EXECUTION OF THIS AGREEMENT
16 BY THE BUYER AND RECEIPT BY BUYER
OF A CURRENT COPY OF THE
17 DECLARATION OF CONDOMINIUM, ARTICLES
OF INCORPORATION, BYLAWS
18 AND,
RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT
19 YEAR-END FINANCIAL INFORMATION
AND FREQUENTLY ASKED QUESTIONS
20 AND
ANSWERS DOCUMENT IF SO REQUESTED IN WRITING. ANY PURPORTED
21 WAIVER OF THESE VOIDABILITY RIGHTS
SHALL BE OF NO EFFECT.
22 BUYER MAY EXTEND THE TIME FOR
CLOSING FOR A PERIOD OF NOT MORE
23 THAN 3 DAYS, EXCLUDING SATURDAYS,
SUNDAYS, AND LEGAL HOLIDAYS,
24 AFTER THE BUYER RECEIVES THE
DECLARATION, ARTICLES OF
25 INCORPORATION, BYLAWS,
AND RULES OF THE ASSOCIATION, AND A
26 COPY
OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND
27 FREQUENTLY
ASKED QUESTIONS AND ANSWERS DOCUMENT IF REQUESTED
28 IN WRITING. BUYER'S RIGHT TO
VOID THIS AGREEMENT SHALL
29 TERMINATE AT CLOSING.
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31
2
1 A contract that does not
conform to the requirements of this
2 paragraph is voidable at
the option of the purchaser prior to
3 closing.
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Section 2. This act shall take effect July 1, 2004.
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SENATE SUMMARY
8 Requires nondeveloper
condominium owners to provide a
specific
question and answer document to a prospective
9 purchaser who
has signed a contract to purchase a unit.
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CODING: Words stricken
are deletions; words underlined are
additions. |