SB 0478
Relating to Homestead Property/Sale 

 
S478     GENERAL BILL by Senator Margolis  
Homestead Property/Sale; requires seller to give notice to prospective  purchaser of homestead property concerning ad valorem taxes on property;  specifies form of notice; provides for right of purchaser to void  contract for sale under certain circumstances. Creates 689.261.  
EFFECTIVE DATE: 07/01/2004.  
10/28/03 SENATE Prefiled  
11/14/03 SENATE Referred to Regulated Industries; Comprehensive 
                 Planning; Finance and Taxation

CODING: Words stricken are deletions; words underlined are additions. 

  1                      A bill to be entitled
  2         An act relating to the sale of homestead
  3         property; creating s. 689.261, F.S.; requiring
  4         a seller to give notice to the prospective
  5         purchaser of homestead property concerning ad
  6         valorem taxes on the property; specifying the
  7         form of notice; providing for the right of the
  8         purchaser to void the contract for sale under
  9         certain circumstances; providing an effective
10         date;
11  
12  Be It Enacted by the Legislature of the State of Florida:
13  
14         Section 1.  Section 689.261, Florida Statutes, is
15  created to read:
16         689.261  Sale of homestead property; disclosure of ad
17  valorem taxes to prospective purchaser.--
18         (1)  A prospective purchaser of homestead property must
19  be presented a disclosure summary before executing the
20  contract for sale. The disclosure summary must be in a form
21  substantially similar to the following:
22  
23                                       AD VALOREM TAX
24                                 DISCLOSURE SUMMARY
25  
26         1. THE AD VALOREM TAXES ON THE PROPERTY FOR THE YEAR
27  SUBSEQUENT TO THE PURCHASE MAY BE IN EXCESS OF THE AD
       VALOREM
28  TAXES ASSESSED AT THE TIME OF SALE.
29         2. THE AD VALOREM TAXES ARE REQUIRED TO BE ASSESSED AT
30  JUST VALUE ON THE PROPERTY IN THE YEAR FOLLOWING A SALE IF A
31  

                                                                           1

 1  CHANGE OF OWNERSHIP AS DEFINED IN SECTION 193.155(3), FLORIDA
 2  STATUTES, HAS OCCURRED.
 3         3. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION AND
 4  AD VALOREM TAXES, PLEASE CONTACT YOUR COUNTY PROPERTY
 5  APPRAISER OR TAX COLLECTOR.
 6  
 7         (2)  The disclosure must be provided by the seller. Any
 8  contract for sale must refer to and incorporate the disclosure
 9  summary and must include, in prominent language, a statement
10  that the potential purchaser should not execute the contract
11  until he or she has received and read the disclosure summary
12  required by this section. If the disclosure summary required
13  by this section has not been provided to the prospective
14  purchaser before executing the contract for sale, the contract
15  is voidable by the purchaser by delivering to the seller, or
16  the seller's agent, written notice of the purchaser's
17  intention to cancel either within 3 days after receipt of the
18  disclosure summary or 3 days prior to closing, whichever
19  occurs first. The right of the purchaser to void the contract
20  for sale terminates at closing.
21         Section 2.  This act shall take effect July 1, 2004.
22  
23            *****************************************
24                          SENATE SUMMARY
25    Requires a seller of homestead property to give notice to
        the prospective purchaser concerning ad valorem taxes on
26    the property. Prescribes the form of the notice.
27  
28  
29  
30  
31  

                                                                     2
CODING: Words stricken are deletions; words underlined are additions. 


 
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