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.
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23
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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. |