HB 627 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to disclosure requirements for 2
prospective purchasers; amending s. 720.401, F.S.; 3
requiring prospective purchasers of a parcel subject 4
to association membership to be provided with certain 5
documents, in addition to the disclosure summary, 6
before executing a contract; authorizing prospective 7
purchasers to cancel their contract within a specified 8
timeframe under certain circumstances; specifyi ng that 9
the 3-day cancellation period does not include 10
Saturdays, Sundays, and legal holidays; providing an 11
effective date. 12
13
Be It Enacted by the Legislature of the State of Florida: 14
15
Section 1. Subsection (1) of section 720.401, Florida 16
Statutes, is amended to read: 17
720.401 Prospective purchasers subject to association 18
membership requirement; disclosure required; covenants; 19
assessments; contract cancellation. — 20
(1)(a) A prospective purchaser parcel owner in a community 21
must be presented a disclo sure summary before executing the 22
contract for sale. The disclosure summary must be in a form 23
substantially similar to the following form: 24
DISCLOSURE SUMMARY 25
HB 627 2024
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hb0627-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
FOR 26
(NAME OF COMMUNITY) 27
1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL 28
BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS' ASSOCIATION. 29
2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE 30
COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS 31
COMMUNITY. 32
3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE 33
ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF 34
APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... YOU WILL ALSO 35
BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE 36
ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. 37
IF APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... 38
4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE 39
RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL 40
ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE. 41
5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS 42
LEVIED BY A MANDATORY HOMEOWNERS' ASSOCIATION COULD RESULT IN A 43
LIEN ON YOUR PROPERTY. 44
6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES 45
FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN 46
OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS' ASSOCIATION. IF 47
APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... 48
7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE 49
RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION 50
HB 627 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS. 51
8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE 52
ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU 53
SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING 54
DOCUMENTS BEFORE PURCHASING PROPERTY. 55
9. THE PROSPECTIVE PURCHASER ACKNOWLEDGES THAT HE OR SHE 56
HAS BEEN PROVIDED A CURRENT COPY OF THE ASSOCIATION GOVERNING 57
DOCUMENTS, THE MOST RECENT ASSOCIATION YEAR -END FINANCIAL 58
INFORMATION, AND THE AGENDAS AND MINUTES FROM ALL ASSOCIATION 59
BOARD MEETINGS THAT TOOK PLACE IN THE 12 MONTHS IMMEDIATELY 60
PRECEDING THE EXECUTION OF THE CONTRACT FOR SAL E THESE DOCUMENTS 61
ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE 62
RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR 63
ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER . 64
DATE: PURCHASER: 65
PURCHASER: 66
The disclosure summary must be supplied by the developer, or by 67
the parcel owner if the sale is by an owner that is not the 68
developer. Any contract or agreement for sale must shall refer 69
to and incorporate the disclosure summary and shall include, in 70
prominent language, a statement that the prospective purchaser 71
potential buyer should not execute the contract or agreement 72
until he or she has they have received and read the disclosure 73
summary required by this section. 74
(b) Each contract entered into for the sale of property 75
HB 627 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
governed by covenants subject to disclosure required by this 76
section must contain in conspicuous type a clause that states: 77
IF THE DISCLOSURE SUMMARY , CURRENT COPY OF THE ASSOCIATION 78
GOVERNING DOCUMENTS, MOST RECENT ASSOCIATION YEAR -END FINANCIAL 79
INFORMATION, AND AGENDAS AND MINUTES FROM ALL ASSOCIATION BOARD 80
MEETINGS THAT TOOK PLACE IN THE 12 MONTHS IMMEDIATELY PRECEDING 81
THE EXECUTION OF THIS CONTRACT, AS REQUIRED BY SECTION 720.401, 82
FLORIDA STATUTES, HAVE HAS NOT BEEN PROVIDED TO THE PROSPECTIVE 83
PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT 84
IS VOIDABLE BY THE PROSPECTIVE PURCHASER BUYER BY DELIVERING TO 85
THE SELLER OR THE SELLER'S AGENT OR REPRESENTATIVE WRITTEN 86
NOTICE OF THE PROSPECTIVE PURCHASER'S BUYER'S INTENTION TO 87
CANCEL WITHIN 3 DAYS , EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL 88
HOLIDAYS, AFTER RECEIPT OF SUCH DOCUMENTS THE DISCLOSURE SUMMARY 89
OR BEFORE PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY 90
PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. THE 91
PROSPECTIVE PURCHASER'S BUYER'S RIGHT TO VOID THIS CONTRACT 92
TERMINATES SHALL TERMINATE AT CLOSING. 93
(c) If the disclosure summary , current copy of the 94
association governing documents, most recent association year -95
end financial information, and agendas and minutes from all 96
association board meetings that took place in the 12 months 97
immediately preceding the execution of a contract are is not 98
provided to a prospective purchaser before such the purchaser 99
executes a contract for the sale of property governed by 100
HB 627 2024
CODING: Words stricken are deletions; words underlined are additions.
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
covenants that are subject to discl osure pursuant to this 101
section, the prospective purchaser may void the contract by 102
delivering to the seller or the seller's agent or representative 103
written notice canceling the contract within 3 days , excluding 104
Saturdays, Sundays, and legal holidays, after receipt of such 105
documents the disclosure summary or before prior to closing, 106
whichever occurs first. This right may not be waived by the 107
prospective purchaser but terminates at closing. 108
Section 2. This act shall take effect July 1, 2024. 109