Florida 2024 Regular Session

Florida House Bill H0627 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 627 2024
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7	7	CODING: Words stricken are deletions; words underlined are additions.
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10	10	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
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14	14	A bill to be entitled 1
15	15	An act relating to disclosure requirements for 2
16	16	prospective purchasers; amending s. 720.401, F.S.; 3
17	17	requiring prospective purchasers of a parcel subject 4
18	18	to association membership to be provided with certain 5
19	19	documents, in addition to the disclosure summary, 6
20	20	before executing a contract; authorizing prospective 7
21	21	purchasers to cancel their contract within a specified 8
22	22	timeframe under certain circumstances; specifyi ng that 9
23	23	the 3-day cancellation period does not include 10
24	24	Saturdays, Sundays, and legal holidays; providing an 11
25	25	effective date. 12
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27	27	Be It Enacted by the Legislature of the State of Florida: 14
28	28	15
29	29	Section 1. Subsection (1) of section 720.401, Florida 16
30	30	Statutes, is amended to read: 17
31	31	720.401 Prospective purchasers subject to association 18
32	32	membership requirement; disclosure required; covenants; 19
33	33	assessments; contract cancellation. — 20
34	34	(1)(a) A prospective purchaser parcel owner in a community 21
35	35	must be presented a disclo sure summary before executing the 22
36	36	contract for sale. The disclosure summary must be in a form 23
37	37	substantially similar to the following form: 24
38	38	DISCLOSURE SUMMARY 25
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47	47	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
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51	51	FOR 26
52	52	(NAME OF COMMUNITY) 27
53	53	1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL 28
54	54	BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS' ASSOCIATION. 29
55	55	2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE 30
56	56	COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS 31
57	57	COMMUNITY. 32
58	58	3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE 33
59	59	ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF 34
60	60	APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... YOU WILL ALSO 35
61	61	BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE 36
62	62	ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. 37
63	63	IF APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... 38
64	64	4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE 39
65	65	RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL 40
66	66	ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE. 41
67	67	5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS 42
68	68	LEVIED BY A MANDATORY HOMEOWNERS' ASSOCIATION COULD RESULT IN A 43
69	69	LIEN ON YOUR PROPERTY. 44
70	70	6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES 45
71	71	FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN 46
72	72	OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS' ASSOCIATION. IF 47
73	73	APPLICABLE, THE CURRENT AMOUNT IS $.... PER ..... 48
74	74	7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE 49
75	75	RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION 50
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84	84	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
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88	88	MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS. 51
89	89	8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE 52
90	90	ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU 53
91	91	SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING 54
92	92	DOCUMENTS BEFORE PURCHASING PROPERTY. 55
93	93	9. THE PROSPECTIVE PURCHASER ACKNOWLEDGES THAT HE OR SHE 56
94	94	HAS BEEN PROVIDED A CURRENT COPY OF THE ASSOCIATION GOVERNING 57
95	95	DOCUMENTS, THE MOST RECENT ASSOCIATION YEAR -END FINANCIAL 58
96	96	INFORMATION, AND THE AGENDAS AND MINUTES FROM ALL ASSOCIATION 59
97	97	BOARD MEETINGS THAT TOOK PLACE IN THE 12 MONTHS IMMEDIATELY 60
98	98	PRECEDING THE EXECUTION OF THE CONTRACT FOR SAL E THESE DOCUMENTS 61
99	99	ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE 62
100	100	RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR 63
101	101	ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER . 64
102	102	DATE: PURCHASER: 65
103	103	PURCHASER: 66
104	104	The disclosure summary must be supplied by the developer, or by 67
105	105	the parcel owner if the sale is by an owner that is not the 68
106	106	developer. Any contract or agreement for sale must shall refer 69
107	107	to and incorporate the disclosure summary and shall include, in 70
108	108	prominent language, a statement that the prospective purchaser 71
109	109	potential buyer should not execute the contract or agreement 72
110	110	until he or she has they have received and read the disclosure 73
111	111	summary required by this section. 74
112	112	(b) Each contract entered into for the sale of property 75
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121	121	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
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125	125	governed by covenants subject to disclosure required by this 76
126	126	section must contain in conspicuous type a clause that states: 77
127	127	IF THE DISCLOSURE SUMMARY , CURRENT COPY OF THE ASSOCIATION 78
128	128	GOVERNING DOCUMENTS, MOST RECENT ASSOCIATION YEAR -END FINANCIAL 79
129	129	INFORMATION, AND AGENDAS AND MINUTES FROM ALL ASSOCIATION BOARD 80
130	130	MEETINGS THAT TOOK PLACE IN THE 12 MONTHS IMMEDIATELY PRECEDING 81
131	131	THE EXECUTION OF THIS CONTRACT, AS REQUIRED BY SECTION 720.401, 82
132	132	FLORIDA STATUTES, HAVE HAS NOT BEEN PROVIDED TO THE PROSPECTIVE 83
133	133	PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT 84
134	134	IS VOIDABLE BY THE PROSPECTIVE PURCHASER BUYER BY DELIVERING TO 85
135	135	THE SELLER OR THE SELLER'S AGENT OR REPRESENTATIVE WRITTEN 86
136	136	NOTICE OF THE PROSPECTIVE PURCHASER'S BUYER'S INTENTION TO 87
137	137	CANCEL WITHIN 3 DAYS , EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL 88
138	138	HOLIDAYS, AFTER RECEIPT OF SUCH DOCUMENTS THE DISCLOSURE SUMMARY 89
139	139	OR BEFORE PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY 90
140	140	PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. THE 91
141	141	PROSPECTIVE PURCHASER'S BUYER'S RIGHT TO VOID THIS CONTRACT 92
142	142	TERMINATES SHALL TERMINATE AT CLOSING. 93
143	143	(c) If the disclosure summary , current copy of the 94
144	144	association governing documents, most recent association year -95
145	145	end financial information, and agendas and minutes from all 96
146	146	association board meetings that took place in the 12 months 97
147	147	immediately preceding the execution of a contract are is not 98
148	148	provided to a prospective purchaser before such the purchaser 99
149	149	executes a contract for the sale of property governed by 100
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158	158	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
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162	162	covenants that are subject to discl osure pursuant to this 101
163	163	section, the prospective purchaser may void the contract by 102
164	164	delivering to the seller or the seller's agent or representative 103
165	165	written notice canceling the contract within 3 days , excluding 104
166	166	Saturdays, Sundays, and legal holidays, after receipt of such 105
167	167	documents the disclosure summary or before prior to closing, 106
168	168	whichever occurs first. This right may not be waived by the 107
169	169	prospective purchaser but terminates at closing. 108
170	170	Section 2. This act shall take effect July 1, 2024. 109