Florida Statute §718.503 requires that buyers (and lessees, for leases of more than 5 years) are informed in writing of the details of the condominium documents and management.
In addition to the above documents, the required governance form can be found here and the "Frequently Asked Questions" (AKA "Q&A") form, which is to be completed by the condominium, can be found here.
Is there a form I can use that will assist me in complying with this requirement?
Yes, the Florida Realtors has a "Condominium Rider" that is incorporated into their contract for sale and purchase. It is recommended you provide to the buyer/lessee the documents noted in the "Condominium Rider" prior to executing a contract for sale and purchase.
We will provide you a copy of the "Condominium Rider" form for free upon submitting a flat fee MLS listing through our website. You can also review Florida Statute §718.503 (see "(2) NONDEVELOPER DISCLOSURE" section, if you are not the original developer of the condo), which dictates the documents to be furnished to prospective buyer/lessee, as this is what the Florida Realtors rider is based upon.
Where can I learn more about the documentation to be provided?
What are the repercussions for not providing the documentation prior to executing a contract?
The contract is voidable by the buyer/lessee within 3 days from the date the documents are delivered to them.
Are there other requirements to be aware of?
Each contract entered into after July 1, 1992, for the resale of a residential unit shall contain in conspicuous type the below clauses. Note the Florida Realtors "Condominium Rider" contains these clauses.
- A clause which states: THE BUYER HEREBY ACKNOWLEDGES THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION OF THE ASSOCIATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF THIS CONTRACT; or
- A clause which states: THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT IF SO REQUESTED IN WRITING. ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE BUYER RECEIVES THE DECLARATION, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT IF REQUESTED IN WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING.
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