Senate Bill sb1220

    Florida Senate - 2003                                  SB 1220

    By Senator Fasano





    11-392A-03

  1                      A bill to be entitled

  2         An act relating to the sale of real property;

  3         requiring disclosures by nondeveloper owners of

  4         real property in deed-restricted communities;

  5         providing an effective date.

  6

  7  Be It Enacted by the Legislature of the State of Florida:

  8

  9         Section 1.  Nondeveloper owner disclosure of property

10  in deed-restricted communities prior to sale; voidability.--

11         (1)  An owner of real property in a deed-restricted

12  community who is not a developer of the property shall comply

13  with the provisions of this subsection prior to the sale of

14  the property.  Each prospective purchaser who has entered into

15  a contract for the purchase of property shall be provided, at

16  the seller's expense, with a current copy of the deed

17  restrictions that apply to the property.

18         (2)  A person licensed under part I of chapter 475 who

19  provides to or otherwise obtains for a prospective purchaser

20  the documents described in this subsection is not liable for

21  any error or inaccuracy contained in the documents.

22         (3)  Each contract entered into after July 1, 2003, for

23  the resale of property in a deed-restricted community must

24  contain in conspicuous type either:

25         (a)  A clause that states:  THE BUYER HEREBY

26  ACKNOWLEDGES THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF

27  THE DEED RESTRICTIONS FOR THE COMMUNITY MORE THAN 3 DAYS,

28  EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO

29  EXECUTION OF THIS CONTRACT; or

30         (b)  A clause that states:  THIS AGREEMENT IS VOIDABLE

31  BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION

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






    Florida Senate - 2003                                  SB 1220
    11-392A-03




  1  TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND

  2  LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT

  3  BY THE BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE

  4  DEED RESTRICTIONS FOR THE COMMUNITY, WHICHEVER OCCURS LATER.

  5  ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS HAS NO

  6  EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF

  7  NOT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL

  8  HOLIDAYS, AFTER THE DATE ON WHICH BUYER RECEIVES THE DEED

  9  RESTRICTIONS. BUYER'S RIGHT TO VOID THIS AGREEMENT SHALL

10  TERMINATE AT CLOSING.

11         (4)  A contract that does not conform to the

12  requirements of this section is voidable at the option of the

13  purchaser prior to closing.

14         Section 2.  This act shall take effect July 1, 2003.

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17                          SENATE SUMMARY

18    Requires nondeveloper owners of real property in
      deed-restricted communities to provide copies of the deed
19    restrictions to prospective purchasers prior to sale.
      Provides that nonconforming contracts are voidable by the
20    purchaser prior to closing.

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