Senate Bill sb1220c1

    Florida Senate - 2003                           CS for SB 1220

    By the Committee on Judiciary; and Senator Fasano





    308-2011-03

  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)(a)  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 section prior to the sale of the

14  property.  Each prospective purchaser who has entered into a

15  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         (b)  "As used in this section, the term

19  "deed-restricted community" means a platted subdivision in

20  which the land therein is governed by restrictive covenants

21  and where such restrictions are recorded in the county in

22  which the land is located and are enforceable either by the

23  homeowners' association created for that subdivision or by

24  owners of lots in the subdivision.

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

26  provides to or otherwise obtains for a prospective purchaser

27  the documents described in this section is not liable for any

28  error or inaccuracy contained in the documents.

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

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

31  contain in conspicuous type either:

                                  1

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






    Florida Senate - 2003                           CS for SB 1220
    308-2011-03




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

 2  ACKNOWLEDGES THAT THE BUYER HAS BEEN PROVIDED A CURRENT COPY

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

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

 5  EXECUTION OF THIS CONTRACT; or

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

 7  BY THE BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S

 8  INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS,

 9  SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF

10  THIS AGREEMENT BY THE BUYER OR RECEIPT BY THE BUYER OF A

11  CURRENT COPY OF THE DEED RESTRICTIONS FOR THE COMMUNITY,

12  WHICHEVER OCCURS LATER. ANY PURPORTED WAIVER OF THESE

13  VOIDABILITY RIGHTS HAS NO EFFECT. THE BUYER MAY EXTEND THE

14  TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 3 DAYS,

15  EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE

16  DATE ON WHICH THE BUYER RECEIVES THE DEED RESTRICTIONS. THE

17  BUYER'S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT

18  CLOSING.

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

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

21  purchaser prior to closing.

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

23  

24          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
25                         Senate Bill 1220

26                                 

27  Requires nondeveloper owners of real property
    indeed-restricted communities to provide copies of the deed
28  restrictions to prospective purchasers prior to sale. Provides
    definition of deed-restricted community. Provides that
29  nonconforming contracts are voidable by purchaser prior to
    closing.
30  

31  

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