Senate Bill sb0478

    Florida Senate - 2004                                   SB 478

    By Senator Margolis





    35-304-04

  1                      A bill to be entitled

  2         An act relating to the sale of homestead

  3         property; creating s. 689.261, F.S.; requiring

  4         a seller to give notice to the prospective

  5         purchaser of homestead property concerning ad

  6         valorem taxes on the property; specifying the

  7         form of notice; providing for the right of the

  8         purchaser to void the contract for sale under

  9         certain circumstances; providing an effective

10         date;

11  

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

13  

14         Section 1.  Section 689.261, Florida Statutes, is

15  created to read:

16         689.261  Sale of homestead property; disclosure of ad

17  valorem taxes to prospective purchaser.--

18         (1)  A prospective purchaser of homestead property must

19  be presented a disclosure summary before executing the

20  contract for sale. The disclosure summary must be in a form

21  substantially similar to the following:

22  

23                          AD VALOREM TAX

24                        DISCLOSURE SUMMARY

25  

26         1. THE AD VALOREM TAXES ON THE PROPERTY FOR THE YEAR

27  SUBSEQUENT TO THE PURCHASE MAY BE IN EXCESS OF THE AD VALOREM

28  TAXES ASSESSED AT THE TIME OF SALE.

29         2. THE AD VALOREM TAXES ARE REQUIRED TO BE ASSESSED AT

30  JUST VALUE ON THE PROPERTY IN THE YEAR FOLLOWING A SALE IF A

31  

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






    Florida Senate - 2004                                   SB 478
    35-304-04




 1  CHANGE OF OWNERSHIP AS DEFINED IN SECTION 193.155(3), FLORIDA

 2  STATUTES, HAS OCCURRED.

 3         3. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION AND

 4  AD VALOREM TAXES, PLEASE CONTACT YOUR COUNTY PROPERTY

 5  APPRAISER OR TAX COLLECTOR.

 6  

 7         (2)  The disclosure must be provided by the seller. Any

 8  contract for sale must refer to and incorporate the disclosure

 9  summary and must include, in prominent language, a statement

10  that the potential purchaser should not execute the contract

11  until he or she has received and read the disclosure summary

12  required by this section. If the disclosure summary required

13  by this section has not been provided to the prospective

14  purchaser before executing the contract for sale, the contract

15  is voidable by the purchaser by delivering to the seller, or

16  the seller's agent, written notice of the purchaser's

17  intention to cancel either within 3 days after receipt of the

18  disclosure summary or 3 days prior to closing, whichever

19  occurs first. The right of the purchaser to void the contract

20  for sale terminates at closing.

21         Section 2.  This act shall take effect July 1, 2004.

22  

23            *****************************************

24                          SENATE SUMMARY

25    Requires a seller of homestead property to give notice to
      the prospective purchaser concerning ad valorem taxes on
26    the property. Prescribes the form of the notice.

27  

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