Senate Bill sb0478c1

    Florida Senate - 2004                            CS for SB 478

    By the Committee on Regulated Industries; and Senator Margolis





    315-2000-04

  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. Unless a substantially similar disclosure

21  summary is included in the contract for sale, a separate

22  disclosure summary must be attached to the contract for sale.

23  The disclosure summary must be in a form substantially similar

24  to the following:

25  

26                          AD VALOREM TAX

27                        DISCLOSURE SUMMARY

28  

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

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

31  TAXES ASSESSED AT THE TIME OF SALE.

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






    Florida Senate - 2004                            CS for SB 478
    315-2000-04




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

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

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

 4  STATUTES, HAS OCCURRED.

 5         3. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION AND

 6  AD VALOREM TAXES, PLEASE CONTACT YOUR COUNTY PROPERTY

 7  APPRAISER OR TAX COLLECTOR.

 8  

 9         (2)  Unless included in the contract, the disclosure

10  summary must be provided by the seller. If the disclosure

11  summary is not included in the contract for sale, the contract

12  for sale must refer to and incorporate the disclosure summary

13  and all contracts for sale must include, in prominent

14  language, a statement that the potential purchaser should not

15  execute the contract until he or she has read the disclosure

16  summary required by this section. If the disclosure summary

17  required by this section has not been provided to the

18  prospective purchaser before executing the contract for sale,

19  the contract is voidable by the purchaser by delivering to the

20  seller, or the seller's agent, written notice of the

21  purchaser's intention to cancel either within 3 days after

22  receipt of the disclosure summary or 3 days prior to closing,

23  whichever occurs first. The right of the purchaser to void the

24  contract for sale terminates at closing.

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

26  

27          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
28                         Senate Bill 478

29                                 

30  The committee substitute provides that a substantially similar
    disclosure statement may be included in the contract for sale.
31  

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