Florida Senate - 2023 COMMITTEE AMENDMENT
Bill No. SB 154
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LEGISLATIVE ACTION
Senate . House
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The Committee on Regulated Industries (Bradley) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 1215 - 1301
4 and insert:
5 Section 13. Paragraph (b) of subsection (1) of section
6 719.503, Florida Statutes, is amended, paragraph (d) is added to
7 that subsection, and paragraph (d) is added to subsection (2) of
8 that section, to read:
9 719.503 Disclosure prior to sale.—
10 (1) DEVELOPER DISCLOSURE.—
11 (b) Copies of documents to be furnished to prospective
12 buyer or lessee.—Until such time as the developer has furnished
13 the documents listed below to a person who has entered into a
14 contract to purchase a unit or lease it for more than 5 years,
15 the contract may be voided by that person, entitling the person
16 to a refund of any deposit together with interest thereon as
17 provided in s. 719.202. The contract may be terminated by
18 written notice from the proposed buyer or lessee delivered to
19 the developer within 15 days after the buyer or lessee receives
20 all of the documents required by this section. The developer may
21 not close for 15 days after the execution of the agreement and
22 delivery of the documents to the buyer as evidenced by a receipt
23 for documents signed by the buyer unless the buyer is informed
24 in the 15-day voidability period and agrees to close before the
25 expiration of the 15 days. The developer shall retain in his or
26 her records a separate signed agreement as proof of the buyer’s
27 agreement to close before the expiration of the voidability
28 period. The developer must retain such proof for a period of 5
29 years after the date of the closing transaction. The documents
30 to be delivered to the prospective buyer are the prospectus or
31 disclosure statement with all exhibits, if the development is
32 subject to s. 719.504, or, if not, then copies of the following
33 which are applicable:
34 1. The question and answer sheet described in s. 719.504,
35 and cooperative documents, or the proposed cooperative documents
36 if the documents have not been recorded, which shall include the
37 certificate of a surveyor approximately representing the
38 locations required by s. 719.104.
39 2. The documents creating the association.
40 3. The bylaws.
41 4. The ground lease or other underlying lease of the
42 cooperative.
43 5. The management contract, maintenance contract, and other
44 contracts for management of the association and operation of the
45 cooperative and facilities used by the unit owners having a
46 service term in excess of 1 year, and any management contracts
47 that are renewable.
48 6. The estimated operating budget for the cooperative and a
49 schedule of expenses for each type of unit, including fees
50 assessed to a shareholder who has exclusive use of limited
51 common areas, where such costs are shared only by those entitled
52 to use such limited common areas.
53 7. The lease of recreational and other facilities that will
54 be used only by unit owners of the subject cooperative.
55 8. The lease of recreational and other common areas that
56 will be used by unit owners in common with unit owners of other
57 cooperatives.
58 9. The form of unit lease if the offer is of a leasehold.
59 10. Any declaration of servitude of properties serving the
60 cooperative but not owned by unit owners or leased to them or
61 the association.
62 11. If the development is to be built in phases or if the
63 association is to manage more than one cooperative, a
64 description of the plan of phase development or the arrangements
65 for the association to manage two or more cooperatives.
66 12. If the cooperative is a conversion of existing
67 improvements, the statements and disclosure required by s.
68 719.616.
69 13. The form of agreement for sale or lease of units.
70 14. A copy of the floor plan of the unit and the plot plan
71 showing the location of the residential buildings and the
72 recreation and other common areas.
73 15. A copy of all covenants and restrictions that will
74 affect the use of the property and are not contained in the
75 foregoing.
76 16. If the developer is required by state or local
77 authorities to obtain acceptance or approval of any dock or
78 marina facilities intended to serve the cooperative, a copy of
79 any such acceptance or approval acquired by the time of filing
80 with the division pursuant to s. 719.502(1) or a statement that
81 such acceptance or approval has not been acquired or received.
82 17. Evidence demonstrating that the developer has an
83 ownership, leasehold, or contractual interest in the land upon
84 which the cooperative is to be developed.
85 18. A copy of the inspector-prepared summary of the
86 milestone inspection report as described in ss. 553.899 and
87 719.301(4)(p), or a statement in conspicuous type indicating
88 that the association has not completed the milestone inspection
89 described in ss. 553.899 and 719.301(4)(p) or that the
90 association is not required to perform a milestone inspection,
91 as if applicable.
92 19. A copy of the association’s most recent structural
93 integrity reserve study or a statement in conspicuous type
94 indicating that the association has not completed a structural
95 integrity reserve study or that the association is not required
96 to perform a structural integrity reserve study, as applicable.
97 (d) Milestone inspection or structural integrity reserve
98 study.—If the association is required to have completed a
99 milestone inspection as described in ss. 553.899 and
100 719.301(4)(p) or a structural integrity reserve study, and the
101 association has failed to complete the milestone inspection or
102 the structural integrity reserve study, each contract entered
103 into after December 31, 2024, for the sale of a residential unit
104 shall contain in conspicuous type a statement indicating that
105 the association is required to have a milestone inspection or a
106 structural integrity reserve study and has failed to complete
107 such inspection or study, as appropriate. If the association is
108 not required to have a milestone inspection as described in ss.
109 553.899 and 719.301(4)(p) or a structural integrity reserve
110 study, each contract entered into after December 31, 2024, for
111 the sale of a residential unit shall contain in conspicuous type
112 a statement indicating that the association is not required to
113 have a milestone inspection or a structural integrity reserve
114 study, as appropriate. If the association is required to have
115 completed a milestone inspection as described in ss. 553.899 and
116 719.301(4)(p) or a structural integrity reserve study, each
117 contract entered into after December 31, 2024, for the sale of a
118 residential unit shall contain in conspicuous type:
119 1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
120 THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
121 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
122 IN SECTIONS 553.899 AND 719.301(4)(p), FLORIDA STATUTES; AND A
123 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
124 RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
125 719.106(1)(k), FLORIDA STATUTES, MORE THAN 15 DAYS, EXCLUDING
126 SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF
127 THIS CONTRACT; and
128 2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
129 BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
130 CANCEL WITHIN 15 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
131 HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
132 BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
133 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
134 IN SECTIONS 553.899 AND 719.301(4)(p), FLORIDA STATUTES; AND A
135 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
136 RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
137 719.106(1)(k), FLORIDA STATUTES. ANY PURPORTED WAIVER OF THESE
138 VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE
139 TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15 DAYS,
140 EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE
141 BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED SUMMARY
142 OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN SECTIONS
143 553.899 AND 719.301(4)(p), FLORIDA STATUTES; AND A COPY OF THE
144 ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY RESERVE STUDY
145 DESCRIBED IN SECTIONS 719.103(24) AND 719.106(1)(k), FLORIDA
146 STATUTES, IF REQUESTED IN WRITING. BUYER’S RIGHT TO VOID THIS
147 AGREEMENT SHALL TERMINATE AT CLOSING.
148
149 A contract that does not conform to the requirements of this
150 paragraph is voidable at the option of the purchaser prior to
151 closing.
152 (2) NONDEVELOPER DISCLOSURE.—
153 (d) If the association is required to have completed a
154 milestone inspection as described in ss. 553.899 and
155 719.301(4)(p) or a structural integrity reserve study, and the
156 association has failed to complete the milestone inspection or
157 the structural integrity reserve study, each contract entered
158 into after December 31, 2024, for the sale of a residential unit
159 shall contain in conspicuous type a statement indicating that
160 the association is required to have a milestone inspection or a
161 structural integrity reserve study and has failed to complete
162 such inspection or study, as appropriate. If the association is
163 not required to have a milestone inspection as described in ss.
164 553.899 and 719.301(4)(p) or a structural integrity reserve
165 study, each contract entered into after December 31, 2024, for
166 the sale of a residential unit shall contain in conspicuous type
167 a statement indicating that the association is not required to
168 have a milestone inspection or a structural integrity reserve
169 study, as appropriate. If the association is required to have
170 completed a milestone inspection as described in ss. 553.899 and
171 719.301(4)(p) or a structural integrity reserve study, each
172 contract entered into after December 31, 2024, for the resale of
173 a residential unit shall contain in conspicuous type:
174 1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
175 THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
176 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
177 IN SECTIONS 553.899 AND 719.301(4)(p), FLORIDA STATUTES; AND A
178 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
179 RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
180 719.106(1)(k), FLORIDA STATUTES, MORE THAN 3 DAYS, EXCLUDING
181 SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF
182 THIS CONTRACT; and
183
184 ================= T I T L E A M E N D M E N T ================
185 And the title is amended as follows:
186 Delete line 73
187 and insert:
188 by the act; amending s. 719.503, F.S.; revising the
189 types of documents developers are required to provide
190 to prospective buyers and lessees; requiring