Florida Senate - 2023 COMMITTEE AMENDMENT
Bill No. SB 154
Ì4751389Î475138
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
02/22/2023 .
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The Committee on Regulated Industries (Bradley) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 770 - 857
4 and insert:
5 Section 9. Paragraph (b) of subsection (1) of section
6 718.503, Florida Statutes, is amended, and paragraph (d) is
7 added to that subsection and paragraph (e) is added to
8 subsection (2) of that section, to read:
9 718.503 Developer disclosure prior to sale; nondeveloper
10 unit owner disclosure prior to sale; voidability.—
11 (1) DEVELOPER DISCLOSURE.—
12 (b) Copies of documents to be furnished to prospective
13 buyer or lessee.—Until such time as the developer has furnished
14 the documents listed below to a person who has entered into a
15 contract to purchase a residential unit or lease it for more
16 than 5 years, the contract may be voided by that person,
17 entitling the person to a refund of any deposit together with
18 interest thereon as provided in s. 718.202. The contract may be
19 terminated by written notice from the proposed buyer or lessee
20 delivered to the developer within 15 days after the buyer or
21 lessee receives all of the documents required by this section.
22 The developer may not close for 15 days after the execution of
23 the agreement and delivery of the documents to the buyer as
24 evidenced by a signed receipt for documents unless the buyer is
25 informed in the 15-day voidability period and agrees to close
26 before the expiration of the 15 days. The developer shall retain
27 in his or her records a separate agreement signed by the buyer
28 as proof of the buyer’s agreement to close before the expiration
29 of the voidability period. The developer must retain such proof
30 for a period of 5 years after the date of the closing of the
31 transaction. The documents to be delivered to the prospective
32 buyer are the prospectus or disclosure statement with all
33 exhibits, if the development is subject to s. 718.504, or, if
34 not, then copies of the following which are applicable:
35 1. The question and answer sheet described in s. 718.504,
36 and declaration of condominium, or the proposed declaration if
37 the declaration has not been recorded, which shall include the
38 certificate of a surveyor approximately representing the
39 locations required by s. 718.104.
40 2. The documents creating the association.
41 3. The bylaws.
42 4. The ground lease or other underlying lease of the
43 condominium.
44 5. The management contract, maintenance contract, and other
45 contracts for management of the association and operation of the
46 condominium and facilities used by the unit owners having a
47 service term in excess of 1 year, and any management contracts
48 that are renewable.
49 6. The estimated operating budget for the condominium and a
50 schedule of expenses for each type of unit, including fees
51 assessed pursuant to s. 718.113(1) for the maintenance of
52 limited common elements where such costs are shared only by
53 those entitled to use the limited common elements.
54 7. The lease of recreational and other facilities that will
55 be used only by unit owners of the subject condominium.
56 8. The lease of recreational and other common facilities
57 that will be used by unit owners in common with unit owners of
58 other condominiums.
59 9. The form of unit lease if the offer is of a leasehold.
60 10. Any declaration of servitude of properties serving the
61 condominium but not owned by unit owners or leased to them or
62 the association.
63 11. If the development is to be built in phases or if the
64 association is to manage more than one condominium, a
65 description of the plan of phase development or the arrangements
66 for the association to manage two or more condominiums.
67 12. If the condominium is a conversion of existing
68 improvements, the statements and disclosure required by s.
69 718.616.
70 13. The form of agreement for sale or lease of units.
71 14. A copy of the floor plan of the unit and the plot plan
72 showing the location of the residential buildings and the
73 recreation and other common areas.
74 15. A copy of all covenants and restrictions that will
75 affect the use of the property and are not contained in the
76 foregoing.
77 16. If the developer is required by state or local
78 authorities to obtain acceptance or approval of any dock or
79 marina facilities intended to serve the condominium, a copy of
80 any such acceptance or approval acquired by the time of filing
81 with the division under s. 718.502(1), or a statement that such
82 acceptance or approval has not been acquired or received.
83 17. Evidence demonstrating that the developer has an
84 ownership, leasehold, or contractual interest in the land upon
85 which the condominium is to be developed.
86 18. A copy of the inspector-prepared summary of the
87 milestone inspection report as described in ss. 553.899 and
88 718.301(4)(p) or a statement in conspicuous type indicating that
89 the association has not completed the milestone inspection
90 described in ss. 553.899 and 718.301(4)(p) or that the
91 association is not required to perform a milestone inspection,
92 as applicable.
93 19. A copy of the association’s most recent structural
94 integrity reserve study or a statement in conspicuous type
95 indicating that the association has not completed a structural
96 integrity reserve study or that the association is not required
97 to perform a structural integrity reserve study, as applicable.
98 (d) Milestone inspection or structural integrity reserve
99 study.—If the association is required to have completed a
100 milestone inspection as described in ss. 553.899 and
101 718.301(4)(p) or a structural integrity reserve study, and the
102 association has failed to complete the milestone inspection or
103 the structural integrity reserve study, each contract entered
104 into after December 31, 2024, for the sale of a residential unit
105 shall contain in conspicuous type a statement indicating that
106 the association is required to have a milestone inspection or a
107 structural integrity reserve study and has failed to complete
108 such inspection or study, as appropriate. If the association is
109 not required to have a milestone inspection as described in ss.
110 553.899 and 718.301(4)(p) or a structural integrity reserve
111 study, each contract entered into after December 31, 2024, for
112 the sale of a residential unit shall contain in conspicuous type
113 a statement indicating that the association is not required to
114 have a milestone inspection or a structural integrity reserve
115 study, as appropriate. If the association is required to have
116 completed a milestone inspection as described in ss. 553.899 and
117 718.301(4)(p) or a structural integrity reserve study, each
118 contract entered into after December 31, 2024, for the sale of a
119 residential unit shall contain in conspicuous type:
120 1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
121 THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
122 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
123 IN SECTIONS 553.899 AND 718.301(4)(p), FLORIDA STATUTES; AND A
124 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
125 RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
126 718.112(2)(g), FLORIDA STATUTES, MORE THAN 15 DAYS, EXCLUDING
127 SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF
128 THIS CONTRACT; and
129 2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
130 BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
131 CANCEL WITHIN 15 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
132 HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
133 BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
134 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
135 IN SECTIONS 553.899 AND 718.301(4)(p), FLORIDA STATUTES; AND A
136 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
137 RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
138 718.112(2)(g), FLORIDA STATUTES. ANY PURPORTED WAIVER OF THESE
139 VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE
140 TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15 DAYS,
141 EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE
142 BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED SUMMARY
143 OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN SECTIONS
144 553.899 AND 718.301(4)(p), FLORIDA STATUTES; AND A COPY OF THE
145 ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY RESERVE STUDY
146 DESCRIBED IN SECTIONS 718.103(26) AND 718.112(2)(g), FLORIDA
147 STATUTES, IF REQUESTED IN WRITING. BUYER’S RIGHT TO VOID THIS
148 AGREEMENT SHALL TERMINATE AT CLOSING.
149
150 A contract that does not conform to the requirements of this
151 paragraph is voidable at the option of the purchaser prior to
152 closing.
153 (2) NONDEVELOPER DISCLOSURE.—
154 (e) If the association is required to have completed a
155 milestone inspection as described in ss. 553.899 and
156 718.301(4)(p) or a structural integrity reserve study, and the
157 association has failed to complete the milestone inspection or
158 the structural integrity reserve study, each contract entered
159 into after December 31, 2024, for the sale of a residential unit
160 shall contain in conspicuous type a statement indicating that
161 the association is required to have a milestone inspection or a
162 structural integrity reserve study and has failed to complete
163 such inspection or study, as appropriate. If the association is
164 not required to have a milestone inspection as described in ss.
165 553.899 and 718.301(4)(p) or a structural integrity reserve
166 study, each contract entered into after December 31, 2024, for
167 the sale of a residential unit shall contain in conspicuous type
168 a statement indicating that the association is not required to
169 have a milestone inspection or a structural integrity reserve
170 study, as appropriate. If the association is required to have
171 completed a milestone inspection as described in ss. 553.899 and
172 718.301(4)(p) or a structural integrity reserve study, each
173 contract entered into after December 31, 2024, for the resale of
174 a residential unit shall contain in conspicuous type:
175 1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
176 THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
177 PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
178 IN SECTIONS 553.899 AND 718.301(4)(p), FLORIDA STATUTES; AND A
179 COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
180 RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
181 718.112(2)(g), FLORIDA STATUTES, MORE THAN 3 DAYS, EXCLUDING
182 SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF
183 THIS CONTRACT; and
184
185 ================= T I T L E A M E N D M E N T ================
186 And the title is amended as follows:
187 Delete line 55
188 and insert:
189 property; amending s. 718.503, F.S.; revising the
190 documents developers are required to provide to
191 prospective buyers or lessees; requiring