The Florida Senate

498.028  Contracts and conveyance instruments.--The contract for purchase of subdivided lands shall contain, and the subdivider shall comply with, the following provisions:

(1)  The purchaser shall have an absolute right to cancel the contract for any reason whatsoever for a period of 7 business days following the date on which the contract was executed by the purchaser.

(2)  In the event the purchaser elects to cancel within the period provided, all funds or other property paid by the purchaser shall be refunded without penalty or obligation within 20 days of the receipt of the notice of cancellation by the developer.

(3)  If the property is sold under an agreement for deed or a contract for deed where title to the property is not conveyed to the purchaser within 180 days or if the promised improvements to the property have not been completed, the agreement or contract shall contain the following language in conspicuous type immediately above the line for the purchaser's signature: YOU MAY NOT RECEIVE YOUR LAND UNDER THIS CONTRACT IF THE SUBDIVIDER FILES FOR BANKRUPTCY PROTECTION OR OTHERWISE IS UNABLE TO PERFORM UNDER THE TERMS OF THIS CONTRACT PRIOR TO YOUR RECEIVING A DEED EVEN IF YOU HAVE MADE ALL THE PAYMENTS PROVIDED FOR UNDER THIS CONTRACT. IF YOU HAVE ANY QUESTIONS ABOUT THE MEANING OF THIS DOCUMENT, CONSULT AN ATTORNEY.

History.--ss. 5, 7, ch. 93-190.