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FL S1234
Bill
AI Summary
- Prospective purchasers of property in a homeowners' association community must be provided a current copy of the association governing documents, the most recent year-end financial information, and agendas and minutes from all board meetings held in the 12 months preceding contract execution, in addition to the existing disclosure summary.
- If the disclosure summary and required documents are not provided before contract execution, the prospective purchaser may void the contract by delivering written notice of cancellation within 3 days of receiving the documents or before closing, whichever occurs first.
- The 3-day cancellation period excludes Saturdays, Sundays, and legal holidays, and any purported waiver of the purchaser's voidability right has no effect.
- The disclosure summary must be supplied by the developer or by the parcel owner if the sale is not by the developer, and any contract for sale must reference and incorporate the disclosure summary with prominent language advising the purchaser to read it before signing.
- The act has an effective date of July 1, 2024.
Legislative Description
Disclosure Requirements for Prospective Purchasers
Last Action
Died in Regulated Industries
3/8/2024
Full Bill Text
No bill text available