Senate Bill sb0512

    Florida Senate - 2003                                   SB 512

    By Senator Margolis





    35-586-03

  1                      A bill to be entitled

  2         An act relating to the sale of residential

  3         property; amending s. 475.422, F.S.; requiring

  4         that a licensed real estate broker or

  5         salesperson make certain disclosures to the

  6         purchaser of residential property regarding the

  7         assessment of ad valorem taxes; providing that

  8         noncompliance may subject the licensee to

  9         disciplinary action; requiring a person who

10         receives an offer for the purchase of

11         residential property to make certain

12         disclosures to the purchaser regarding the

13         assessment of ad valorem taxes; requiring that

14         the purchaser be required to sign the

15         disclosure; providing an effective date.

16  

17  Be It Enacted by the Legislature of the State of Florida:

18  

19         Section 1.  Section 475.422, Florida Statutes, is

20  amended to read:

21         475.422  Disclosure.--

22         (1)  A licensee, upon the written request of any other

23  party to a real estate sales transaction, shall furnish copies

24  of any termite and roof inspection reports ordered by or in

25  the possession of the licensee, provided that the inspections

26  were performed on the property within the year preceding the

27  effective date of the contract for sale and purchase.

28         (2)  Upon receiving an offer for the purchase of

29  residential property, a licensee shall disclose in writing to

30  the purchaser that the ad valorem taxes on the property for

31  the tax year subsequent to purchase may be in excess of the ad

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






    Florida Senate - 2003                                   SB 512
    35-586-03




 1  valorem taxes assessed at the time of the sale and that ad

 2  valorem taxes are required to be assessed at just value on

 3  properties in the year following a sale if a change in

 4  ownership has occurred as defined by law. The licensee shall,

 5  at the time of or prior to acceptance of the offer, require

 6  that the purchaser sign the disclosure.

 7         (3)(2)  Failure to comply with this section may subject

 8  the licensee to disciplinary action pursuant to s. 475.25.

 9         Section 2.  Disclosure of ad valorem taxes upon the

10  sale of residential property.--Each person who receives an

11  offer for the purchase of residential property shall disclose

12  in writing to the purchaser that the ad valorem taxes on the

13  property for the tax year subsequent to purchase may be in

14  excess of the ad valorem taxes assessed at the time of the

15  sale and that ad valorem taxes are required to be assessed at

16  just value on properties in the year following a sale if a

17  change in ownership has occurred as defined by law. At the

18  time of or prior to acceptance of the offer, the purchaser

19  shall be required to sign the disclosure.

20         Section 3.  This act shall take effect January 1, 2004.

21  

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23                          SENATE SUMMARY

24    Requires real estate brokers and salespersons to disclose
      to the purchaser of residential property in writing that
25    the ad valorem taxes subsequent to the purchase may be in
      excess of the taxes assessed at the time of sale.
26    Provides that noncompliance subjects the broker or
      salesperson to certain penalties. Requires that persons
27    receiving an offer to purchase residential property make
      the same disclosure to the purchaser regarding the
28    assessment of ad valorem taxes.

29  

30  

31  

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