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| 1 | A bill to be entitled | ||
| 2 | An act relating to the sale of real property; requiring | ||
| 3 | disclosures by nondeveloper owners of real property in | ||
| 4 | deed-restricted communities; providing an effective date. | ||
| 5 | |||
| 6 | Be It Enacted by the Legislature of the State of Florida: | ||
| 7 | |||
| 8 | Section 1. Nondeveloper owner disclosure of property in | ||
| 9 | deed-restricted communities prior to sale; voidability.-- | ||
| 10 | (1) An owner of real property in a deed-restricted | ||
| 11 | community who is not a developer of the property shall comply | ||
| 12 | with the provisions of this subsection prior to the sale of the | ||
| 13 | property. Each prospective purchaser who has entered into a | ||
| 14 | contract for the purchase of property shall be provided, at the | ||
| 15 | seller's expense, with a current copy of the deed restrictions | ||
| 16 | that apply to the property. | ||
| 17 | (2) A person licensed under part I of chapter 475 who | ||
| 18 | provides to or otherwise obtains for a prospective purchaser the | ||
| 19 | documents described in this subsection is not liable for any | ||
| 20 | error or inaccuracy contained in the documents. | ||
| 21 | (3) Each contract entered into after July 1, 2003, for the | ||
| 22 | resale of property in a deed-restricted community must contain | ||
| 23 | in conspicuous type either: | ||
| 24 | (a) A clause that states: THE BUYER HEREBY ACKNOWLEDGES | ||
| 25 | THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE DEED | ||
| 26 | RESTRICTIONS FOR THE COMMUNITY MORE THAN 3 DAYS, EXCLUDING | ||
| 27 | SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF | ||
| 28 | THIS CONTRACT; or | ||
| 29 | (b) A clause that states: THIS AGREEMENT IS VOIDABLE BY | ||
| 30 | BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO | ||
| 31 | CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL | ||
| 32 | HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE | ||
| 33 | BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE DEED | ||
| 34 | RESTRICTIONS FOR THE COMMUNITY, WHICHEVER OCCURS LATER. ANY | ||
| 35 | PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS HAS NO EFFECT. | ||
| 36 | BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE | ||
| 37 | THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, | ||
| 38 | AFTER THE DATE ON WHICH BUYER RECEIVES THE DEED RESTRICTIONS. | ||
| 39 | BUYER'S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING. | ||
| 40 | (4) A contract that does not conform to the requirements | ||
| 41 | of this section is voidable at the option of the purchaser prior | ||
| 42 | to closing. | ||
| 43 | Section 2. This act shall take effect July 1, 2003. | ||