In Florida the Seller of a condominium is required to make certain disclosure and provide the Buyer with certain documents. I will focus this article on the typical non developer required disclosures. First, as in any other non condominium sale, the Seller is required to disclose all known facts which may affect the value of the property. Note that this requirement to disclose material defects applies to the agents for the Seller as well as your agent, the agent for the Buyer. To assist the Seller in complying with this law, Realtors ask the Seller to fill out a . The law also specifies that the Contract between the two parties contain certain language. This language may be found in the CR-5_A. Condominium Rider to the contract. This language requires that should the Buyer request them then the Seller must provide the following documents at their own expense:
- CURRENT COPY OF THE DECLARATION OF CONDOMINIUM
- ARTICLES OF INCORPORATION
- BYLAWS AND RULES OF THE ASSOCIATION
- DBPRFormCO6000-4eff122302
- A COPY OF THE MOST RECENT YEAR-END FINANCIAL STATEMENT
The Buyer may also request a DBPR FL Condo Governance Form be provided to the by the Seller which if it’s available from the DBPR.
If ALL of the required documents are not available at the time a contract is negotiated then the time (3 days) from which the Buyer may rescind the contract is determined by the date on the Receipt of Condominium – Cooperative Documents
I copied this from the Florida Statute…
(2)NONDEVELOPER DISCLOSURE.—
(a)Each unit owner who is not a developer as defined by this chapter shall comply with the provisions of this subsection prior to the sale of his or her unit. Each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller’s expense, to a current copy of the declaration of condominium, articles of incorporation of the association, bylaws and rules of the association, financial information required by s. 718.111, and the document entitled “Frequently Asked Questions and Answers” required by s. 718.504. On and after January 1, 2009, the prospective purchaser shall also be entitled to receive from the seller a copy of a governance form. Such form shall be provided by the division summarizing governance of condominium associations. In addition to such other information as the division considers helpful to a prospective purchaser in understanding association governance, the governance form shall address the following subjects:
