Florida Statutes

Fla. Stat. § 718.502 (2025)

Filing prior to sale or lease.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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718.502 Filing prior to sale or lease.—

(1)(a) A developer of a residential condominium or mixed-use condominium shall file with the division one copy of each of the documents and items required to be furnished to a buyer or lessee by ss. 718.503 and 718.504, if applicable. Until the developer has so filed, a contract for sale of a unit or lease of a unit for more than 5 years shall be voidable by the purchaser or lessee prior to the closing of his or her purchase or lease of a unit.

(b) A developer may not close on any contract for sale or contract for a lease period of more than 5 years until the developer prepares and files with the division documents complying with the requirements of this chapter and the rules adopted by the division and until the division notifies the developer that the filing is proper and the developer prepares and delivers all documents required by s. 718.503(1)(b) to the prospective buyer.

(c) The division by rule may develop filing, review, and examination requirements and relevant timetables to ensure compliance with the notice and disclosure provisions of this section.

(2)(a) Prior to filing as required by subsection (1), and prior to acquiring an ownership, leasehold, or contractual interest in the land upon which the condominium is to be developed, a developer shall not offer a contract for purchase of a unit or lease of a unit for more than 5 years. However, the developer may accept deposits for reservations upon the approval of a fully executed escrow agreement and reservation agreement form properly filed with the Division of Florida Condominiums, Timeshares, and Mobile Homes. Each filing of a proposed reservation program shall be accompanied by a filing fee of $250. Reservations shall not be taken on a proposed condominium unless the developer has an ownership, leasehold, or contractual interest in the land upon which the condominium is to be developed. The division shall notify the developer within 20 days of receipt of the reservation filing of any deficiencies contained therein. Such notification shall not preclude the determination of reservation filing deficiencies at a later date, nor shall it relieve the developer of any responsibility under the law. The escrow agreement and the reservation agreement form shall include a statement of the right of the prospective purchaser to an immediate unqualified refund of the reservation deposit moneys upon written request to the escrow agent by the prospective purchaser or the developer.

(b) The executed escrow agreement signed by the developer and the escrow agent shall contain the following information:

1. A statement that the escrow agent will grant a prospective purchaser an immediate, unqualified refund of the reservation deposit moneys upon written request either directly to the escrow agent or to the developer.

2. A statement that the escrow agent is responsible for not releasing moneys directly to the developer except as a down payment on the purchase price at the time a contract is signed by the purchaser if provided in the contract.

1. A statement of the obligation of the developer to file condominium documents with the division prior to entering into a binding purchase agreement or binding agreement for a lease of more than 5 years.

2. A statement of the right of the prospective purchaser to receive all condominium documents as required by this chapter.

3. The name and address of the escrow agent.

4. A statement as to whether the developer assures that the purchase price represented in or pursuant to the reservation agreement will be the price in the contract for purchase and sale or that the price represented may be exceeded within a stated amount or percentage or that no assurance is given as to the price in the contract for purchase or sale.

5. A statement that the deposit must be payable to the escrow agent and that the escrow agent must provide a receipt to the prospective purchaser.

(3) Upon filing as required by subsection (1), the developer shall pay to the division a filing fee of $20 for each residential unit to be sold by the developer which is described in the documents filed. If the condominium is to be built or sold in phases, the fee shall be paid prior to offering for sale units in any subsequent phase. Every developer who holds a unit or units for sale in a condominium shall submit to the division any amendments to documents or items on file with the division and deliver to purchasers all amendments prior to closing, but in no event, later than 10 days after the amendment. Upon filing of amendments to documents currently on file with the division, the developer shall pay to the division a filing fee of up to $100 per filing, with the exact fee to be set by division rule.

(4) Any developer who complies with this section is not required to file with any other division or agency of this state for approval to sell the units in the condominium, the information for the condominium for which he or she filed.

(5) In addition to those disclosures described by ss. 718.503 and 718.504, the division is authorized to require such other disclosure as deemed necessary to fully or fairly disclose all aspects of the offering.

History.—s. 1, ch. 76-222; s. 8, ch. 79-314; s. 7, ch. 81-185; s. 17, ch. 84-368; s. 6, ch. 85-60; s. 19, ch. 87-102; s. 18, ch. 91-103; s. 5, ch. 91-426; s. 39, ch. 95-274; s. 868, ch. 97-102; s. 6, ch. 98-195; s. 50, ch. 2008-240.

Notes of Decisions

Cited in 11 cases, 1981–2012 · leading case: Philip A. Zlotnick v. Premier Sales Grp., Inc., 480 F.3d 1281 (11th Cir. 2007).

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Philip A. Zlotnick v. Premier Sales Grp., Inc., 480 F.3d 1281 (11th Cir. 2007). · cites it 7× “See Fla. Stat. Ann. § 718.502 (2)(c) (listing terms that must be included in reservation agreements).”

Bruno v. Mona Lisa at Celebration, LLC (In re Mona Lisa at Celebration, LLC), 472 B.R. 582 (Bankr. M.D. Fla. 2012). · cites it 12× “Fla. Stat. § 718.502 (Z)(a). See also Clone, Inc.”

First Fed. Sav. & Loan v. Dept. of Bus. Reg., 472 So. 2d 494 (Fla. 5th DCA 1985). · cites it 7× “(emphasis supplied) Section 718.502(1), Florida Statutes, requires a developer to file certain documents required to be furnished to a buyer or lessee by §§ 718.”

City of Miami Beach v. Rocio Corp., 404 So. 2d 1066 (Fla. 3d DCA 1981). “Section 718.502 requires filing Ordinance No.”

Bishop Assocs. Ltd. v. Belkin, 521 So. 2d 158 (Fla. 1st DCA 1988). · cites it 3× “[3] *162 Further, we agree with the Division that the Legislature's qualification of the term "developer," in section 718.502(1), Florida Statutes, with respect to filing documents with the Division, does not require, as appellants suggest, that the qualifier apply to all other…”

Bennett M. Lifter v. METRO. DADE CTY., 482 So. 2d 479 (Fla. 3d DCA 1986). · cites it 5× “"Plaintiffs contend the ordinance conflicts with the filing requirements of § 718.502(1), Fla. Stat., and with § 718.”

Clone, Inc. v. Orr, 476 So. 2d 1300 (Fla. 5th DCA 1985). “Section 718.502 requires a developer of a residential condominium to file with the division (Division of Florida Land Sales and Condominiums) one copy of each of the documents required to be furnished to a buyer under section 718.”

Winkler v. Lawyers Title Ins. Corp., 41 So. 3d 414 (Fla. 3d DCA 2010). · cites it 2× “” For example, the Reservation Agreement specifically identifies Coastal as the “escrow agent,” and provides that the reservation deposits are being held by Coastal under section 718.502(2)(c), Florida Statutes, part of the Condominium Act.”

Finst Dev., Inc. v. State, Dep't of Bus. Reg., Div. of Florida Land Sales & Condos., 456 So. 2d 952 (Fla. 3d DCA 1984). · cites it 7× “A developer of a condominium violates Section 718.502, Florida Statutes (1983), 1 where it fails to file with the Division of Florida Land Sales and Condominiums, documents required to be furnished to buyer or lessee by Section 718.”

Bennett M. Lifter, Inc. v. Metro. Dade Cnty., 15 Fla. Supp. 2d 60 (Fla. Cir. Ct. 1985). · cites it 3× “Plaintiffs contend the ordinance conflicts with the filing requirements of Section 718.502(1), Fla. Stat., and with Section 718.”

Rustbrook—S.C.B. (U.S.), Inc. v. Sauermann, 460 So. 2d 386 (Fla. 2d DCA 1984). · cites it 3× “Section 718.502(1), Florida Statutes (1981), requires a developer to file' certain documents, including a prospectus, and states that “[ujntil the developer has so filed, a contract for sale .”

— 718.502(1) — 5 cases

First Fed. Sav. & Loan v. Dept. of Bus. Reg., 472 So. 2d 494 (Fla. 5th DCA 1985). “(emphasis supplied) Section 718.502(1), Florida Statutes, requires a developer to file certain documents required to be furnished to a buyer or lessee by §§ 718.”

Bishop Assocs. Ltd. v. Belkin, 521 So. 2d 158 (Fla. 1st DCA 1988). “[3] *162 Further, we agree with the Division that the Legislature's qualification of the term "developer," in section 718.502(1), Florida Statutes, with respect to filing documents with the Division, does not require, as appellants suggest, that the qualifier apply to all other…”

Bennett M. Lifter v. METRO. DADE CTY., 482 So. 2d 479 (Fla. 3d DCA 1986). “"Plaintiffs contend the ordinance conflicts with the filing requirements of § 718.502(1), Fla. Stat., and with § 718.”

Rustbrook—S.C.B. (U.S.), Inc. v. Sauermann, 460 So. 2d 386 (Fla. 2d DCA 1984). “Section 718.502(1), Florida Statutes (1981), requires a developer to file' certain documents, including a prospectus, and states that “[ujntil the developer has so filed, a contract for sale .”

Bennett M. Lifter, Inc. v. Metro. Dade Cnty., 15 Fla. Supp. 2d 60 (Fla. Cir. Ct. 1985). “Plaintiffs contend the ordinance conflicts with the filing requirements of Section 718.502(1), Fla. Stat., and with Section 718.”

— 718.502(2) — 1 case

— 718.502(2)(c) — 1 case

Winkler v. Lawyers Title Ins. Corp., 41 So. 3d 414 (Fla. 3d DCA 2010). “” For example, the Reservation Agreement specifically identifies Coastal as the “escrow agent,” and provides that the reservation deposits are being held by Coastal under section 718.502(2)(c), Florida Statutes, part of the Condominium Act.”

— 718.502(4) — 2 cases

Bennett M. Lifter v. METRO. DADE CTY., 482 So. 2d 479 (Fla. 3d DCA 1986). “"Plaintiffs contend the ordinance conflicts with the filing requirements of § 718.502(1), Fla. Stat., and with § 718.”

— 718.502(l)(a) — 1 case

Bruno v. Mona Lisa at Celebration, LLC (In re Mona Lisa at Celebration, LLC), 472 B.R. 582 (Bankr. M.D. Fla. 2012). “Fla. Stat. § 718.502 (Z)(a). See also Clone, Inc.”

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