Florida Statute 718.502 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XL
REAL AND PERSONAL PROPERTY

Chapter 718
CONDOMINIUMS

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F.S. 718.502

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.

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Amendments to 718.502

Arrestable Offenses / Crimes under Fla. Stat. 718.502

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 718.502.

Annotations, Discussions, Cases:

Cases Citing Statute 718.502

Total Results: 9

Winkler v. Lawyers Title Insurance Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 2010-08-04T00:00:00-07:00

Citation: 41 So. 3d 414

Snippet: deposits are being held by Coastal under section 718.502(2)(c), Florida Statutes, part of the Condominium

Bishop Associates Ltd. v. Belkin

Court: Fla. Dist. Ct. App. | Date Filed: 1988-02-03T23:53:00-08:00

Citation: 521 So. 2d 158

Snippet: of the term "developer," in section 718.502(1), Florida Statutes, with respect to filing documents…easily inserted the same terms it used in section 718.502(1). But no such language is present. As to issue

Bennett M. Lifter v. METRO. DADE CTY.

Court: Fla. Dist. Ct. App. | Date Filed: 1986-01-20T23:53:00-08:00

Citation: 482 So. 2d 479

Snippet: the filing requirements of § 718.502(1), Fla. Stat., and with § 718.502(4) which obviates the need for…Building and Zoning Director is erroneous. Further, § 718.502(4), Fla. Stat., does not provide that developers

Clone, Inc. v. Orr

Court: Fla. Dist. Ct. App. | Date Filed: 1985-09-05T00:53:00-07:00

Citation: 476 So. 2d 1300

Snippet: " for sale prior to construction. Section 718.502 requires a developer of a residential condominium

First Fed. Sav. & Loan v. Dept. of Bus. Reg.

Court: Fla. Dist. Ct. App. | Date Filed: 1985-06-13T00:53:00-07:00

Citation: 472 So. 2d 494

Snippet: own occupancy... . (emphasis supplied) Section 718.502(1), Florida Statutes, requires a developer to file… circular), "if applicable." Section 718.502(2) provides that "prior to filing ... a developer…" and was required to make a filing under 718.502(1) of the documents required by 718.503 and 504… not one who is required to file under section 718.502(1), Florida Statutes, before offering to sell those…Florida Statutes, must in every case file under 718.502, Florida Statutes, cannot be sustained. It would

Rustbrook—S.C.B. (U.S.), Inc. v. Sauermann

Court: Fla. Dist. Ct. App. | Date Filed: 1984-11-02T00:00:00-08:00

Citation: 460 So. 2d 386

Snippet: filing the prospectus with the Division. Section 718.502(1), Florida Statutes (1981), requires a developer…indication can overcome the language of section 718.502(1) which we construe as saying that the contract

Finst Development, Inc. v. State, Department of Business Regulation, Division of Florida Land Sales and Condominiums

Court: Fla. Dist. Ct. App. | Date Filed: 1984-09-18T00:00:00-07:00

Citation: 456 So. 2d 952

Snippet: Affirmed. . Section 718.502, Florida Statutes (1983) provides in pertinent part: 718.502 Filing prior to … A developer of a condominium violates Section 718.502, Florida Statutes (1983),1 where it fails to file… Separate offenses are committed under Section 718.502, Florida Statutes (1983) as to each offer of a …intention of the legislature when it enacted Section 718.502. Since the statute authorizes a civil penalty in

City of Miami Beach v. Rocio Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 1981-04-06T23:53:00-08:00

Citation: 404 So. 2d 1066

Snippet: and sections 718.105, 718.107, 718.402, 718.501, 718.502, 718.503, 718.504, and 718.507 of the Condominium…condominiums. Sales and Condominiums. E. Section 718.502 requires filing Ordinance No. 80-2197, § 3 (

Ago

Court: Fla. Att'y Gen. | Date Filed: 1979-04-25T23:53:00-08:00

Snippet: closing. (However, your attention is drawn to s. 718.502, F. S., et seq., concerning certain disclosure …specified in ss. 718.104 and 718.202. See also s. 718.502, F. S.,et seq. Specifically, I find no express