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The 2025 Florida Statutes
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F.S. 718.502718.502 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. (c) The reservation agreement form shall include the following: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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Annotations, Discussions, Cases:
Cases Citing Statute 718.502
Total Results: 10
404 So. 2d 1066
District Court of Appeal of Florida | Filed: Apr 7, 1981 | Docket: 1782320
Cited 103 times | Published
condominiums.
Sales and Condominiums.
E. Section 718.502 requires filing Ordinance No. 80-2197, §
480 F.3d 1281, 2007 U.S. App. LEXIS 6291, 2007 WL 789435
Court of Appeals for the Eleventh Circuit | Filed: Mar 19, 2007 | Docket: 398872
Cited 37 times | Published
the statutory requirements in Fla. Stat. Ann. § 718.502(2)(c) governing condominium reservation agreements
482 So. 2d 479
District Court of Appeal of Florida | Filed: Jan 21, 1986 | Docket: 1769704
Cited 3 times | Published
with the filing requirements of § 718.502(1), Fla. Stat., and with § 718.502(4) which obviates the need for
472 B.R. 582
United States Bankruptcy Court, M.D. Florida | Filed: May 16, 2012 | Docket: 65783932
Cited 2 times | Published
amendments, in violation of Florida Condominium Act § 718.502.
• Count IX — Mona Lisa failed to deliver a prospectus
521 So. 2d 158, 1988 WL 6433
District Court of Appeal of Florida | Filed: Feb 4, 1988 | Docket: 1301853
Cited 2 times | Published
qualification of the term "developer," in section 718.502(1), Florida Statutes, with respect to filing
476 So. 2d 1300, 10 Fla. L. Weekly 2071
District Court of Appeal of Florida | Filed: Sep 5, 1985 | Docket: 1681538
Cited 2 times | Published
"contracts" for sale prior to construction. Section 718.502 requires a developer of a residential condominium
41 So. 3d 414, 2010 Fla. App. LEXIS 11266, 2010 WL 3023370
District Court of Appeal of Florida | Filed: Aug 4, 2010 | Docket: 2397712
Cited 1 times | Published
reservation deposits are being held by Coastal under section 718.502(2)(c), Florida Statutes, part of the Condominium
472 So. 2d 494, 10 Fla. L. Weekly 1459
District Court of Appeal of Florida | Filed: Jun 13, 1985 | Docket: 1793333
Cited 1 times | Published
his own occupancy... . (emphasis supplied)
Section 718.502(1), Florida Statutes, requires a developer
460 So. 2d 386, 9 Fla. L. Weekly 2303, 1984 Fla. App. LEXIS 15704
District Court of Appeal of Florida | Filed: Nov 2, 1984 | Docket: 64608608
Published
before filing the prospectus with the Division. Section 718.502(1), Florida Statutes (1981), requires a developer
456 So. 2d 952
District Court of Appeal of Florida | Filed: Sep 18, 1984 | Docket: 64607091
Published
condominiums.
A developer of a condominium violates Section 718.502, Florida Statutes (1983),1 where it fails to
