Florida Statute 720.401 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XL
REAL AND PERSONAL PROPERTY

Chapter 720
HOMEOWNERS' ASSOCIATIONS

View Entire Chapter

F.S. 720.401

720.401 Prospective purchasers subject to association membership requirement; disclosure required; covenants; assessments; contract cancellation.—

(1)(a) A prospective parcel owner in a community must be presented a disclosure summary before executing the contract for sale. The disclosure summary must be in a form substantially similar to the following form:

DISCLOSURE SUMMARY
FOR
(NAME OF COMMUNITY)

1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS’ ASSOCIATION.

2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMUNITY.

3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER . YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER .

4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.

5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS’ ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY.

6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS’ ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER .

7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.

8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY.

9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER.

DATE: PURCHASER:

PURCHASER:

The disclosure must be supplied by the developer, or by the parcel owner if the sale is by an owner that is not the developer. Any contract or agreement for sale shall refer to and incorporate the disclosure summary and shall include, in prominent language, a statement that the potential buyer should not execute the contract or agreement until they have received and read the disclosure summary required by this section.

(b) Each contract entered into for the sale of property governed by covenants subject to disclosure required by this section must contain in conspicuous type a clause that states:

IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER’S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. BUYER’S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING.

(c) If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section, the purchaser may void the contract by delivering to the seller or the seller’s agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.

(2) This section does not apply to any association regulated under chapter 718, chapter 719, chapter 721, or chapter 723; and also does not apply if disclosure regarding the association is otherwise made in connection with the requirements of chapter 718, chapter 719, chapter 721, or chapter 723.

History.—s. 40, ch. 92-49; s. 63, ch. 95-274; s. 4, ch. 98-261; s. 1, ch. 2003-48; s. 25, ch. 2004-345; s. 21, ch. 2004-353; s. 63, ch. 2008-240.

Note.—Former s. 689.26.

F.S. 720.401 on Google Scholar

F.S. 720.401 on Casetext

Amendments to 720.401

Arrestable Offenses / Crimes under Fla. Stat. 720.401

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 720.401.

Annotations, Discussions, Cases:

Cases Citing Statute 720.401

Total Results: 5

JEFFREY BYDALEK v. EDUARDO SAENZ

Court: Fla. Dist. Ct. App. | Date Filed: 2023-08-02T00:00:00-07:00

Snippet: CLOSING.” See Fla. Stat. § 720.401(1)(b) (2010). Our sister court, construing this

Tempel v. Southern Homes of Palm Beach, L.L.C.

Court: Fla. Dist. Ct. App. | Date Filed: 2012-05-23T00:00:00-07:00

Citation: 90 So. 3d 848, 2012 WL 1859032, 2012 Fla. App. LEXIS 8134

Snippet: PER_ See § 720.401(l)(a)(6), Fla. Stat. (2011). The Florida legislature amended section 720.401 in 2004.…complied with the requirements set forth in section 720.401, Florida Statutes (2011). We conclude that the …in compliance with the requirements of section 720.401, and therefore reverse. In May of 2005, the parties…sought to void the agreement based upon section 720.401, Florida Statutes (2011), arguing that the disclosure…failed to comply with the requirements of section 720.401. The buyers moved for summary judgment, and the

Florida Farm, LLC v. 360 Developers, LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2010-07-21T00:00:00-07:00

Citation: 45 So. 3d 810, 2010 Fla. App. LEXIS 10568, 2010 WL 2836324

Snippet: owner that is not the developer.” § 720.401(l)(a). Section 720.401(l)(b) provides that all contracts for… by sections 720.401(l)(a) and (l)(b) renders the contract voidable under section 720.401(l)(c). Florida…purchaser with the disclosures required by section 720.401, Florida Statutes (2004), when selling a condominium… the appellant, Florida Farm, LLC, and section 720.401 provides a prospective buyer with a three-day right… the Homeowners’ Associations’ Bylaws. Section 720.401(l)(a) requires that each prospective purchaser

Princeton Homes, Inc. v. Morgan

Court: Fla. Dist. Ct. App. | Date Filed: 2010-06-09T00:00:00-07:00

Citation: 38 So. 3d 207, 2010 Fla. App. LEXIS 8198, 2010 WL 2292198

Snippet: by this section. § 720.401(1)(a), Fla. Stat. (2005) (emphasis added). Section 720.401(1)(b) provides: (…terminates at closing. § 720.401(1)(c), Fla. Stat. (2005). As noted above, section 720.401(1)(a) includes language…whichever occurs first." § 720.401(1)(c), Fla. Stat. Moreover, section 720.401(1)(b) requires each contract…not receive a disclosure summary under section 720.401, Florida Statutes. We affirm, concluding that the…received a disclosure summary pursuant to section 720.401, Florida Statutes. A corporate representative of

Shelby Homes at Millstone, Inc. v. DaSilva

Court: Fla. Dist. Ct. App. | Date Filed: 2008-06-18T00:53:00-07:00

Citation: 983 So. 2d 786

Snippet: the disclosure summary requirement of section 720.401, Florida Statutes. The trial court denied Shelby