Florida Administrative Code › 61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION › 61B - Division of Florida Condominiums, Timeshares and Mobile Homes › Chapter 61B-79 - FILINGS › Section 61B-79.004 - Contracts

Current through Reg. 50, No. 138; July 16, 2024
(1) In determining whether a developer has
				closed on a contract for sale or lease for purposes of this Rule, it shall be
				relevant although not dispositive, whether and the extent to which the
				developer delivered to the purchaser evidence of ownership in the association
				and a lease or other muniment of title or possession; or whether a lease has
				been executed by all parties.
(2)
				The developer shall not close for 15 days following the execution of the
				agreement and delivery of the documents to the buyer as evidenced by the signed
				Receipt for Documents unless the buyer is informed of the 15-day voidability
				period and agrees to close prior to the expiration of the 15 days. The
				developer shall retain in his records proof of purchaser's agreement to close
				prior to the expiration of said voidability period. Said proof shall be
				retained for a period of 5 years after the date of the closing of the
				transaction.
(3) At the time
				amendments are delivered to purchasers or lessees, pursuant to Rule
				61B-79.003, Florida
				Administrative Code, the developer shall provide to those who have not closed a
				written statement that if any of the above-referenced amendments materially
				alter or modify the offering in a manner which is adverse to the purchaser, the
				purchaser or lessee shall have a 15-day voidability period.
(4) At the time of closing a sale or lease
				for a period of more than 5 years, the developer shall notify the purchaser or
				lessee in writing stating that the developer has provided the purchaser or
				lessee all amendments to items delivered to the purchaser or lessee pursuant to
				Chapter 719, Florida Statutes.
(5)
				After the buyer or lessee for a term of more than 5 years has received all of
				the items required by Chapter 719, Florida Statutes, and these Rules of the
				division as evidenced by the signed Receipt for Cooperative Documents, he may
				extend the time of closing for a period not to exceed 15 days if closing was
				scheduled less than 15 days after execution of contract and receipt of the
				documents.
(6) If a contract is
				properly terminated by the buyer or lessee, as described in this Rule, the
				developer shall refund to the proposed buyer or lessee any deposit made,
				together with any interest in accordance with Section
				719.202, Florida
				Statutes.
(7) In the sale or lease
				of a unit which has been occupied by someone other than the buyer, a statement
				that the unit has been occupied must be included in the contract.
(8) If a contract is for the lease of a unit
				for a term of more than 5 years, the contract shall include as an exhibit a
				copy of the proposed lease.
(9)
				Only contracts conforming to the requirements of this Rule and the provisions
				of Section 719.503, Florida Statutes, may
				be utilized by a developer in connection with the offering and sale, or lease
				for a term of more than five years, of a unit pursuant to the requirements of
				Section 719.502, Florida Statutes. A contract shall not limit the purchaser's
				remedy, for the developer's willful non-performance under the contract, to a
				return of the purchaser's deposit or a return of the purchaser's deposit plus
				interest.
(10) Every developer who
				enters into a contract for the sale of a residential cooperative unit or for
				the lease of a residential cooperative unit for a lease period of more than
				five years shall obtain from the purchaser or lessee a receipt acknowledging
				that he has been provided the required documents by the developer. The
				developer shall itemize all items which are applicable and are to be delivered
				to the purchaser. Those items to be delivered shall be those documents required
				by the Division for filing during the examination period, pursuant to Sections
				719.503 and
				719.504, Florida Statutes. A
				copy of the receipt form shall be submitted to the Division at the time of
				filing. The developer shall provide the purchaser or lessee with a copy of the
				signed receipt, upon request. The developer shall retain a copy of the signed
				receipt for a period of five years after the date of closing of the
				transaction, maintained in the official business records of the developer. Said
				receipt shall include but does not have to be limited to the items listed below
				in paragraphs (a)-(c):
(a) The name and
				address of the cooperative.
(b) An
				acknowledgment signed by the purchaser or lessee which lists the documents
				which have been received by the purchaser or lessee, or as to plan and
				specifications, made available for inspection.
(c) The following statement:
THE PURCHASE AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING
				  WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE
				  OF EXECUTION OF THE PURCHASE AGREEMENT BY THE BUYER AND RECEIPT BY THE BUYER OF
				  ALL OF THE DOCUMENTS REQUIRED TO BE DELIVERED TO HIM BY THE DEVELOPER. THE
				  AGREEMENT IS ALSO VOIDABLE BY THE BUYER BY DELIVERING WRITTEN NOTICE OF THE
				  BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE
				  DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN
				  A MANNER THAT IS ADVERSE TO THE BUYER. ANY PURPORTED WAIVER OF THESE
				  VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING
				  FOR A PERIOD OF NOT MORE THAN 15 DAYS AFTER THE BUYER HAS RECEIVED ALL OF THE
				  DOCUMENTS REQUIRED. BUYER'S RIGHT TO VOID THE PURCHASE AGREEMENT SHALL
				  TERMINATE AT CLOSING.