Florida Condo Laws: Required Documents and Canceling a Transaction
Three-day cancellation period
Under Florida law a buyer can cancel a transaction within three days from the time the buyer executes the contract and receives a current copy of the condominium documents (the declaration of condominium, articles of incorporation, bylaws, rules of the association, most recent year-end financial information and the frequently asked questions and answers document).
The three-day period is calculated in business days. It excludes Saturdays, Sundays and legal holidays. This period cannot be waived or amended. (Section 718.503(2), Florida Statutes.)
- When purchasing a condominium, the buyer is entitled to the following documents, to be prepared at the seller’s expense:
- declaration of condominium
- articles of incorporation, bylaws and rules
- a copy of the most recent year-end financial information
- frequently asked questions and answers document
- condominium governance form summarizing the governance of the condominium association(provided by the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation)
The documents may list restrictions regarding pets, vehicles, parking, rentals and noise as well as requirements for flooring in condominiums, investor limits and many other issues that could affect the purchase.
The salesperson should advise the buyer to consult with an attorney knowledgeable about community association law to review the documents and the effect of any restrictions on the buyer’s purchase. (Section 718.503, Florida Statutes)
- The seller of a residential condominium resale does not have a set amount of time in which to provide condominium documents to the buyer. However, if the statutory nondeveloper disclosure selected for use in the purchase and sale agreement (often found in the condominium rider) is the clause that begins "This agreement is voidable by buyer ... ," the buyer has three business days from the time he or she receives the documents to void the contract. This means that it is in the best interest of the seller to provide the documents as soon as possible.