Florida Condo Association Disclosure
Real estate disclosures are questionnaires that legally require the seller to disclose any serious defects that may materially affect the value of the property.The written disclosure protects the buyer from any defects and is not in lieu of a home inspection.
If you are planning to purchase a Daytona Condo be sure your Daytona Beach Realtor provides a Condo Association Disclosure addendum prior to signing the Agreement for Sale and Purchase contract.
Here is a sample of the Condominium Association Disclosure.
Ideally, the seller should have the condo disclosure completed at the time the property is listed so that the buyer can evaluate the information prior to signing the contract. A resale buyer has three business days after signing a contract to receive the specified documents or terminate the transaction and receive a refund of their deposit.
Below are the documents that the Seller Must provide to the Buyer per Florida Statute 718.503
- Current copy of the Declaration of Condominium
- Articles of Incorporation of the Association
- Bylaws and Rules of the Association
- Copy of the most recent year-end Financial Information
- Frequently Asked Questions and Answers Sheet
Purchasing from a Non Developer
When purchasing a unit from a developer the Florida condominium law has provisions to make sure buyers are informed. The time-frame for a buyer to cancel a contract is a longer period of time.
Buyer has fifteen day rescission period:
- From date you received all disclosures
- From date contract for sale and Purchase is signed
If the buyer decides not to purchase the condo unit during this 15 day period, the developer is informed in writing and the contract will be cancelled and deposit fully refunded. The 15 day period provides you the opportunity to review the disclosure documents.
If you are searching for a Dayton Beach condo or townhome, be sure to contact us, your Daytona Beach Real Estate team, to help you find your dream home with condo amenities that are important to you.
Keep in mind, there are many choices for Daytona Beach condos now in this buyer's market.