Condo Rider vs. HOA Disclosure for Florida Agents
Not sure which form you need to use? The Condo Rider or the HOA Disclosure? Since there is a significant difference between the two addenda you can easily check by looking at the Public Record (IMAPP/Realist) or the Property Record from the county property appraiser website for the property type, legal description & use coe.
Examples of Public Record stating CONDO:
Example 1:
Property Type States:
Condominium/Condo – the Condo Rider is required by FL Law, Statue 718.503 (1), (2) and (3) and are laws that apply to the purchase of Florida condos. The buyer has a 3 day right to rescind a transaction and void the contract from the date of delivery of these documents – even if it is after the inspection period and at the closing table. An HOA Disclosure does not take the place of the Condo Rider.
*Listing Agent – add the Condo Rider to your loop, have seller sign
& upload to MLS & your loop
- Seller MUST sign the Condo Rider
prior to the buyer signing
- Seller MUST provide condo documents
to the buyer
*Buyer Agent – upload Public Record and MLS Broker Synopsis to your loop
- Check for attachments/addenda the
listing agent may have uploaded to MLS – download & add to your loop
- If the listing agent did not attach
the Condo Rider reach out for a copy as well as the condo documents
- Seller MUST sign prior to the buyer &
provide the buyer with the condo documents
Townhouse/Townhome/Single Family Home (and belongs to an HOA) – the HOA Disclosure must be filled out with the name of the HOA, the fee, and the contact information for the manager or association, even if the HOA is optional.
*Listing Agent – add the HOA Disclosure to your loop,
have seller complete form & sign
Upload to MLS. HOA must be disclosed even if it is optional
*Buyer Agent – upload Public Record and MLS Broker Synopsis to loop
-
If list agent uploaded HOA Disclosure/HOA documents – add to your loop & send to buyer for
signature/initials
- If list agent did not attach the HOA
Disclosure please reach out for a copy
- Seller MUST sign prior to the buyer
Note: If the property is a condo and belongs to a condo association as well as an HOA association both disclosures must be filled out & signed.
Questions regarding the above information? Reach out to the Attorney Hotline at: 407-439-1409.
Dalton Wade Support Team:
Phone: 727-914-9174
Email: support@daltonwade.com
Hours: Mon.-Fri. – 9am-7pm & Sat.
& Sun. – 12pm-5pm
Related Articles
Transaction Fee & Adding the Disclosure Form
Agents may charge their client a transaction fee ($79 or $390, depending on plan). This fee must be disclosed properly in one of the following ways: By using the Transaction Fee Disclosure Form On the Listing Agreement On the Purchase Contract Option ...HOA Summary Disclosure Info
FL Statute states that a prospective parcel owner in a community must be presented a disclosure summary before executing the contract for sale. Read this. It is important: IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 720.401, FLORIDA STATUTES, HAS ...Sinkhole Disclosure: Sinkhole Basic Info for Florida Agents
FAQ from Florida Department of Environmental Protection. https://floridadep.gov/fgs/sinkholes/content/sinkhole-faq the client to take the following additional steps. 1. Call the county for info guidance. Some counties have a web site that allows the ...Escalation Clause Overview & Information for Florida Agents
How do I add it to my loop? Can a buyer back out of their contract and get their deposit back if they used an escalation clause and the property does not appraise? What are the basics/pros and cons of an escalation clause so that I can explain to my ...Lead Based Paint Disclosure
For homes built before 1978, a Lead Based Paint Disclosure is required per Federal law. The year built can be found on the Public Record (effective year) or on the MLS Broker Synopsis under “Year Built”. Listing Agent: Please ensure you add this ...