HOA Summary Disclosure Info

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 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.

 

Where can I get the HOA Summary Disclosure:

There is an HOA Disclosure provided to us by FL Realtors. It is in your Dotloop under Common Addenda or FL Interactive Forms.

 

What does Dalton wade recommend I do if I am the listing agent?

If you are the listing agent please make sure that this is filled out and added to your M LS attachments 100% of the time. Do not accept an offer without it.

 

What does Dalton wade recommend I do if I am the buyer agent?

If you are the buyer agent, you will get the HOA docs, payment and contact info for your client. In fact, it is still your responsibility to get the HOA docs even if they provide you the disclosure.

If the list agents fails to get you an HOA summary Disclosure. You will provide a blank copy of the HOA summary disclosure to your client.  If they ask you to request the disclosure from the seller, you will. Some lenders may want you to try to get it.

 

What if the listing agent provides it after contract? You will get it to the buyer ASAP.  The disclosure states: 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.

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