The Florida Homeowners Association Disclosure is a summary regarding the association, restrictive covenants, and any assessments that the association imposes. The current owner or developer are required by law to supply the buyer with this disclosure.
In addition to providing the Homeowners Association Disclosure, the contract for sale and purchase must state that the buyer should not sign the contract until he or she has received the Homeowners Disclosure. If the Homeowners Association Disclosure is not provided to the buyer prior to executing (signing) the contract for sale and purchase, the contract is Voidable. In order to void the contract, the buyer must give the seller or the seller's agent written notice of the buyer's intention to cancel the contract within three calendar (weekends included) days after receipt of the disclosure or prior to closing, whichever comes first. The contract for sale and purchase must also state that the right to void the contract cannot be waived by the buyer.
In Florida, the Florida Association of Realtors and the Florida Bar Association have cooperatively written a Contract for Sale and Purchase to have the correct verbiage written into the contract. If your Agent is using a Contract for Sale and Purchase written by any other entity I advise a thorough reading of the contract before signing.
If you would like a sample of the Florida Association of Realtors and Florida Bar Contract (FAR/BAR Contract) or you have any questions about your Contract for Sale and Purchasecontact me.