Florida Statutes > Chapter 720 > Part II – Disclosure Prior to Sale of Residential Parcels
Current as of: 2022 | Check for updates | Other versions
|§ 720.401||Prospective purchasers subject to association membership requirement; disclosure required; covenants; assessments; contract cancellation|
|§ 720.402||Publication of false and misleading information|
Terms Used In Florida Statutes > Chapter 720 > Part II - Disclosure Prior to Sale of Residential Parcels
- Accounting period: means a calendar year unless another 12-month period is selected by a fiduciary. See Florida Statutes 738.102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- association: means a Florida corporation responsible for the operation of a community or a mobile home subdivision in which the voting membership is made up of parcel owners or their agents, or a combination thereof, and in which membership is a mandatory condition of parcel ownership, and which is authorized to impose assessments that, if unpaid, may become a lien on the parcel. See Florida Statutes 720.301
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means , in the case of a decedent's estate, an heir or devisee and, in the case of a trust, an income beneficiary or a remainder beneficiary. See Florida Statutes 738.102
- community: includes all real property, including undeveloped phases, that is or was the subject of a development-of-regional-impact development order, together with any approved modification thereto. See Florida Statutes 720.301
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- declaration: means a recorded written instrument or instruments in the nature of covenants running with the land which subject the land comprising the community to the jurisdiction and control of an association or associations in which the owners of the parcels, or their association representatives, must be members. See Florida Statutes 720.301
- Developer: means a person or entity that:(a) Creates the community served by the association; or(b) Succeeds to the rights and liabilities of the person or entity that created the community served by the association, provided that such is evidenced in writing. See Florida Statutes 720.301
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative or a trustee. See Florida Statutes 738.102
- Governing documents: means :(a) The recorded declaration of covenants for a community and all duly adopted and recorded amendments, supplements, and recorded exhibits thereto; and(b) The articles of incorporation and bylaws of the homeowners' association and any duly adopted amendments thereto. See Florida Statutes 720.301
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Florida Statutes 738.102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Member: means a member of an association, and may include, but is not limited to, a parcel owner or an association representing parcel owners or a combination thereof, and includes any person or entity obligated by the governing documents to pay an assessment or amenity fee. See Florida Statutes 720.301
- Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Florida Statutes 738.102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Parcel: means a platted or unplatted lot, tract, unit, or other subdivision of real property within a community, as described in the declaration:(a) Which is capable of separate conveyance; and(b) Of which the parcel owner, or an association in which the parcel owner must be a member, is obligated:1. See Florida Statutes 720.301
- Parcel owner: means the record owner of legal title to a parcel. See Florida Statutes 720.301
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Florida Statutes 738.102