CODING: Words stricken are deletions; words underlined are additions. 

HB 1663 

1 A bill to be entitled 
2 An act relating to condominiums; amending s. 718.504,  
3 F.S.; requiring developers and unit owners to provide a  
4 specific question and answer disclosure document to  
5 certain purchasers; providing an effective date. 
6 
7 Be It Enacted by the Legislature of the State of Florida: 
8 
9      Section 1.  Section 718.504, Florida Statutes, is amended  
10 to read: 
11      718.504  Prospectus or offering circular; "Frequently Asked  
12 Questions and Answers".--Every developer of a residential  
13 condominium which contains more than 20 residential units, or  
14 which is part of a group of residential condominiums which will  
15 be served by property to be used in common by unit owners of  
16 more than 20 residential units, shall prepare a prospectus or  
17 offering circular and file it with the Division of Florida Land  
18 Sales, Condominiums, and Mobile Homes prior to entering into an  
19 enforceable contract of purchase and sale of any unit or lease  
20 of a unit for more than 5 years and shall furnish a copy of the  
21 prospectus or offering circular to each buyer. In addition to  
22 the prospectus or offering circular, any prospective each buyer  
23 of a unit from the developer or a current unit owner shall be  
24 furnished a separate document page entitled "Frequently Asked  
25 Questions and Answers," which shall be in accordance with a  
26 format approved by the division and a copy of the financial  
27 information required by s. 718.111. This document page shall, in  
28 readable language, inform prospective purchasers regarding their  
29 voting rights and unit use restrictions, including restrictions  
30 on the leasing of a unit; shall indicate whether and in what  
31 amount the unit owners or the association is obligated to pay  
32 rent or land use fees for recreational or other commonly used  
33 facilities; shall contain a statement identifying that amount of  
34 assessment which, pursuant to the budget, would be levied upon  
35 each unit type, exclusive of any special assessments, and which  
36 shall further identify the basis upon which assessments are  
37 levied, whether monthly, quarterly, or otherwise; shall state  
38 and identify any court cases in which the association is  
39 currently a party of record in which the association may face  
40 liability in excess of $100,000; and which shall further state  
41 whether membership in a recreational facilities association is  
42 mandatory, and if so, shall identify the fees currently charged  
43 per unit type. The division shall by rule require such other  
44 disclosure as in its judgment will assist prospective  
45 purchasers. The prospectus or offering circular may include more  
46 than one condominium, although not all such units are being  
47 offered for sale as of the date of the prospectus or offering  
48 circular. The prospectus or offering circular must contain the  
49 following information: 
50      (1)  The front cover or the first page must contain only: 
51      (a)  The name of the condominium. 
52      (b)  The following statements in conspicuous type: 
53      1.  THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS IMPORTANT  
54 MATTERS TO BE CONSIDERED IN ACQUIRING A CONDOMINIUM UNIT. 
55      2.  THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN  
56 NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES,  
57 ALL EXHIBITS HERETO, THE CONTRACT DOCUMENTS, AND SALES  
58 MATERIALS. 
59      3.  ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY  
60 STATING THE REPRESENTATIONS OF THE DEVELOPER. REFER TO THIS  
61 PROSPECTUS (OFFERING CIRCULAR) AND ITS EXHIBITS FOR CORRECT  
62 REPRESENTATIONS. 
63      (2)  Summary: The next page must contain all statements  
64 required to be in conspicuous type in the prospectus or offering  
65 circular. 
66      (3)  A separate index of the contents and exhibits of the  
67 prospectus. 
68      (4)  Beginning on the first page of the text (not including  
69 the summary and index), a description of the condominium,  
70 including, but not limited to, the following information: 
71      (a)  Its name and location. 
72      (b)  A description of the condominium property, including,  
73 without limitation: 
74      1.  The number of buildings, the number of units in each  
75 building, the number of bathrooms and bedrooms in each unit, and  
76 the total number of units, if the condominium is not a phase  
77 condominium, or the maximum number of buildings that may be  
78 contained within the condominium, the minimum and maximum  
79 numbers of units in each building, the minimum and maximum  
80 numbers of bathrooms and bedrooms that may be contained in each  
81 unit, and the maximum number of units that may be contained  
82 within the condominium, if the condominium is a phase  
83 condominium. 
84      2.  The page in the condominium documents where a copy of  
85 the plot plan and survey of the condominium is located. 
86      3.  The estimated latest date of completion of  
87 constructing, finishing, and equipping. In lieu of a date, the  
88 description shall include a statement that the estimated date of  
89 completion of the condominium is in the purchase agreement and a  
90 reference to the article or paragraph containing that  
91 information. 
92      (c)  The maximum number of units that will use facilities  
93 in common with the condominium. If the maximum number of units  
94 will vary, a description of the basis for variation and the  
95 minimum amount of dollars per unit to be spent for additional  
96 recreational facilities or enlargement of such facilities. If  
97 the addition or enlargement of facilities will result in a  
98 material increase of a unit owner's maintenance expense or  
99 rental expense, if any, the maximum increase and limitations  
100 thereon shall be stated. 
101      (5)(a)  A statement in conspicuous type describing whether  
102 the condominium is created and being sold as fee simple  
103 interests or as leasehold interests. If the condominium is  
104 created or being sold on a leasehold, the location of the lease  
105 in the disclosure materials shall be stated. 
106      (b)  If timeshare estates are or may be created with  
107 respect to any unit in the condominium, a statement in  
108 conspicuous type stating that timeshare estates are created and  
109 being sold in units in the condominium. 
110      (6)  A description of the recreational and other commonly  
111 used facilities that will be used only by unit owners of the  
112 condominium, including, but not limited to, the following: 
113      (a)  Each room and its intended purposes, location,  
114 approximate floor area, and capacity in numbers of people. 
115      (b)  Each swimming pool, as to its general location,  
116 approximate size and depths, approximate deck size and capacity,  
117 and whether heated. 
118      (c)  Additional facilities, as to the number of each  
119 facility, its approximate location, approximate size, and  
120 approximate capacity. 
121      (d)  A general description of the items of personal  
122 property and the approximate number of each item of personal  
123 property that the developer is committing to furnish for each  
124 room or other facility or, in the alternative, a representation  
125 as to the minimum amount of expenditure that will be made to  
126 purchase the personal property for the facility. 
127      (e)  The estimated date when each room or other facility  
128 will be available for use by the unit owners. 
129      (f)1.  An identification of each room or other facility to  
130 be used by unit owners that will not be owned by the unit owners  
131 or the association; 
132      2.  A reference to the location in the disclosure materials  
133 of the lease or other agreements providing for the use of those  
134 facilities; and 
135      3.  A description of the terms of the lease or other  
136 agreements, including the length of the term; the rent payable,  
137 directly or indirectly, by each unit owner, and the total rent  
138 payable to the lessor, stated in monthly and annual amounts for  
139 the entire term of the lease; and a description of any option to  
140 purchase the property leased under any such lease, including the  
141 time the option may be exercised, the purchase price or how it  
142 is to be determined, the manner of payment, and whether the  
143 option may be exercised for a unit owner's share or only as to  
144 the entire leased property. 
145      (g)  A statement as to whether the developer may provide  
146 additional facilities not described above; their general  
147 locations and types; improvements or changes that may be made;  
148 the approximate dollar amount to be expended; and the maximum  
149 additional common expense or cost to the individual unit owners  
150 that may be charged during the first annual period of operation  
151 of the modified or added facilities. 
152 
153 Descriptions as to locations, areas, capacities, numbers,  
154 volumes, or sizes may be stated as approximations or minimums. 
155      (7)  A description of the recreational and other facilities  
156 that will be used in common with other condominiums, community  
157 associations, or planned developments which require the payment  
158 of the maintenance and expenses of such facilities, either  
159 directly or indirectly, by the unit owners. The description  
160 shall include, but not be limited to, the following: 
161      (a)  Each building and facility committed to be built. 
162      (b)  Facilities not committed to be built except under  
163 certain conditions, and a statement of those conditions or  
164 contingencies. 
165      (c)  As to each facility committed to be built, or which  
166 will be committed to be built upon the happening of one of the  
167 conditions in paragraph (b), a statement of whether it will be  
168 owned by the unit owners having the use thereof or by an  
169 association or other entity which will be controlled by them, or  
170 others, and the location in the exhibits of the lease or other  
171 document providing for use of those facilities. 
172      (d)  The year in which each facility will be available for  
173 use by the unit owners or, in the alternative, the maximum  
174 number of unit owners in the project at the time each of all of  
175 the facilities is committed to be completed. 
176      (e)  A general description of the items of personal  
177 property, and the approximate number of each item of personal  
178 property, that the developer is committing to furnish for each  
179 room or other facility or, in the alternative, a representation  
180 as to the minimum amount of expenditure that will be made to  
181 purchase the personal property for the facility. 
182      (f)  If there are leases, a description thereof, including  
183 the length of the term, the rent payable, and a description of  
184 any option to purchase. 
185 
 
186 Descriptions shall include location, areas, capacities, numbers,  
187 volumes, or sizes and may be stated as approximations or  
188 minimums. 
189      (8)  Recreation lease or associated club membership: 
190      (a)  If any recreational facilities or other facilities  
191 offered by the developer and available to, or to be used by,  
192 unit owners are to be leased or have club membership associated,  
193 the following statement in conspicuous type shall be included:  
194 THERE IS A RECREATIONAL FACILITIES LEASE ASSOCIATED WITH THIS  
195 CONDOMINIUM; or, THERE IS A CLUB MEMBERSHIP ASSOCIATED WITH THIS  
196 CONDOMINIUM. There shall be a reference to the location in the  
197 disclosure materials where the recreation lease or club  
198 membership is described in detail. 
199      (b)  If it is mandatory that unit owners pay a fee, rent,  
200 dues, or other charges under a recreational facilities lease or  
201 club membership for the use of facilities, there shall be in  
202 conspicuous type the applicable statement: 
203      1.  MEMBERSHIP IN THE RECREATIONAL FACILITIES CLUB IS  
204 MANDATORY FOR UNIT OWNERS; or 
205      2.  UNIT OWNERS ARE REQUIRED, AS A CONDITION OF OWNERSHIP,  
206 TO BE LESSEES UNDER THE RECREATIONAL FACILITIES LEASE; or 
207      3.  UNIT OWNERS ARE REQUIRED TO PAY THEIR SHARE OF THE  
208 COSTS AND EXPENSES OF MAINTENANCE, MANAGEMENT, UPKEEP,  
209 REPLACEMENT, RENT, AND FEES UNDER THE RECREATIONAL FACILITIES  
210 LEASE (OR THE OTHER INSTRUMENTS PROVIDING THE FACILITIES); or 
211      4.  A similar statement of the nature of the organization  
212 or the manner in which the use rights are created, and that unit  
213 owners are required to pay. 
214 
215 Immediately following the applicable statement, the location in  
216 the disclosure materials where the development is described in  
217 detail shall be stated. 
218      (c)  If the developer, or any other person other than the  
219 unit owners and other persons having use rights in the  
220 facilities, reserves, or is entitled to receive, any rent, fee,  
221 or other payment for the use of the facilities, then there shall  
222 be the following statement in conspicuous type: THE UNIT OWNERS  
223 OR THE ASSOCIATION(S) MUST PAY RENT OR LAND USE FEES FOR  
224 RECREATIONAL OR OTHER COMMONLY USED FACILITIES. Immediately  
225 following this statement, the location in the disclosure  
226 materials where the rent or land use fees are described in  
227 detail shall be stated. 
228      (d)  If, in any recreation format, whether leasehold, club,  
229 or other, any person other than the association has the right to  
230 a lien on the units to secure the payment of assessments, rent,  
231 or other exactions, there shall appear a statement in  
232 conspicuous type in substantially the following form: 
233      1.  THERE IS A LIEN OR LIEN RIGHT AGAINST EACH UNIT TO  
234 SECURE THE PAYMENT OF RENT AND OTHER EXACTIONS UNDER THE  
235 RECREATION LEASE. THE UNIT OWNER'S FAILURE TO MAKE THESE  
236 PAYMENTS MAY RESULT IN FORECLOSURE OF THE LIEN; or 
237      2.  THERE IS A LIEN OR LIEN RIGHT AGAINST EACH UNIT TO  
238 SECURE THE PAYMENT OF ASSESSMENTS OR OTHER EXACTIONS COMING DUE  
239 FOR THE USE, MAINTENANCE, UPKEEP, OR REPAIR OF THE RECREATIONAL  
240 OR COMMONLY USED FACILITIES. THE UNIT OWNER'S FAILURE TO MAKE  
241 THESE PAYMENTS MAY RESULT IN FORECLOSURE OF THE LIEN. 
242 
243 Immediately following the applicable statement, the location in  
244 the disclosure materials where the lien or lien right is  
245 described in detail shall be stated. 
246      (9)  If the developer or any other person has the right to  
247 increase or add to the recreational facilities at any time after  
248 the establishment of the condominium whose unit owners have use  
249 rights therein, without the consent of the unit owners or  
250 associations being required, there shall appear a statement in  
251 conspicuous type in substantially the following form:  
252 RECREATIONAL FACILITIES MAY BE EXPANDED OR ADDED WITHOUT CONSENT  
253 OF UNIT OWNERS OR THE ASSOCIATION(S). Immediately following this  
254 statement, the location in the disclosure materials where such  
255 reserved rights are described shall be stated. 
256      (10)  A statement of whether the developer's plan includes  
257 a program of leasing units rather than selling them, or leasing  
258 units and selling them subject to such leases. If so, there  
259 shall be a description of the plan, including the number and  
260 identification of the units and the provisions and term of the  
261 proposed leases, and a statement in boldfaced type that: THE  
262 UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE. 
263      (11)  The arrangements for management of the association  
264 and maintenance and operation of the condominium property and of  
265 other property that will serve the unit owners of the  
266 condominium property, and a description of the management  
267 contract and all other contracts for these purposes having a  
268 term in excess of 1 year, including the following: 
269      (a)  The names of contracting parties. 
270      (b)  The term of the contract. 
271      (c)  The nature of the services included. 
272      (d)  The compensation, stated on a monthly and annual  
273 basis, and provisions for increases in the compensation. 
274      (e)  A reference to the volumes and pages of the  
275 condominium documents and of the exhibits containing copies of  
276 such contracts. 
277 
278 Copies of all described contracts shall be attached as exhibits.  
279 If there is a contract for the management of the condominium  
280 property, then a statement in conspicuous type in substantially  
281 the following form shall appear, identifying the proposed or  
282 existing contract manager: THERE IS (IS TO BE) A CONTRACT FOR  
283 THE MANAGEMENT OF THE CONDOMINIUM PROPERTY WITH (NAME OF THE  
284 CONTRACT MANAGER). Immediately following this statement, the  
285 location in the disclosure materials of the contract for  
286 management of the condominium property shall be stated. 
287      (12)  If the developer or any other person or persons other  
288 than the unit owners has the right to retain control of the  
289 board of administration of the association for a period of time  
290 which can exceed 1 year after the closing of the sale of a  
291 majority of the units in that condominium to persons other than  
292 successors or alternate developers, then a statement in  
293 conspicuous type in substantially the following form shall be  
294 included: THE DEVELOPER (OR OTHER PERSON) HAS THE RIGHT TO  
295 RETAIN CONTROL OF THE ASSOCIATION AFTER A MAJORITY OF THE UNITS  
296 HAVE BEEN SOLD. Immediately following this statement, the  
297 location in the disclosure materials where this right to control  
298 is described in detail shall be stated. 
299      (13)  If there are any restrictions upon the sale,  
300 transfer, conveyance, or leasing of a unit, then a statement in  
301 conspicuous type in substantially the following form shall be  
302 included: THE SALE, LEASE, OR TRANSFER OF UNITS IS RESTRICTED OR  
303 CONTROLLED. Immediately following this statement, the location  
304 in the disclosure materials where the restriction, limitation,  
305 or control on the sale, lease, or transfer of units is described  
306 in detail shall be stated. 
307      (14)  If the condominium is part of a phase project, the  
308 following information shall be stated: 
309      (a)  A statement in conspicuous type in substantially the  
310 following form: THIS IS A PHASE CONDOMINIUM. ADDITIONAL LAND AND  
311 UNITS MAY BE ADDED TO THIS CONDOMINIUM. Immediately following  
312 this statement, the location in the disclosure materials where  
313 the phasing is described shall be stated. 
314      (b)  A summary of the provisions of the declaration which  
315 provide for the phasing. 
316      (c)  A statement as to whether or not residential buildings  
317 and units which are added to the condominium may be  
318 substantially different from the residential buildings and units  
319 originally in the condominium. If the added residential  
320 buildings and units may be substantially different, there shall  
321 be a general description of the extent to which such added  
322 residential buildings and units may differ, and a statement in  
323 conspicuous type in substantially the following form shall be  
324 included: BUILDINGS AND UNITS WHICH ARE ADDED TO THE CONDOMINIUM  
325 MAY BE SUBSTANTIALLY DIFFERENT FROM THE OTHER BUILDINGS AND  
326 UNITS IN THE CONDOMINIUM. Immediately following this statement,  
327 the location in the disclosure materials where the extent to  
328 which added residential buildings and units may substantially  
329 differ is described shall be stated. 
330      (d)  A statement of the maximum number of buildings  
331 containing units, the maximum and minimum numbers of units in  
332 each building, the maximum number of units, and the minimum and  
333 maximum square footage of the units that may be contained within  
334 each parcel of land which may be added to the condominium. 
335      (15)  If a condominium created on or after July 1, 2000, is  
336 or may become part of a multicondominium, the following  
337 information must be provided: 
338      (a)  A statement in conspicuous type in substantially the  
339 following form: THIS CONDOMINIUM IS (MAY BE) PART OF A  
340 MULTICONDOMINIUM DEVELOPMENT IN WHICH OTHER CONDOMINIUMS WILL  
341 (MAY) BE OPERATED BY THE SAME ASSOCIATION. Immediately following  
342 this statement, the location in the prospectus or offering  
343 circular and its exhibits where the multicondominium aspects of  
344 the offering are described must be stated. 
345      (b)  A summary of the provisions in the declaration,  
346 articles of incorporation, and bylaws which establish and  
347 provide for the operation of the multicondominium, including a  
348 statement as to whether unit owners in the condominium will have  
349 the right to use recreational or other facilities located or  
350 planned to be located in other condominiums operated by the same  
351 association, and the manner of sharing the common expenses  
352 related to such facilities. 
353      (c)  A statement of the minimum and maximum number of  
354 condominiums, and the minimum and maximum number of units in  
355 each of those condominiums, which will or may be operated by the  
356 association, and the latest date by which the exact number will  
357 be finally determined. 
358      (d)  A statement as to whether any of the condominiums in  
359 the multicondominium may include units intended to be used for  
360 nonresidential purposes and the purpose or purposes permitted  
361 for such use. 
362      (e)  A general description of the location and approximate  
363 acreage of any land on which any additional condominiums to be  
364 operated by the association may be located. 
365      (16)  If the condominium is created by conversion of  
366 existing improvements, the following information shall be  
367 stated: 
368      (a)  The information required by s. 718.616. 
369      (b)  A caveat that there are no express warranties unless  
370 they are stated in writing by the developer. 
371      (17)  A summary of the restrictions, if any, to be imposed  
372 on units concerning the use of any of the condominium property,  
373 including statements as to whether there are restrictions upon  
374 children and pets, and reference to the volumes and pages of the  
375 condominium documents where such restrictions are found, or if  
376 such restrictions are contained elsewhere, then a copy of the  
377 documents containing the restrictions shall be attached as an  
378 exhibit. 
379      (18)  If there is any land that is offered by the developer  
380 for use by the unit owners and that is neither owned by them nor  
381 leased to them, the association, or any entity controlled by  
382 unit owners and other persons having the use rights to such  
383 land, a statement shall be made as to how such land will serve  
384 the condominium. If any part of such land will serve the  
385 condominium, the statement shall describe the land and the  
386 nature and term of service, and the declaration or other  
387 instrument creating such servitude shall be included as an  
388 exhibit. 
389      (19)  The manner in which utility and other services,  
390 including, but not limited to, sewage and waste disposal, water  
391 supply, and storm drainage, will be provided and the person or  
392 entity furnishing them. 
393      (20)  An explanation of the manner in which the  
394 apportionment of common expenses and ownership of the common  
395 elements has been determined. 
396      (21)  An estimated operating budget for the condominium and  
397 the association, and a schedule of the unit owner's expenses  
398 shall be attached as an exhibit and shall contain the following  
399 information: 
400      (a)  The estimated monthly and annual expenses of the  
401 condominium and the association that are collected from unit  
402 owners by assessments. 
403      (b)  The estimated monthly and annual expenses of each unit  
404 owner for a unit, other than common expenses paid by all unit  
405 owners, payable by the unit owner to persons or entities other  
406 than the association, as well as to the association, including  
407 fees assessed pursuant to s. 718.113(1) for maintenance of  
408 limited common elements where such costs are shared only by  
409 those entitled to use the limited common element, and the total  
410 estimated monthly and annual expense. There may be excluded from  
411 this estimate expenses which are not provided for or  
412 contemplated by the condominium documents, including, but not  
413 limited to, the costs of private telephone; maintenance of the  
414 interior of condominium units, which is not the obligation of  
415 the association; maid or janitorial services privately  
416 contracted for by the unit owners; utility bills billed directly  
417 to each unit owner for utility services to his or her unit;  
418 insurance premiums other than those incurred for policies  
419 obtained by the condominium; and similar personal expenses of  
420 the unit owner. A unit owner's estimated payments for  
421 assessments shall also be stated in the estimated amounts for  
422 the times when they will be due. 
423      (c)  The estimated items of expenses of the condominium and  
424 the association, except as excluded under paragraph (b),  
425 including, but not limited to, the following items, which shall  
426 be stated either as an association expense collectible by  
427 assessments or as unit owners' expenses payable to persons other  
428 than the association: 
429      1.  Expenses for the association and condominium: 
430      a.  Administration of the association. 
431      b.  Management fees. 
432      c.  Maintenance. 
433      d.  Rent for recreational and other commonly used  
434 facilities. 
435      e.  Taxes upon association property. 
436      f.  Taxes upon leased areas. 
437      g.  Insurance. 
438      h.  Security provisions. 
439      i.  Other expenses. 
440      j.  Operating capital. 
441      k.  Reserves. 
442      l.  Fees payable to the division. 
443      2.  Expenses for a unit owner: 
444      a.  Rent for the unit, if subject to a lease. 
445      b.  Rent payable by the unit owner directly to the lessor  
446 or agent under any recreational lease or lease for the use of  
447 commonly used facilities, which use and payment is a mandatory  
448 condition of ownership and is not included in the common expense  
449 or assessments for common maintenance paid by the unit owners to  
450 the association. 
451      (d)  The estimated amounts shall be stated for a period of  
452 at least 12 months and may distinguish between the period prior  
453 to the time unit owners other than the developer elect a  
454 majority of the board of administration and the period after  
455 that date. 
456      (22)  A schedule of estimated closing expenses to be paid  
457 by a buyer or lessee of a unit and a statement of whether title  
458 opinion or title insurance policy is available to the buyer and,  
459 if so, at whose expense. 
460      (23)  The identity of the developer and the chief operating  
461 officer or principal directing the creation and sale of the  
462 condominium and a statement of its and his or her experience in  
463 this field. 
464      (24)  Copies of the following, to the extent they are  
465 applicable, shall be included as exhibits: 
466      (a)  The declaration of condominium, or the proposed  
467 declaration if the declaration has not been recorded. 
468      (b)  The articles of incorporation creating the  
469 association. 
470      (c)  The bylaws of the association. 
471      (d)  The ground lease or other underlying lease of the  
472 condominium. 
473      (e)  The management agreement and all maintenance and other  
474 contracts for management of the association and operation of the  
475 condominium and facilities used by the unit owners having a  
476 service term in excess of 1 year. 
477      (f)  The estimated operating budget for the condominium and  
478 the required schedule of unit owners' expenses. 
479      (g)  A copy of the floor plan of the unit and the plot plan  
480 showing the location of the residential buildings and the  
481 recreation and other common areas. 
482      (h)  The lease of recreational and other facilities that  
483 will be used only by unit owners of the subject condominium. 
484      (i)  The lease of facilities used by owners and others. 
485      (j)  The form of unit lease, if the offer is of a  
486 leasehold. 
487      (k)  A declaration of servitude of properties serving the  
488 condominium but not owned by unit owners or leased to them or  
489 the association. 
490      (l)  The statement of condition of the existing building or  
491 buildings, if the offering is of units in an operation being  
492 converted to condominium ownership. 
493      (m)  The statement of inspection for termite damage and  
494 treatment of the existing improvements, if the condominium is a  
495 conversion. 
496      (n)  The form of agreement for sale or lease of units. 
497      (o)  A copy of the agreement for escrow of payments made to  
498 the developer prior to closing. 
499      (p)  A copy of the documents containing any restrictions on  
500 use of the property required by subsection (17). 
501      (25)  Any prospectus or offering circular complying, prior  
502 to the effective date of this act, with the provisions of former  
503 ss. 711.69 and 711.802 may continue to be used without amendment  
504 or may be amended to comply with the provisions of this chapter. 
505      (26)  A brief narrative description of the location and  
506 effect of all existing and intended easements located or to be  
507 located on the condominium property other than those described  
508 in the declaration. 
509      (27)  If the developer is required by state or local  
510 authorities to obtain acceptance or approval of any dock or  
511 marina facilities intended to serve the condominium, a copy of  
512 any such acceptance or approval acquired by the time of filing  
513 with the division under s. 718.502(1) or a statement that such  
514 acceptance or approval has not been acquired or received. 
515      (28)  Evidence demonstrating that the developer has an  
516 ownership, leasehold, or contractual interest in the land upon  
517 which the condominium is to be developed. 
518      Section 2.  This act shall take effect July 1, 2004. 

CODING: Words stricken are deletions; words underlined are additions.