Final answer:
The Florida statute that requires HOA disclosure is Florida Statute 720.401. HOAs in Florida are mandated to provide a disclosure summary to potential buyers or owners.
Step-by-step explanation:
The Florida statute that requires HOA (Homeowner's Association) disclosure is Florida Statute 720.401. This statute mandates that homeowners' associations in Florida must provide certain information to prospective buyers or owners within a specified time period.
Under this statute, HOAs are required to provide a disclosure summary that includes information about the association's bylaws, rules and regulations, financial statements, assessments, and any pending or ongoing legal actions involving the association. This disclosure allows potential buyers or owners to make informed decisions regarding their property purchase or ownership.
It is important for individuals to review the HOA disclosure documents carefully and seek legal advice if needed to understand the obligations and restrictions associated with living in a community governed by a homeowners' association.
The Florida statute that requires Homeowners' Association (HOA) disclosure is governed primarily by Chapter 720 of the Florida Statutes, also known as the Florida Homeowners' Association Act. When purchasing a home within an HOA, this statute mandates that sellers must provide buyers with a current copy of the covenants, bylaws, rules, and any financial information or fees associated with the HOA before the sales agreement is finalized. The requirement for disclosure ensures that potential homeowners are informed about any restrictive covenants, such as those pertaining to property use, maintenance obligations, and any other exclusions or restrictions that have been placed on the property by the HOA.