Question

Per Florida Statute 720, any property for sale that is subject to a HOA requires that a disclosure be made to the buyer regarding the right to cancel the contract within 3-business days of having received the HOA disclosure form. What is the requirement for a property subject to a HOA under Florida Statute 720?

1) The buyer must receive the HOA disclosure form within 3-business days of signing the contract.
2) The buyer has the right to cancel the contract within 3-business days of receiving the HOA disclosure form.
3) The buyer must pay a fee to the HOA within 3-business days of receiving the disclosure form.
4) The buyer is required to attend a meeting with the HOA within 3-business days of receiving the disclosure form.

Answer 1

Under Florida Statute 720, the requirement for a property subject to a HOA is that the buyer must receive the HOA disclosure form within 3-business days of signing the contract. The buyer then has the right to cancel the contract within 3-business days of receiving the HOA disclosure form.

Step-by-step explanation:

According to Florida Statute 720, for a property subject to a HOA, the requirement is that the buyer must receive the HOA disclosure form within 3-business days of signing the contract. This means that the seller must provide the form to the buyer within that timeframe. The buyer then has the right to cancel the contract within 3-business days of receiving the HOA disclosure form.