This area will assist owners with information/documents required by the Villas HOA Board when selling their Villa. Information provided from Florida Statute 720.
2022 Florida Statute
720.401 Prospective purchasers subject to association membership requirement; disclosure required; covenants; assessments; contract cancellation.
(1)(a) A prospective parcel owner in a community must be presented with a disclosure summary before executing the contract for sale. The disclosure summary must be in a form substantially similar to the following form:
Disclosure Summary for (Palma Sola Trace)
1. As a purchaser of property in the Palma Sola Trace Community, you will be obligated to be a member of the Master Association and the Villas Homeowners’ Association.
2. There have been recorded restrictive covenants governing the use and occupancy of properties in this community.
3. You will be obligated to pay assessments to the association. assessments may be subject to periodic change. You will also be obligated to pay any special assessments imposed by the association. such special assessments may be subject to change.
4. You may be obligated to pay special assessments to the respective municipality, county, or special district. All assessments are subject to periodic change.
5. Your failure to pay special assessments or assessments levied by a mandatory homeowners’ association could result in a lien on your property.
6. There may be an obligation to pay rent or land use fees for recreational or other commonly used facilities as an obligation of membership in the homeowners’ association.
7. The statements contained in this disclosure form are only summary in nature, and, as a prospective purchaser, you should refer to the covenants and the association governing documents before purchasing property.
8. These documents are either matters of public record and can be obtained from the record office in the county where the property is located, or are not recorded and can be obtained from the developer.
9. The yearly villas budget may be found on the villas website in the documents area.
The disclosure must be supplied by the parcel owner. Any contract or agreement for sale shall refer to and incorporate the disclosure summary and shall include, in prominent language, a statement that the potential buyer should not execute the contract or agreement until they have received and read the disclosure summary required by this section.
(b) Each contract entered into for the sale of property governed by covenants subject to the disclosure required by this section must contain in conspicuous type a clause that states:
If the disclosure summary required by section 720.401, Florida statutes, has not been provided to the prospective purchaser before executing this contract for sale, this contract is voidable by buyer by delivering to seller or seller’s agent or representative written notice of the buyer’s intention to cancel within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. Any purported waiver of this voidability right has no effect. Buyer’s right to void this contract shall terminate at closing.
(c) If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section, the purchaser may void the contract by delivering to the seller or the seller’s agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.
Seller should provide the buyer with:
Master and Villa documents
-Master Association Documents
-Villas HOA Documents
-Villas ACC Manual
Items to be left for the new owner:
Two clubhouse passes
Code for the back gate
Two mailbox keys
Discussion of which plants and trees are the responsibility of HOA and which are the responsibility of the new owner.