CopyCited 103 times | Published | Florida 3rd District Court of Appeal
...Do the ordinances in question conflict with state law? The final judgment permanently enjoining the enforcement of the subject ordinances specified that conflict existed between the ordinances and sections
718.105,
718.107,
718.402,
718.501,
718.502,
718.503,
718.504, and
718.507 of the Condominium Act....
...miniums. Sales and Condominiums. E. Section
718.502 requires filing Ordinance No. 80-2197, § 3 (as with the Division of Florida amended) prohibits filing of Land Sales and Condominiums Declaration as unlawful for 90 prior to sale or lease. days. F. Section
718.503 provides Ordinance No....
CopyCited 22 times | Published | District Court, S.D. Florida | 2007 U.S. Dist. LEXIS 86193, 2007 WL 4127628
...in capital letters and bold font as follows: ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE....
...The Purchase Contracts are in writing and sufficiently describe the real property to be purchased. Moreover, Florida law expressly provides for the selling of condominium units by a developer prior to recordation of the condominium documents. See Fla. Stat. §§
718.202(1) &
718.503( l )(b)( l )....
CopyCited 14 times | Published | District Court, S.D. Florida | 2009 U.S. Dist. LEXIS 45501, 2009 WL 1393425
...Among the disclaimers and acknowledgments contained in the PSAs are such statements as: ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE *1051 REPRESENTATIONS OF THE DEVELOPER (SELLER). FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT (AGREEMENT) AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE....
CopyCited 12 times | Published | Florida 4th District Court of Appeal
...f directors. Those contained in the declaration "are clothed with a very strong presumption of validity... .," id. at 639, because the law requires their full disclosure prior to the time of purchase and, thus, the purchaser has adequate notice. See Section 718.503(2)(a), Florida Statutes (1983)....
CopyCited 9 times | Published | Florida 3rd District Court of Appeal | 10 Fla. L. Weekly 684
...For reasons more fully developed below, we affirm the decision of the trial court. On October 1, 1980, the purchasers entered into a contract with appellant whereby they agreed to purchase a condominium unit in appellant's development. At the same time, appellees received certain documents as required by section 718.503(2), Florida Statutes (1979)....
...On February 14, 1983, appellant notified appellees of its intent to close on the subject condominium. On March 31, 1983, appellees notified appellant that they would not close. Appellees filed suit for declaratory judgment, breach of contract, two counts of violation of a statute (§§
718.503 and
718.506, Fla....
CopyCited 7 times | Published | Florida 4th District Court of Appeal | 2008 WL 2356855
...Budney, Greenberg Traurig, Fort Lauderdale, and Rodolfo Sorondo, Jr., Holland & Knight, LLP, Miami, for Amicus Curiae Florida Latin Builders Association and Builders Association of South Florida. GROSS, J. The buyer of a condominium unit sought a declaratory judgment concerning its right to cancel a purchase agreement under section 718.503(1)(a)1, Florida Statutes (2006)....
...entered into a contract to purchase a condominium unit for $495,000 from Marina Grande Associates, Ltd., the developer. At the time, the condominium was under construction on the intracoastal waterway in Palm Beach County. Paragraph 25 of the contract contained the language set forth in section 718.503(1)(a)1, requiring delivery to the purchaser of "all of the items required to be delivered" by the developer under section 718.503. Also, paragraph 25 contained the following language mandated by section 718.503(1)(a)1.: THIS AGREEMENT IS ALSO VOIDABLE BY PURCHASER [1] BY DELIVERING WRITTEN NOTICE OF THE PURCHASER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO THE PURCHASER....
...Finally, the developer impugned the buyer's motives for the cancellation, contending that D & T Properties was a speculator seeking to avoid a drop in resale value in a falling market. Crucial to this case is how Chapter 718 treats budget estimates that are a part of a developer's required disclosure under section 718.503. Section 718.503(1)(a)1 permits a buyer to cancel a purchase agreement within 15 days of receiving from the developer "any amendment which materially alters or modifies the offering in a manner that is adverse to the buyer." Part of the developer's required disclosure under section 718.503(1)(b)(6) is the "estimated operating budget for the condominium and a schedule of expenses for each type of unit." The idea of an "estimated" operating budget carries with it the notion that the estimates will change as a unit moves toward completion....
...Unlike other factual information included in the offering with respect to purchased units, the only aspect of an estimated future year's budget upon which a purchaser can reasonably rely is that the budget is a good faith estimate of future expenses." Under section 718.503(1)(a)1, does the developer bear all the risk of escalating expenses? Where the statute contemplates the updating of a budget, is a revised budget an "amendment" within the meaning of the statute? These ambiguities were laid to rest by recent legislative amendments to sections 718.503-718.504 which clarified existing law with respect to the disclosure of operating budget estimates under Chapter 718....
...r with the division, and subsequent increased amounts of any item included in the association's estimated budget that are beyond the control of the developer shall not be considered an amendment that would give rise to rescission rights set forth in s. 718.503(1)(a) or (b), nor shall such increases modify, void, or otherwise affect any guarantee of the developer contained in the offering circular or any purchase contract....
...(Emphasis added). The section provides that if the developer's disclosed estimated budget meets the requirements of the statute, "subsequent increased amounts" "that are beyond the control of the developer" shall not be considered an "amendment" under section 718.503(1)(a) or (b) that *47 would give rise to the buyer's right to cancel an agreement....
...AT THE TIME OF ITS PREPARATION. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE MATERIAL ADVERSE CHANGES IN THE OFFERING. Along with these clarifications, Chapter 2007-80, section 7 added language to section 718.503(1)(a)1 [5] and added section 718.503(1)(c) [6] concerning the legal effect of subsequent budget estimates. Significant to this case is the express legislative statement that it was the intent of these Chapter 2007-80 amendments "to clarify existing law." § 718.503(1)(c), Fla....
...d in body of the act). One effect of the Chapter 2007-80 clarification of Chapter 718 is that an update to an estimated operating budget resulting from "matters beyond the developer's control" does not constitute an "amendment" within the meaning of section 718.503(1)(a)1 that allows a buyer to cancel a purchase agreement....
...There remains the issue of the $90 per month budget increase attributable to the multimedia system. This was a budget amendment over which the developer had control, so it could "be considered an amendment that would give rise to rescission rights set forth in s.
718.503(1)(a) or (b)." §
718.504(21)(e), Florida Statutes (2007)....
...Our definition of "material" called for an objective test, not one that depended on the particular sensibilities of a unit owner. BB Landmark, Inc. v. Haber,
619 So.2d 448 (Fla. 3d DCA 1993), took a similar approach to its interpretation of the term "material" in section
718.503(1)(a), Florida Statutes (1989), the same statutory language that we confront here....
...ers; after entering into the contract, the developer wrote to the buyer and "unilaterally increased the cost of the extras to $17,122," "a 65% increase over the original cost of the extras." Id. at 449. The buyers timely cancelled the contract under section 718.503(1)(a). The buyers filed suit to enforce their right to cancel. The third district construed the term "materially" in section 718.503(1)(a) to mean "to a significant extent or degree"; the court held that the 65% price increase of $6,738.00 for the extras was a material alteration or modification of the offering that entitled the buyers to cancel under section 718.503(1)(a)....
...The court did not consider the financial condition of the buyers to decide whether the price increase was significant to them. Applying Breitenbach and BB Landmark, we hold that an objective test is appropriate to decide whether an amendment amounts to a "material" alteration or modification of an offering under section 718.503(1)(a) would a reasonable buyer under the purchase agreement find the change to be so significant that it would alter the buyer's decision to enter into the contract? [8] *50 Applying this test, we hold that the $90 change attributable to the multimedia system was not a material one that gave rise to the buyer's right to cancel under section 718.503(1)(a)....
...We reject the contention that Florida Administrative Code Rule 61B-17.006(2)(d)3d authorized the budget amendments under the facts of this case. We agree with the trial judge that such an application of the rule "would nullify the Legislature's intent to give buyers the right to void an agreement as provided in [section] 718.503." We also concur with the trial court that a buyer's motivation is irrelevant in deciding whether the buyer has the right to cancel under the statute....
...As the trial judge observed, the buyer's right to cancel turns on whether the statutory test is satisfied, not on whether the buyer seeks "to void the agreement due to the loss of resale value caused by a downturn in the real estate market." Affirmed. STEVENSON and MAY, JJ., concur. NOTES [1] Section 718.503(1)(a)1., Florida Statutes (2006), uses the word "buyer," not "purchaser," in the notice....
...BASED ON FACTS AND CIRCUMSTANCES EXISTING AT THE TIME OF THE PREPARATION OF THE BUDGET BY THE DEVELOPER. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE MATERIAL ADVERSE CHANGES IN THE OFFERING. [6] Section 718.503(1)(c) reads: Subsequent estimates; when provided....
CopyCited 5 times | Published | District Court, S.D. Florida | 2009 U.S. Dist. LEXIS 28825, 2009 WL 927762
...On July 16, 2008, Mario Pilato and Randi Pilato ("Plaintiffs") filed suit against Defendant, alleging two counts: (1) violation of the Interstate Land Sales Full Disclosure Act ("ILSA"), 15 U.S.C. § 1703(d)(1), 1703(d)(2), and 1703(d)(3), et seq.; and (2) violation of Florida's Condominium Act, Fla. Stat. 718.503(1)(a)....
...ct based upon Defendant's material alteration or modification of the offering in a manner that is adverse to Plaintiffs." [DE 1, p. 9]. Specifically, Plaintiffs allege three modifications were material and adverse to them, in violation of Fla. Stat. 718.503(1)(a)....
...making collection of reserves is now mandatory after the first year and it is no longer an option for the homeowners to keep the assessments free of reserves. Plaintiffs allege that this will result in an almost 300% increased cost per year to them. Section 718.503(1)(a)1 permits a buyer to cancel a purchase agreement within 15 days of receiving from the developer "any amendment which materially alters or modifies the offering in a manner that is adverse to the buyer." Plaintiffs allege that based on the foregoing, they are entitled to cancel the contract....
CopyCited 4 times | Published | Florida 2nd District Court of Appeal | 1988 WL 115954
...We are without choice in a matter of this kind, however, and must follow the law as it is ordained by the legislature. We affirm. SCHOONOVER, A.C.J., and THREADGILL, J., concur. NOTES [*] It is ironic that a potential condominium purchaser's contract with a developer is voidable within 15 days from the date of execution. See § 718.503, Fla....
CopyCited 4 times | Published | Florida 3rd District Court of Appeal | 18 Fla. L. Weekly Fed. D 1400
...June 8, 1993. Broad and Cassel, and Javier J. Rodriguez, Miami, for appellant. Stuart C. Hoffman, Boca Raton, for appellees. Before BASKIN, COPE and GERSTEN, JJ. PER CURIAM. Appellant, BB Landmark, Inc. (the developer), appeals a summary judgment based on section 718.503(1)(a), Florida Statutes (1989), in favor of appellees, Bertram and Sonia Haber (the Habers). We affirm. *449 This case concerns a condominium buyer's right to cancel a condominium sales contract under section 718.503(1)(a) when a developer unilaterally increases the cost of extras in the contract. Section 718.503(1)(a), Florida Statutes (1989), provides, in pertinent part: (1) CONTENTS OF CONTRACTS....
...7,122. Within 15 days of receipt of the developer's increase, the Habers sent written notice of their intent to cancel the contract. Thereafter, the developer agreed to honor the original contract price. The Habers sued to rescind the contract under section 718.503, Florida Statutes (1989). Thereafter, the Habers moved for summary final judgment under section 718.503 and the trial court granted their motion....
...se because the developer later agreed to honor the original contract. The Habers assert that the developer's amendment was material and adverse, thus permitting statutory cancellation. No court has interpreted the cancellation rights available under section 718.503(1)(a), upon amendment by a developer. Therefore, our analysis turns on whether the developer's actions, as a matter of law, constitute an amendment which materially alters or modifies the offering in an adverse manner pursuant to section 718.503(1)(a)....
...The developer's actions yielded control of cancellation, albeit temporarily (15 days), to the Habers, who gave the required statutory written notice of cancellation. We conclude that the Habers were adversely and materially affected by the developer's actions, and therefore affirm the summary judgment under section 718.503(1)(a), Florida Statutes (1989)....
CopyCited 4 times | Published | Florida 1st District Court of Appeal | 13 Fla. L. Weekly 258, 1988 Fla. App. LEXIS 205, 1988 WL 3769
...The buyers contracted with N & C to buy three units and deposited $88,320.00 in letters of credit, which were placed with the escrow agent pursuant to an escrow agreement. Buyers are all residents of Alabama. Buyers began legal proceedings in Alabama to void their contracts pursuant to section
718.503 and section
718.202, Florida Statutes, which allow a contract to be voided where the purchasers are not provided with condominium documents....
CopyCited 4 times | Published | United States Bankruptcy Court, M.D. Florida | 2009 Bankr. LEXIS 2287, 2009 WL 2581712
...§ 1703); *715 Count II: 1933 Securities Act (15 U.S.C. § 77e); Count III: Florida Securities and Investor Protection Act (Fla.Stat.Chap. 517); Count IV: Florida Condominium Act (Fla.Stat. §
718.202); Count V: Florida Condominium Act (Fla.Stat. §
718.503); Count VI: Florida Condominium Act (Fla.Stat....
CopyCited 3 times | Published | United States Bankruptcy Court, S.D. Florida. | 13 Fla. L. Weekly Fed. B 21, 1999 Bankr. LEXIS 1495
...th Amendment, Meruelo notified the Debtor of his cancellation and recission of the contract to purchase the Sale Property. Meruelo asserts the Sixth Amendment materially and adversely impacts the Sale Property. Therefore, pursuant to Florida Statute § 718.503, Meruelo claims he has the right to cancel the contract without forfeiting the Escrow Deposit. [3] On June 30, 1999, Meruelo filed the Motion seeking return of the Escrow Deposit. Meruelo contends the Sixth Amendment materially and adversely impacts the Sale Property under Florida Statute § 718.503 by (a) subjecting the use of the Sale Property to the governance of the Association, and (b) increasing the costs associated with Sale Property by including a provision that allows the Association to separately meter the utilities used in connection with the Commercial Units....
...inium which materially and adversely impacted the costs associated with the Sale Property. For the reasons that follow, the Court finds that Meruelo does have the right to cancel the contract to purchase the Sale Property pursuant to Florida Statute § 718.503, and is further entitled to the return of the Escrow Deposit....
...f law. 1. Jurisdiction This is a core proceeding pursuant to 28 U.S.C. § 157(b)(2)(A)(N) and (O). The Court has jurisdiction over the parties and this matter pursuant to 28 U.S.C. §§ 151, 157 and 1334. 2. The Right To Cancel Under Florida Statute §
718.503 Florida Statute §
718.503 provides, in relevant part, that all contracts for the sale of a condominium unit shall contain the following language: THIS AGREEMENT IS ALSO VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTIFICATION OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO THE BUYER. The proper analysis under Florida Statute §
718.503 turns on whether the developer's actions, as a matter of law, constitute an amendment which materially alters or modifies the offering in an adverse manner. BB Landmark, Inc. v. Haber,
619 So.2d 448, 449 (Fla. 3rd DCA 1993). The plain meaning of Florida Statute §
718.503 requires the rescinding party to prove that the change was both material and adverse to the property purchased....
...the Association to impose greater restrictions on the use of the Sale Property. Any technical change to the Declaration of Condominium caused by the filing of the Sixth Amendment was not material or adverse to the Sale Property under Florida Statute § 718.503....
...the Motion, Meruelo also asked the Court to find the filing of the Sixth Amendment materially and adversely increased the costs associated with owning the Commercial Units thereby entitling Meruelo to cancel the contract pursuant to Florida Statute § 718.503....
...3d DCA 1993), the Third District Court of Appeals held that a one-time increase in the contractual price for "extras" from $10,384.00 to $17,122.00 was an "adverse" and "material" change by the developer and therefore the Third District Court of Appeals affirmed a summary judgment in favor of the buyer under Florida Statute § 718.503....
...For example, should Meruelo own the commercial units for ten (10) years, Meruelo would have to pay over $150,000.00 in extras as a result of the change to the Sixth Amendment. Florida Courts having concluded that a one time increase in the amount of less than $7,000.00 is a material and adverse change under Florida Statute 718.503, the argument is that much stronger in the circumstances of this case where the yearly increase appears to be greater than $12,000.00....
...seq., and the Order Granting Debtor's Motion to "Unbundle" Unit 431 And to Authorize Kenneth Marlin, as Debtor's Authorized Representative, to Execute And Record The Sixth Amendment to The Declaration of Condominium (C.P.453). [3] Notwithstanding the Confirmation Order which waived the right to cancel under Florida Statute § 718.503, the Debtor acknowledged during the trial on the Motion that the right to cancel under Florida Statute § 718.503 was revived upon the filing of the Sixth Amendment, which occurred after the entry of the Confirmation Order....
CopyCited 3 times | Published | Florida 2nd District Court of Appeal | 2010 Fla. App. LEXIS 7033, 2010 WL 2010843
...y built the condominium and, a little less than two years after entering into the contract with Senker, scheduled the closing and notified Senker of the closing date. In response, Senker notified Snavely that he was revoking the contract pursuant to section 718.503, Florida Statutes (2007), and he demanded a refund of his deposits....
CopyCited 2 times | Published | Florida 5th District Court of Appeal | 10 Fla. L. Weekly 2071
...Section
718.202 refers to "contracts" for sale prior to construction. Section
718.502 requires a developer of a residential condominium to file with the division (Division of Florida Land Sales and Condominiums) one copy of each of the documents required to be furnished to a buyer under section
718.503, and provides that prior to such filing, a contract for sale shall be voidable at the option of the purchaser. Section
718.503(1) requires that contracts for sale of a unit must contain legends designated by that section, and the agreement here contains those required legends....
CopyCited 2 times | Published | Florida 2nd District Court of Appeal
...Stockwell, Dept. of Business Regulation, Tallahassee, for appellee. OTT, Judge. Appellee ("the Division") issued a final order concluding that a condominium unit purchaser may not waive the fifteen-day right to void an agreement for purchase provided in section 718.503, Florida Statutes (1983). We affirm. Prior to amendment in 1984, section 718.503 provided, in pertinent part: 718.503....
...DABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER, AND RECEIPT BY BUYER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO HIM BY THE DEVELOPER UNDER SECTION 718.503, FLORIDA STATUTES....
...all of the documents required by this section. Appellant sold certain condominium units at auction. Prior to commencement of the auction, the auctioneer announced that bids would be accepted only if purchasers waived the right to void as provided in section 718.503. A bid by one Wasser was accepted. She executed a contract which included the statement required by section 718.503(1)(a). Attached to the contract was an addendum, also signed by Wasser. The addendum acknowledged that Wasser was familiar with the provisions of section 718.503(1)(a) and further acknowledged that the contract was not subject to cancellation or rescission....
...It allows the purchaser to review or check out the contents of the prospectus or offering statement required by section
718.504, to seek the advice of an attorney, or simply to reconsider the decision. The protection of a statute designed to protect the public as well as the individual cannot be waived by the individual. Section
718.503(1)(a) was amended, effective October 1, 1984, to require additional language to be contained in a contract for sale....
...Included in the new language is the statement, "Any purported waiver of these voidability rights shall be of no effect." This amendment concerns only the disclosures required to be made in the contract. The Legislature did not amend the substantive right of voidability found in section 718.503(2)....
CopyCited 2 times | Published | Florida 4th District Court of Appeal
...Those contained in the declaration “are
clothed with a very strong presumption of validity . . . . ,” id.
at 639, because the law requires their full disclosure prior to
the time of purchase and, thus, the purchaser has adequate
notice. See Section 718.503(2)(a), Florida Statutes (1983).
Board rules, on the other hand, are treated differently....
CopyCited 2 times | Published | United States Bankruptcy Court, M.D. Florida
...red documents and amendments, in violation of Florida Condominium Act §
718.502. • Count IX — Mona Lisa failed to deliver a prospectus and disclosure statement with all exhibits to prospective purchasers, in violation of Florida Condominium Act §
718.503....
...114 Plaintiffs rely on Werdmuller Von Elgg v. Paramount, where the court granted plaintiffs a refund because a purchase contract failed to include a seven-day right to revoke, even though it included Florida’s mandatory fifteen-day revocation notice under § 718.503....
...r an ILSFDA violation. In this case, plaintiffs were on notice they could cancel their contracts within fifteen days of signing the purchase contracts. None of them pursued this option. Plaintiffs do not explain how the written notice requirement in § 718.503 under Florida law prevented them from asserting their longer fifteen-day right to cancel....
...al Condominiums” governs a developer’s obligations pri-- or to selling residential condominiums. Section
718.502(l)(a) of the Act requires a developer of a residential condominium to file with the Division one copy of each document required by §§
718.503 and
718.504, including the purchase and sale agreement, and, until a developer has filed the agreement, a sale contract remains voidable by the purchaser prior to closing....
...The disclosure requirements of Chapter 718 are *631 those required to be given to prospective purchasers so that they can make informed decisions about whether to purchase a pre-construction condominium unit from a developer. Conversely, a developer’s requirements under §§
718.502,
718.503 and
718.504 to submit purchase agreements, condominium declarations, bylaws, association agreements, operating statements, and other important condominium documents to the Division for approval provides a different and added protection to buy...
...Their contracts are voidable, and plaintiffs are entitled to the refund of their deposits, 221 interest, 222 and reasonable attorney fees and costs. 223 Mona Lisa Made No Adverse Alterations That Would Allow Buyers to Rescind Their Contracts (Count IX) Florida Statute § 718.503(l)(a)(l) allows a condominium unit buyer to rescind a purchase agreement within 15 days “after the date of receipt from the developer of any amendment which materially alters or modifies the offering in a manner that is adverse to the pu...
...s all required exhibits, including, but not limited to, the declaration of condominium, articles of incorporation, association by-laws, and other documents related to condominium ownership. 225 In Count IX, plaintiffs first allege Mona Lisa violated § 718.503(a)(1) by making materially adverse changes to the design of the development’s common areas....
...Second, they allege Mona Lisa’s decision to eliminate a rooftop deck on top of the hotel amenities building, in favor of adding space to the lower floors of the building, was a material adverse change to the project. Plaintiffs also allege Mona Lisa violated § 718.503(b) by failing to provide them with a prospectus that included all required exhibits....
...Specifically, Mona Lisa substantially enlarged the restaurant and bar areas of the first floor of the hotel amenities building and built a covered balcony for dining on the second floor of the building. 230 As an initial matter, whether an amendment to a design plan is “material” and “adverse” under § 718.503 is determined by an objective standard....
...But the case does not establish a per se rule that altering the location of a common area element automatically establishes a violation of §
718.508, insofar as that statute was not even at issue in the case. The one case cited by plaintiffs in which §
718.503 was at issue also fails to support plaintiffs’ argument....
...In Count XI, plaintiffs have alleged per se violations of FDUTPA based on the alleged violations of ILSFDA (Counts I-IV), § 77e of the 1933 Securities Act (Count V), Fla. Stat. § 517 (Count VI), Fla. Stats. §§
718.202 (Count VII),
718.502(Count VIII)
718.503 (Count IX),
718.506 (Count X)....
...year rescission rights to which factual disputes exist. Other Predicate Acts (Count XI) Plaintiffs also have alleged predicate violations under the 1933 Securities Act, Florida Chapter 517, and the Florida Condominium Act, Fla. Stat. §§
718.202 ,
718.503,
718.504, and
718.506....
...Therefore, no per se violation exists for which plaintiffs can bring a FDUTPA claim under §
718.502. Second, in accordance with the Court’s rulings above, plaintiffs cannot establish a predicate violation under the 1933 Securities Act, Florida Chapter 517, or Fla. Stats. §§
718.503,
718.506....
...e size of the pool deck and elimination of the rooftop deck), which formed the basis for their claims under Count IX, also establish a breach of contract because Paragraph 27(g) of the purchase agreements mirrors the statutory language of Fla. Stat. § 718.503 ....
...§ 1703 ); Count II: 1933 Securities Act (15 U.S.C. § 77a); Count III: Florida Securities and Investor Protection Act ( Fla. Stat. § 517.01 et seq.); Count IV: Florida Condominium Act ( Fla. Stat. §
718.202 ); Count V: Florida Condominium Act ( Fla. Stat. §
718.503 ); Count VI: Florida Condominium Act ( Fla....
...North Ocean Condos, L.P.,
580 F.Supp.2d 1288, 1291 (S.D.Fla.2008)). The Court, however, rejects the finding that § 1703(b) comes with an automatic three-year rescission right. . 15U.S.C. § 1703(b). . Pretka v. Kolter City Plaza II, Inc.,
2011 WL 841513 , *4 (S.D.Fla. March 7, 2011). Fla. Stat. §
718.503 reads: THIS AGREEMENT IS VOIDABLE BY PURCHASER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN FIFTEEN (15) DAYS AFTER THE DATE OF THE EXECUTION OF THIS CONTRACT BY THE BUYER, AND RECEIPT BY THE BUYER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO PURCHASER BY THE DEVELOPER UNDER SECTION
718.503, FLORIDA STATUTES....
...§
718.502 (l)(a). . Fla. Stat. §
718.202 (l)(a). . Fla. Stat. §
718.125 . Section 25 of the purchase contracts provides for reasonable attorney fees and costs to the prevailing party of any litigation arising out of the purchase contracts. . Fla. Stat. §
718.503 . See In re Suncoast East Assoc.,
241 B.R. 476 (Bankr.S.D.Fla.1999); Mona Lisa,
436 B.R. at 202-03 ; D&T Properties, Inc. v. Marina Grande Associates, Ltd.,
985 So.2d 43 (Fla.App. 4th Dist.2008). . Fla. Stat.
718.503(b) (referring to §
718.504(24))....
CopyCited 2 times | Published | Florida 4th District Court of Appeal | 10 Fla. L. Weekly 565
...(2) The promissory note provided for two payments, both consistent with the dates and amounts recited in the purchase agreement for the additional deposits. (3) Appellant/buyer could have avoided all liability under the purchase agreement and note by delivery of the statutory written notice created by section 718.503, Florida Statutes (1983); and the seller would have been obligated to return the buyer's $1,000 deposit and the executed promissory note....
CopyCited 2 times | Published | Florida 3rd District Court of Appeal | 2008 Fla. App. LEXIS 3482, 2008 WL 649587
...The trial court entered judgment in favor of Prospect in the amount of $1 million pursuant to the liquidated damage provision contained in the parties' contract. This appeal timely followed. The statutory right to rescind a contract for the purchase of condominiums is controlled by section 718.503 of the Florida Statutes (2005)....
...Y BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER, AND RECEIPT BY BUYER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO HIM OR HER BY THE DEVELOPER UNDER SECTION 718.503, FLORIDA STATUTES....
CopyCited 2 times | Published | Florida 4th District Court of Appeal | 2009 Fla. App. LEXIS 3193, 2009 WL 996382
...by Mastaler of Villa IV at the Villas of Positano, a condominium, from the Developer. The original project consisted of the construction of sixty-two residential units and one commercial unit. The purchase agreement contains a provision which tracks section 718.503, Florida Statutes (2008), which provides that a buyer may cancel the agreement of purchase within fifteen days if the developer makes a material amendment that adversely affects the buyer. In February 2007, shortly before the completion of the project, the Developer notified Mastaler that nine cabanas were being added to the pool area, whose use would be exclusive to those who bought them for $225,000.00. Pursuant to section 718.503 and the Purchase Agreement, the Developer provided notice to Mastaler of the addition, but took the position that the changes were not material or adverse....
...eld in escrow in the sum of approximately $300,000.00 plus accrued interest, as well as attorney's fees and costs. We reverse. This issue involves a matter of statutory interpretation, namely whether the trial court correctly interpreted and applied section 718.503(1)(a)(1), Florida Statutes (2008)....
...Cerasani,
955 So.2d 543, 545 (Fla.2007). The trial court's "findings of fact from disputed evidence" are upheld if supported by "competent, substantial evidence." Acoustic Innovations, Inc. v. Schafer,
976 So.2d 1139, 1143 (Fla. 4th DCA 2008). As included in the Purchase Agreement, section
718.503(1)(a)(1) provides that an "AGREEMENT IS [] VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF *1116 RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR...
CopyCited 1 times | Published | United States Bankruptcy Court, N.D. Florida
...ent is voidable by buyer by delivering written notice of the buyer's intention to cancel within fifteen (15) days after the date of execution of this agreement, and receipt by buyer of all items required to be delivered to him by the developer under section 718.503....
...Additionally, CCV cannot be held to have had actual notice of an equitable lien because the applicable Florida Statute does not require a return of the Special Deposits. Fla. Stat. §
718.202 The Original Purchasers are correct that the return of the deposits is based on Florida law. Fla. Stat. §
718.503(1)(b) (2005) provides that, "the [purchase] contract may be voided ....
CopyCited 1 times | Published | District Court, S.D. Florida | 2009 U.S. Dist. LEXIS 118673, 2009 WL 4932716
...Defendant's agent in accordance with two residential condominium purchase agreements entered into on or about February 11, 2005; (b) collect damages under Chapter 501 of the Florida Statutes; (c) rescind the Agreements under Florida Statutes
718.506,
718.503 and
720.401; (d) collect damages and/or rescind the Agreements based on fraud in the inducement; and (e) obtain equitable relief, including without limitation, common law rescission....
...All dimensions are approximate and all floor plans and development plans are subject to change in accordance with the agreement for sale. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations make reference to the documents required by section 718.503 Florida Statutes to be furnished by developer to buyer or lessee....
...ssion period based on the material and adverse changes to the Prospectus by the Amendment. Florida law allows a buyer to void a condominium purchase agreement if the developer makes a material and adverse change to the offering documents, Fla. Stat. 718.503(1)(a)....
...v. Marina Grande Assocs., Ltd.,
985 So.2d 43 (Fla. 4th DCA 2008), the Fourth District Court of Appeal held that: an objective test is appropriate to decide whether an amendment amounts to a "material" alteration or modification of an offering under section
718.503(1)(a) would a reasonable buyer under the purchase agreement find the change to be so significant that it would alter the buyer's decision to enter into the Agreements? Id....
...ensions in the apartments as built did not change in any significant way from the marketing materials. As a result, the Court determined that Plaintiffs did not establish an adverse and material change which supported revoking their agreements under section 718.503 of the Florida Statutes....
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 2010 WL 3359527
...§ 1703); Count II: 1933 Securities Act (15 U.S.C. § 77e); Count III: Florida Securities and Investor Protection Act (Fla.Stat. Chap. 517); Count IV: Florida Condominium Act (Fla.Stat. §
718.202); Count V: Florida Condominium Act (Fla.Stat. §
718.503); Count VI: Florida Condominium Act (Fla.Stat....
...The Court therefore finds that a material factual dispute exists precluding summary judgment as a matter of law. Summary judgment on Count IV is denied as to both parties. MONA LISA MADE NO MATERIAL, ADVERSE CHANGE TO THE PROJECT IN VIOLATION OF FLA. STAT. § 718.503 (COUNT V). Florida Statute § 718.503 allows a condominium unit buyer to rescind a purchase agreement within 15 days "after the date of receipt from the developer of any amendment which materially alters or modifies the offering in a manner that is adverse to the purchaser." In Count V, plaintiffs allege Mona Lisa violated § 718.503 by making two materially adverse changes to the design of the development's common areas....
...Specifically, Mona Lisa substantially enlarged the restaurant and bar areas of the first floor of the hotel amenities building and built a covered balcony for dining on the second floor of the building. As an initial matter, whether an amendment to a design plan is "material" and "adverse" under § 718.503 is determined by an objective standard....
...[108] At best, this case may tend to support plaintiffs' position that they had an interest in the common areas of the Mona Lisa development. But the case does not establish a per se rule that eliminating a common area element automatically establishes a violation of § 718.503, insofar as that statute was not even at issue in the case. *204 The one case cited by plaintiffs in which § 718.503 was at issue also fails to support plaintiffs' argument....
...or unfair, deceptive, or unconscionable acts or practices, is a per se violation of FDUTPA. In Count VII, plaintiffs have alleged per se violations of FDUTPA based on the alleged violations of ILSFDA, the 1933 Securities Act, and Florida Statutes §§
718.503,
718.506,
718.202, and
190.048....
..., plaintiffs cannot establish a predicate act upon which to base a per se violation of FDUTPA. [127] First, in accordance with the Court's rulings above, plaintiffs cannot establish a predicate act under ILSFDA, the 1933 Securities Act, Fla.Stats. §§
718.503 or
718.506 because the Court has held that Mona Lisa has not violated any of these statutes....
...First, they assert that the allegations regarding the size of the pool deck and the elimination of the rooftop deck, which formed the basis for their claims under Count V, also establish a breach of contract because Section 27(g) of the purchase agreements mirrors the statutory language of Fla.Stat. § 718.503....
CopyCited 1 times | Published | Florida 3rd District Court of Appeal | 2010 Fla. App. LEXIS 11266, 2010 WL 3023370
...the Purchase Agreement, which read as follows: ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE....
CopyCited 1 times | Published | Florida 1st District Court of Appeal | 1990 Fla. App. LEXIS 2935, 1990 WL 52801
...Appellants asserted that Haven had entered into a conspiratorial arrangement with the owners and developers to defraud potential purchasers and that Haven, having actual knowledge of the project's imminent financial ruin, agreed not to furnish appellants with the documents required by section 718.503(2) and (3), Florida Statutes, and agreed to assist in painting a rosy investment picture, concealing its own financial interest in the project, and providing financing for prospective purchasers....
CopyPublished | District Court of Appeal of Florida
...ing the sale of condominiums. A developer of a condominium violates Section
718.502, Florida Statutes (1983), 1 where it fails to file with the Division of Florida Land Sales and Condominiums, documents required to be furnished to buyer or lessee by Section
718.503 (disclosure) and Section
718.504 (prospectus or offering circular) prior to an offering....
...approval of a fully executed escrow agreement and reservation agreement form properly filed with the Division of Flori-da Land Sales and Condominiums. . Florida Administrative Code Rule 7D-17.01(2) also requires that a developer comply with Sections
718.503 and
718.504 prior to making an offering....
CopyPublished | District Court of Appeal of Florida | 14 Fla. L. Weekly 2147, 1989 Fla. App. LEXIS 5039, 1989 WL 104049
...The form “agreement for sale” contained in the prospectus and utilized in the ordinary course of selling condominium units is a nine-page document containing the statutorily-required caveat disclaiming any oral representations and referring the purchaser instead to Section 718.503 of the Florida Statutes....
CopyPublished | District Court, M.D. Florida | 2009 U.S. Dist. LEXIS 93549
...serted a claim for violations of the Interstate Land Sales Full Disclosure Act ( see, e.g., Doc. 1 at 16, ¶¶ 100-108). Other claims, which are apparently asserted by only some Plaintiffs but not others, are predicated on violations of FLA. STAT. §§
718.503 and
718.506, fraud, breach of contract, negligence, defective title, breach of fiduciary duty, and securities fraud (Doc....
...1535 (M.D.Fla.1990) (holding that clause, "proper venue for said action shall be Polk County, Florida," did not preclude venue in Middle District of Florida). B. Motion to Dismiss Pursuant to Rule 12(b)(6) Count 1 Count 1 purports to state a claim pursuant to FLA. STAT. § 718.503, which provides, in pertinent part: Copies of documents to be furnished to prospective buyer or lessee....
...nto a contract to purchase a residential unit or lease it for more than 5 years, the contract may be voided by that person, entitling the person to a refund of any deposit together with interest thereon as provided in Section
718.202 .... FLA. STAT. §
718.503(1)(b). Defendants contend that Section
718.503(1)(b) does not provide a remedy if the statutory right to rescission is not timely invoked (Doc....
CopyPublished | District Court of Appeal of Florida | 1996 Fla. App. LEXIS 11087, 1996 WL 603647
...ect, on a cash basis without any mortgage contingency. (Emphasis added). . The trial court may in its discretion reopen the evidentiary record and take further testimony if necessary or desirable. . See supra note 2. . This provision was required by section 718.503, Florida Statutes (1987)....
CopyPublished | District Court of Appeal of Florida | 9 Fla. L. Weekly 2303, 1984 Fla. App. LEXIS 15704
...ntract and the buyer has signed a receipt for the required condominium documents. In this case, because Sauermann never signed a receipt he claimed (and the trial court agreed) that the contracts remained voidable. However, rule 7D-18.01 is based on section 718.503(2), Florida Statutes, which provides that the buyer may terminate the contract “within 15 days after the buyer ......
...of a statute the agency is assigned to enforce is entitled to considerable weight_ However, when the language of a statute is plain and its meaning clear, resort to this or any other rule of statutory construction is unnecessary.” The language of section 718.503(2) clearly allows a buyer to cancel a contract for a period of fifteen days from his receipt of the documents....
CopyPublished | Florida 4th District Court of Appeal | 2011 Fla. App. LEXIS 6339, 2011 WL 1661397
...This appeal stems from a dispute over several pre-construction purchase agreements entered into between appellants, as purchasers of condominium units, and P.C. — Plantation, LLLP, as developer. The purchasers filed a complaint, alleging that Plantation violated section 718.503, Florida Statutes, by converting the condominiums into a “luxury rental community.” The complaint was dismissed for failure to state a claim. Because the complaint sufficiently stated a claim under section 718.503, we reverse. Section 718.503(l)(a)l., states, in relevant part, that a contract for the sale of a residential unit must: *372 Contain the following legend in conspicuous type: ......
...Landsman,
51 So.3d 1208, 1213 (Fla. 4th DCA 2011). This court’s review is limited to the four corners of the complaint, all facts must be accepted as true and all reasonable inferences must be drawn in favor of the pleader. See id. The complaint sufficiently alleged a claim under section
718.503 by stating that Plantation changed the condominiums into a “luxury rental community” subsequent to executing the purchase agreements....
...Porto Vita, Ltd.,
954 So.2d 1240, 1242 (Fla. 3d DCA 2007) (noting that fact-intensive issues are better disposed of on a motion for summary judgment or at trial, rather than on a motion to dismiss). Accordingly, the complaint sufficiently stated a claim under section
718.503, and the trial court’s order is reversed....
CopyPublished | District Court of Appeal of Florida | 14 Fla. L. Weekly 1254, 1989 Fla. App. LEXIS 2877, 1989 WL 52137
...After these agreements had been executed, Revac convinced many of its clients to sign purchase agreements for the timeshare weeks. Although executed in foreign countries, these purchase agreements attempted to comply with Florida law and contained references to the condominium disclosure requirements of section 718.503,-Florida Statutes (1981)....
CopyPublished | United States Bankruptcy Court, N.D. Florida
...t is voidable by buyer by delivering written notice of the buyer’s intention to cancel within fifteen (15) days after the date of execution of this agreement, and receipt by buyer of all items required to be delivered to him by the developer under section 718.503....
...Additionally, CCV cannot be held to have had actual notice of an equitable lien because the applicable Florida Statute does not require a return of the Special Deposits. Fla. Stat. §
718.202 The Original Purchasers are correct that the return of the deposits is based on Florida law. Fla. Stat. §
718.503 (l)(b) (2005) provides that, “the [purchase] contract may be voided ......
CopyPublished | Florida 3rd District Court of Appeal
...3d DCA 2021) (citing Volusia Cnty. v. Aberdeen at
Ormond Beach, L.P.,
760 So. 2d 126 (Fla. 2000)), we hold that the trial court
properly granted summary judgment in favor of Buyers, and affirm the trial
court’s entry of final summary judgment. See §
718.503(2)(d)2., Fla....
...3d DCA 2017)).
2
(2022) (requiring contracts for sale of a residential unit to include certain
terms and provisions, including the provision contained in the instant
contract); Bydalek v. Saenz,
368 So. 3d 508, 511 (Fla. 3d DCA 2023)
(interpreting the final sentence contained in section
718.503(2)(d)2....
CopyPublished | District Court, S.D. Florida | 2009 U.S. Dist. LEXIS 129785, 2009 WL 7011942
...l-pleaded factual allegations, documents central to or referenced in the complaint, and matters judicially noticed." La Grasta v. First Union Sec., Inc.,
358 F.3d 840, 845 (11th Cir.2004). III. ANALYSIS A. Statutory Voidance Under Florida Statutes §§
718.503-718.504 Plaintiff's first claim is for statutory voidance of the purchase agreement based upon Defendant's alleged failure to provide "a copy of the prospectus or offering circular to Plaintiff as required by F.S....
...Florida law requires that "[u]ntil such time as the developer has furnished the [required] documents . . . to a person who has entered into a contract to purchase a residential unit . . . the contract may be voided by that person. . . ." Fla. Stat. § 718.503 (2008). By signing and acknowledging receipt of the required documents, however, Plaintiff has failed to state a claim for statutory voidance under Fla. Stat. § 718.503 (2008)....
...*1269 Plaintiff is unable to state a cause of action for statutory voidance under the October 27, 2008 Amendment because the Complaint does not state how the Amendment modified the original Agreement in a manner materially adverse to the Plaintiff. "The plain meaning of Florida Statute § 718.503 requires the rescinding party to prove that the change was both material and adverse to the property purchased." In re Suncoast Towers East Assocs., 241 B.R....
CopyPublished | District Court of Appeal of Florida | 1984 Fla. App. LEXIS 11607
...The controversy arises from plaintiff/appellee’s attempt to buy a condominium unit from the defendant/appellant. In 1979, the parties entered into a contract for the purchase of the condominium unit. The initial contract did not contain certain clauses concerning cancellation and oral representations as required by Section 718.503(l)(a) and (b), Florida Statutes (1981)....
CopyPublished | Florida 3rd District Court of Appeal
...thereby entitled to return of his deposit as a matter of law. Seller argued that
1
This voidability provision is mandated by statute which, as discussed infra,
requires an agreement for the sale of a residential condominium unit to
include the operative language above. See § 718.503(2)(d)2., Fla....
...See Volusia Cty. v. Aberdeen at Ormond Beach, L.P.,
760 So. 2d 126, 130 (Fla. 2000); Priority Med. Ctrs., LLC v. Allstate Ins. Co.,
319 So. 3d 724, 726 (Fla. 3d DCA 2021).
The language contained in the agreement at issue is imported verbatim
from section
718.503(2)(d)2., Fla....
CopyPublished | Florida 2nd District Court of Appeal | 2005 Fla. App. LEXIS 12795, 2005 WL 1993512
...failures to disclose certain information. Under the Act, a developer 3 is subject to strict disclosure requirements; failure to comply with these requirements permits the buyer to void the contract and entitles the buyer to a refund of any deposit. § 718.503, Fla....
