Prospectus or offering circular

Common Elements summary — Section 718.504 lists what every condominium prospectus must disclose to a prospective buyer: the name and address of the developer, a description of the condominium, the proposed budget for the first year of association operation, a list of all recreational and other commonly-used facilities, all contracts and leases the association will assume at turnover, all "estimated" assessments for the first 12 months, and copies of every governing document. The prospectus is the consumer-protection backbone of new-condo sales in Florida. Buyers have a 15-day rescission right under 718.503(1)(a) running from the later of contract execution or delivery of the prospectus, which means a defective or late-delivered prospectus extends the cooling-off window indefinitely until the developer cures. For resale boards: the original 718.504 prospectus is often the cleanest historical record of what assessments were SUPPOSED to fund versus what they actually fund today. When an owner alleges a current charge is improper, comparing it to the original prospectus disclosure is a useful sanity check — though the controlling document is always the declaration as currently amended, not the marketing prospectus.

Not legal advice. Click through to the official source for statutory text.