Disclosure prior to sale; prospectus

Common Elements summary — Section 719.503 requires every cooperative developer to deliver a prospectus to every prospective buyer of a cooperative unit before any binding contract is executed. The prospectus must include the cooperative documents, a description of the project, the proposed budget for the first year, all contracts the association will assume at turnover, all recreational and commonly-used facilities, the estimated first-year assessments, and disclosure of the developer's identity and financial condition. The buyer has a 15-day rescission right running from the later of contract execution or delivery of the prospectus. A defective or late prospectus extends the rescission window indefinitely — meaning a buyer who didn't get the disclosure can rescind years later if the developer cannot prove proper delivery. For resale brokers and attorneys: the 719.503 prospectus is the historical record of what the association was supposed to look like at launch. When current operations have drifted from the original financial plan — common in 30-year-old cooperatives — the prospectus is the artifact that shows what changed. Always pull it from the DBPR filing if the current management can't produce it.

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