(a) General rule.-- In cases where delivery of a public offering statement is required under section 3401
(relating to applicability; waiver), a declarant shall provide a purchaser of a unit
with a copy of the public offering statement and all amendments thereto not later
than the date the purchaser executes the contract of sale for such unit or, if no
contract of sale is executed, 15 days before conveyance of such unit. Unless a purchaser
is given the public offering statement, including all the currently effective amendments
thereof, within the time period referred to in the preceding sentence, the purchaser,
before conveyance, may cancel the contract within 15 days after first receiving the
public offering statement and all currently effective amendments thereof, except in
the case of the sale of a time-share estate. Unless a purchaser of a time-share estate
is given the public offering statement, including all the currently effective amendments
thereof, more than seven days before the purchaser executes the contract for the purchase
of such unit or, if no contract of sale is executed, seven days before conveyance
of such unit, the purchaser, before conveyance, may cancel the contract within seven
days after first receiving the public offering statement and all currently effective
amendments thereof. If a public offering statement is amended after the public offering
statement has been received by a purchaser of a unit, the amendment shall be provided
to the purchaser promptly after it becomes effective, and, if the amendment materially
and adversely affects the rights or obligations, or both, of the purchaser, then the
purchaser, before conveyance, may cancel the contract of sale within 15 days, or seven
days in case of the sale of a time-share estate, after receiving the amendment.
(b) Method and effect of cancellation.-- If a purchaser elects to cancel a contract pursuant to subsection (a), he may do so
by hand delivering notice thereof to the declarant, or by mailing notice thereof by
prepaid United States mail to the declarant or to his agent for service of process.
Cancellation is without penalty and all payments made by the purchaser before cancellation
shall be refunded promptly.
(c) Penalty for noncompliance by declarant.-- If a declarant fails to provide a purchaser to whom a unit is conveyed with a public
offering statement and all amendments thereto as required by subsection (a), the purchaser,
in addition to any other relief, is entitled to receive from the declarant an amount
equal to 5% of the sales price of the unit up to the maximum of $2,000, or actual
damages, whichever is the greater amount. A minor omission or error in the public
offering statement or an amendment thereto, that is not willful, shall entitle the
purchaser to recover only actual damages, if any.
Synced from the Florida Legislature’s official site. Verify the current version before citing.