Florida Statutes 718.503: Condo Sale Disclosures, 7-Day Resale Cancellation Clause

Quick Answer

Section 718.503 of the Florida Statutes sets the disclosures a seller must give a condominium buyer. A developer must deliver a prospectus or listed documents and give a 15-day cancellation right. An owner reselling a unit must give the buyer the declaration, articles, bylaws and rules, the annual financial statement and budget, the "Frequently Asked Questions and Answers" document, and now the milestone inspection summary and structural integrity reserve study (SIRS) where they exist. The resale contract must carry a clause giving the buyer a 7-day review period or a 7-day cancellation right, "excluding Saturdays, Sundays, and legal holidays."

At a Glance

What the Law Says

Developer sales, subsection (1)

• The contract must contain a conspicuous legend that the buyer may cancel by written notice "within 15 days after the date of execution" and receipt of all required items, and within 15 days after receiving a materially adverse amendment. Waivers have "no effect."
• The contract must state the escrow agent's name and address and carry the caveat that oral representations cannot be relied upon.
• The developer may not close for 15 days after execution and delivery of the documents unless the buyer is informed of the voidability period and agrees in a separate signed agreement, which the developer must keep for 5 years.
• The document list includes the prospectus (or, if none, the declaration, bylaws, budget, management contracts and similar items), plus, as items 18 to 20, the inspector-prepared milestone inspection summary, the most recent SIRS and the turnover inspection report, or a conspicuous statement that the item has not been completed or is not required.

Resales by an owner, subsection (2)

Each non-developer owner "must comply with this subsection before the sale." The buyer is entitled, at the seller's expense, to a current copy of:

• the declaration of condominium;
• the association's articles of incorporation;
• the bylaws and rules;
• an annual financial statement and annual budget;
• the inspector-prepared milestone inspection summary, if applicable;
• the most recent SIRS, or a statement that the association has not completed one;
• the turnover inspection report for a turnover inspection performed on or after July 1, 2023;
• the "Frequently Asked Questions and Answers" document required by section 718.504.

The buyer also receives a governance form that the Division of Florida Condominiums, Timeshares, and Mobile Homes prepares. Subsection (2)(d) requires each resale contract entered into after July 1, 1992 to contain, in conspicuous type, either an acknowledgment that the buyer received the core documents "more than 7 days, excluding Saturdays, Sundays, and legal holidays, before execution," or a clause making the agreement voidable by written notice within 7 days (same exclusions) after execution and receipt. The buyer may extend closing by up to 7 such days.

Subsection (2)(e) adds a parallel clause for contracts entered into after December 31, 2024. If the association is required to have, and has not completed, a milestone inspection, turnover inspection report or SIRS, the contract must say so in conspicuous type. If it is not required to have them, the contract must say that. If completed, the acknowledgment and 7-day cancellation clauses cover those reports as well.

Flood disclosure in developer contracts

Developer contracts must contain a conspicuous statement that homeowners' insurance policies "do not include coverage for damage resulting from flooding," encouraging the buyer to discuss separate flood insurance with an insurance agent. The developer then checks whether it has knowledge of flooding that damaged the property during its ownership, whether it has filed a flood claim (including with the National Flood Insurance Program), and whether it has received assistance for flood damage (including from FEMA). The statute defines "flooding" in the disclosure. The text we read places this statement in the developer subsection, not the resale subsection.

Other disclosures, subsection (3)

Developers selling before construction is complete must make plans and specifications available. Sales brochures must carry the oral-representation caveat. If the unit is in a condominium created within a portion of a building or a multiple parcel building, the disclosures required by section 718.407(5) must be provided.

What This Means in Practice

For boards

The statute puts the delivery duty on the seller and sets no deadline or fee for the association. Even so, associations are the source of most of these documents. Our reading: a prompt, organized records package and a current SIRS and milestone summary reduce delays at closing. Section 718.116 separately regulates estoppel certificate timing and fees, so keep the two processes distinct.

For owners and buyers

If you are selling, the documents are at your expense and must reach the buyer; a contract without the required clause is voidable by the buyer before closing. If you are buying, the right to cancel ends at closing, and the clock counts business days under the resale clause.

What the statute does not say (our reading)

• The text we read does not say who in a resale must supply the milestone summary or SIRS if the association has not made them available. Ask counsel.
• The section does not set a fee for the association to produce the documents. Fee rules sit elsewhere.
• The text does not say whether an owner may use the 7-day cancellation clause after waiving the review period. It says waivers are of "no effect."

Timeline

Related Florida Law

• Florida Statutes Chapter 718: the Condominium Act
• Section 553.899: milestone inspections
• Section 718.112: reserves and the SIRS
• Section 718.301: developer turnover
• HB 913 (2025)
• Section 718.116: assessments and liens

Board Checklist

• Keep a current set of the declaration, articles, bylaws, rules, annual financial statement and budget ready to deliver.
• Keep the current FAQ document and the Division governance form with the sale package.
• Confirm the SIRS and milestone inspection summary status for each building and record the dates.
• Set an internal turnaround target for document requests from owners and agents.
• Keep estoppel certificate procedures separate from the disclosure package.
• Ask counsel how to respond when a requested report does not exist yet.

Frequently Asked Questions

How long does a condo buyer have to cancel in a resale?

The statutory clause gives 7 days after execution and receipt of the documents, excluding Saturdays, Sundays and legal holidays, if the buyer did not receive the documents more than 7 such days before signing. The right ends at closing.

What documents must a condo seller give the buyer?

The declaration, articles, bylaws and rules, annual financial statement and budget, the FAQ document, the milestone inspection summary if applicable, the latest SIRS or a statement that none is complete, and the turnover inspection report if applicable.

Who pays for the documents?

The seller. The statute entitles the buyer to the copies "at the seller's expense."

What if the contract leaves out the required clause?

A contract that does not conform is "voidable at the option of the purchaser before closing."

Does a developer sale have a longer cancellation period?

Yes. The developer legend gives 15 days after execution and receipt of the required items.

Is there a flood disclosure in this section?

Yes, in the developer contract: a flood insurance statement and three developer statements about flooding knowledge, claims and assistance. We did not find a matching resale flood statement in this section.

Does this apply to HOAs?

No. Section 718.503 is in the Condominium Act. Homeowners' associations use chapter 720.

Where This Comes From

We read the full text and history line of section 718.503 in the 2026 Florida Statutes (section 718.503). We did not read the session laws named in the history line, so we do not state what each amendment changed. We did not read case law.

Where We Stand

Our position: we support, with a caveat. Giving buyers the governing documents, budget and building-safety reports before they commit is sound consumer protection and reduces post-closing surprises. The caveat is that cancellation rights and mandatory contract clauses add friction to closings, and associations are often blamed for delays in producing the documents. Practical tip: keep a standing, dated sale package for each building so requests can be answered quickly. This is Association Property Managers' operating view as a management company, separate from the legal summary above, and it is not legal advice.

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Legal disclaimer: This article is general information, not legal advice. Laws change and associations differ. Confirm the current statute text and how it applies to your governing documents with a licensed Florida attorney before acting.