Florida Regulations 61B-18.008: Disclosure of Developer’s Rental Program
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(1) In determining whether a developer’s plan includes a program of leasing, and thus requires disclosure pursuant to Florida Statutes § 718.504(10), it shall be relevant, although not dispositive, whether and the extent to which:
(a) The developer has advertised the availability of its units for rent;
(b) The developer has listed any of its units for rent with a broker or salesman;
(c) The developer has designated on internal marketing charts, memoranda or lists certain units as for sale and other units as for rent; and,
(d) The developer-owned units are available for rent but not for purchase.
(2) A developer shall be presumed not to have a program of leasing requiring disclosure pursuant to the above statute if the developer offers no more than 7 leases within a period of 1 year in a condominium comprised of 70 or more units. In condominiums containing fewer than 70 units, the foregoing presumption shall exist if, in any 1 year period, the developer offers 5 or fewer such leases.
(3) In describing a program of leasing in a prospectus for a residential condominium, the developer shall identify:
(a) The total number of units to be leased;
(b) The specific units to be leased;
(c) The provisions and duration of the proposed leases; and,
(d) The estimated length of time in which the developer plans to lease units rather than sell them or lease units and sell them subject to such leases.
(4) Where a developer has no current intention of engaging in a program of leasing at the time the prospectus is filed with the Division and therefore does not make the disclosures required by Florida Statutes § 718.504(10), the developer may not subsequently engage in a program of leasing until the developer:
(a) Files an amendment with the Division, pursuant to Fl. Admin. Code R. 61B-17.006, fully disclosing the information noted above; and,
(b) Provides a copy of the amendment to the association and to every unit owner.
Rulemaking Authority 718.501(1)(f) FS. Law Implemented 718.504(10), 718.502(1),(2)(a), 718.503(1)(a) FS. History-New 1-27-87, Formerly 7D-18.008.
Terms Used In Florida Regulations 61B-18.008
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Statute: A law passed by a legislature.
(b) The developer has listed any of its units for rent with a broker or salesman;
(c) The developer has designated on internal marketing charts, memoranda or lists certain units as for sale and other units as for rent; and,
(d) The developer-owned units are available for rent but not for purchase.
(2) A developer shall be presumed not to have a program of leasing requiring disclosure pursuant to the above statute if the developer offers no more than 7 leases within a period of 1 year in a condominium comprised of 70 or more units. In condominiums containing fewer than 70 units, the foregoing presumption shall exist if, in any 1 year period, the developer offers 5 or fewer such leases.
(3) In describing a program of leasing in a prospectus for a residential condominium, the developer shall identify:
(a) The total number of units to be leased;
(b) The specific units to be leased;
(c) The provisions and duration of the proposed leases; and,
(d) The estimated length of time in which the developer plans to lease units rather than sell them or lease units and sell them subject to such leases.
(4) Where a developer has no current intention of engaging in a program of leasing at the time the prospectus is filed with the Division and therefore does not make the disclosures required by Florida Statutes § 718.504(10), the developer may not subsequently engage in a program of leasing until the developer:
(a) Files an amendment with the Division, pursuant to Fl. Admin. Code R. 61B-17.006, fully disclosing the information noted above; and,
(b) Provides a copy of the amendment to the association and to every unit owner.
Rulemaking Authority 718.501(1)(f) FS. Law Implemented 718.504(10), 718.502(1),(2)(a), 718.503(1)(a) FS. History-New 1-27-87, Formerly 7D-18.008.