Florida Statutes 475.279 – Residential loan alternative agreements for the disposition of residential real property
Current as of: 2024 | Check for updates
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(1) As used in this section, the term:
(a) “Disposition” means a transfer or voluntary conveyance of the title or other ownership interest in residential real property.
Terms Used In Florida Statutes 475.279
- Broker: means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor; and all persons who advertise rental property information or lists. See Florida Statutes 475.01
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
(b) “Residential loan alternative agreement” means a signed writing or a signed and written legal instrument or contract between a person and a seller or an owner of residential real property which:
1. Grants an exclusive right to a person to act as a broker for the disposition of the property;
2. Has an effective duration, inclusive of renewals, of more than 2 years; and
3. Requires the person to pay monetary compensation to the seller or owner.
(c) “Residential real property” means improved residential property of four or fewer residential dwelling units or unimproved residential real property on which four or fewer residential dwelling units may be built.
(2) A residential loan alternative agreement may not authorize a person to place a lien on or otherwise encumber any residential real property. A residential loan alternative agreement may not constitute a lien, an encumbrance, or a security interest in the residential real property. A court may not enforce a residential loan alternative agreement by a lien or constructive trust in the residential real property or upon the proceeds of the disposition of the residential real property.
(3) A residential loan alternative agreement may not be assigned.
(4) A residential loan alternative agreement is void if listing services do not begin within 90 days after the execution of the agreement by both parties.
(5) A residential loan alternative agreement may not be recorded by the clerk of the circuit court.
(6) A residential loan alternative agreement must meet all of the requirements of this section or it is unenforceable in law or equity.
(7) Notwithstanding s. 501.212, a violation of this section is deemed an unfair or deceptive trade practice within the meaning of part II of chapter 501, and a person who violates this section is subject to the penalties and remedies provided therein.