Florida Statutes 718.703 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
As used in this part, the term:
(1) “Bulk assignee” means a person who is not a bulk buyer and who:
(a) Acquires more than seven condominium parcels in a single condominium as set forth in s. 718.707; and
Terms Used In Florida Statutes 718.703
- Association: means , in addition to any entity responsible for the operation of common elements owned in undivided shares by unit owners, any entity which operates or maintains other real property in which unit owners have use rights, where membership in the entity is composed exclusively of unit owners or their elected or appointed representatives and is a required condition of unit ownership. See Florida Statutes 718.103
- Bulk assignee: means a person who is not a bulk buyer and who:(a) Acquires more than seven condominium parcels in a single condominium as set forth in…. See Florida Statutes 718.703
- Bulk buyer: means a person who acquires more than seven condominium parcels in a single condominium as set forth in…. See Florida Statutes 718.703
- Buyer: means a person who purchases a condominium unit. See Florida Statutes 718.103
- Condominium: means that form of ownership of real property created pursuant to this chapter, which is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements. See Florida Statutes 718.103
- declaration of condominium: means the instrument or instruments by which a condominium is created, as they are from time to time amended. See Florida Statutes 718.103
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Developer: means a person who creates a condominium or offers condominium parcels for sale or lease in the ordinary course of business, but does not include:
(a) An owner or lessee of a condominium or cooperative unit who has acquired the unit for his or her own occupancy;(b) A cooperative association that creates a condominium by conversion of an existing residential cooperative after control of the association has been transferred to the unit owners if, following the conversion, the unit owners are the same persons who were unit owners of the cooperative and no units are offered for sale or lease to the public as part of the plan of conversion;(c) A bulk assignee or bulk buyer as defined in…. See Florida Statutes 718.103- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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
(b) Receives an assignment of any of the developer rights, other than or in addition to those rights described in subsection (2), as set forth in the declaration of condominium or this chapter:1. By a written instrument recorded as part of or as an exhibit to the deed;2. By a separate instrument recorded in the public records of the county in which the condominium is located; or3. Pursuant to a final judgment or certificate of title issued in favor of a purchaser at a foreclosure sale.A mortgagee or its assignee may not be deemed a bulk assignee or a developer by reason of the acquisition of condominium units and receipt of an assignment of some or all of a developer’s rights unless the mortgagee or its assignee exercises any of the developer rights other than those described in subsection (2).
(2) “Bulk buyer” means a person who acquires more than seven condominium parcels in a single condominium as set forth in s. 718.707, but who does not receive an assignment of any developer rights, or receives only some or all of the following rights:(a) The right to conduct sales, leasing, and marketing activities within the condominium;(b) The right to be exempt from the payment of working capital contributions to the condominium association arising out of, or in connection with, the bulk buyer‘s acquisition of the units; and(c) The right to be exempt from any rights of first refusal which may be held by the condominium association and would otherwise be applicable to subsequent transfers of title from the bulk buyer to a third party purchaser concerning one or more units.