Fla. Admin. Code Ann. R. 61B-18.008 - Disclosure of Developer's Rental Program

(1) In determining whether a developer's plan includes a program of leasing, and thus requires disclosure pursuant to Section 718.504(10), F.S., 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 Section 718.504(10), F.S., the developer may not subsequently engage in a program of leasing until the developer:

(a) Files an amendment with the Division, pursuant to Rule 61B-17.006, F.A.C., fully disclosing the information noted above; and,

(b) Provides a copy of the amendment to the association and to every unit owner.

Notes

Fla. Admin. Code Ann. R. 61B-18.008

Rulemaking Authority 718.501(1)(f) FS. Law Implemented 718.504(10), 718.502(1), (2)(a), 718.503(1)(a) FS.

New 1-27-87, Formerly 7D-18.008.

New 1-27-87, Formerly 7D-18.008.