A trustee’s condominium purchase calls for coordinated review of signing authority, funding, disclosure delivery, cancellation deadlines, and closing terms. Distinguishing a developer sale from a resale is the first step toward protecting both the acquisition and the trust’s position.
For a trustee acquiring a South Florida residence, the contract deserves the same attention as the architecture. Resolve signing authority, deposit funding, intended title, and disclosure timing together. An elegant acquisition can become unnecessarily complicated when those decisions are deferred until closing.
The first distinction is whether the transaction is a developer sale or a nondeveloper resale. Florida condominium disclosure rules treat them differently. The description “preconstruction” does not, by itself, establish which review period applies. Identify the contracting seller and have counsel confirm the legal framework before calendaring deadlines.
These principles apply whether the search centers on The Residences at 1428 Brickell or another residence. A project’s identity is no substitute for reviewing the particular seller, agreement, and disclosure package.
Trustee authority requires a separate review. Condominium disclosure rules do not establish whether a particular trustee may sign alone, whether co-trustees must participate, or whether the trust permits borrowing. Those questions belong with counsel reviewing the trust instrument and the contemplated transaction.
Confirm how the purchaser should be identified in the agreement, how representative capacity should appear in the signature block, and how title is intended to be vested at closing. Obtain the proposed lender’s and title company’s documentation requirements before assuming the contract wording will be acceptable to everyone involved.
Also ask whether the signing trustee can authorize each scheduled deposit, execute financing documents, and approve an extension. These are separate questions; the answers should not be inferred from permission to purchase. The objective is a consistent purchaser identity from contract through funding and conveyance.
For a developer sale, section 718.503 generally permits termination within 15 days after receipt of all required documents. Completeness matters: the required package may include a prospectus or disclosure statement and exhibits, or the applicable statutory condominium documents.
For an applicable nondeveloper resale, the review framework instead provides a seven-business-day cancellation period tied to contract execution and receipt of specified documents. Saturdays, Sundays, and legal holidays are excluded from that applicable resale period. Where the statutory resale provision applies, the cancellation right generally cannot be waived or shortened by contract.
The resale package commonly includes the declaration, articles of incorporation, bylaws, association rules, most recent annual financial information, and statutory frequently asked questions and answers. A marketing presentation or selected association documents cannot substitute for a completeness review.
For a Miami Beach search that includes The Perigon Miami Beach, the same discipline applies: identify the transaction type before selecting the review period. Counsel should confirm the statutory version applicable to the transaction rather than assume different editions contain identical resale provisions.
When disclosures arrive in installments, maintain a delivery log identifying each document, its version, the delivery date, and the recipient. Retain the actual attachments or downloaded files alongside the correspondence. This gives counsel a usable record for assessing completeness and timing.
Signed receipts can establish delivery timing. Before acknowledging a complete package, compare the receipt with what was actually received. If an exhibit is missing or a file cannot be opened, ask counsel how to document the issue before signing an acknowledgment.
For a trust purchase, clarify who will receive disclosures and who will coordinate review. The trustee, attorney, and other advisers should work from the same package. That coordination helps avoid conflicting assumptions about whether delivery is complete or when a deadline expires.
Preconstruction funding deserves attention before the first transfer. Section 718.202 requires escrow protection for certain condominium purchaser payments received before construction is completed. Precompletion payments exceeding 10% of the sale price are subject to special escrow requirements, with developer use permitted only under statutory conditions.
That threshold does not promise that every deposit will remain untouched until closing. Have counsel examine the escrow provisions, any permitted use of funds, and the payment schedule against the applicable statute.
For a Sunny Isles Beach acquisition involving Bentley Residences Sunny Isles, ask the same practical questions as for any other purchase: which account will fund each installment, who may authorize transfers, and whether borrowing is contemplated. Do not assume a financing plan creates a contractual financing contingency. Ask counsel to identify any protection expressly provided by the agreement.
Developer-sale cancellation requires written notice delivered to the developer within the statutory period. Deciding to cancel is not the same as delivering a cancellation notice. Plan the mechanics before the deadline becomes urgent.
Compare the statutory requirements with the agreement’s notice addresses, designated recipients, and delivery methods. Have counsel confirm the notice’s content and the procedure appropriate to the transaction. Preserve the notice, transmission records, and evidence of delivery alongside the disclosure log.
For a resale, separately confirm the applicable cancellation provision and its mechanics. Do not import the developer procedure wholesale or use timeshare cancellation rules for an ordinary condominium purchase. Ask counsel how any claimed cancellation affects the deposit and what steps the agreement requires for its return.
A developer generally may not close until 15 days after both execution of the agreement and delivery of the required documents. Earlier closing is possible when the buyer is informed of the statutory right and affirmatively agrees to close before that period expires.
Section 718.502 adds a separate restriction: required documents must have been prepared and filed, and statutory division-review requirements satisfied. These protections should not be confused with a contractual right to extend closing.
Whether considering Andare Residences Fort Lauderdale or another residence, review extension language independently. Who may extend? What triggers the right? Is notice required, and by when? Is there an outside closing date, an additional deposit, or an allocation of carrying costs? The answers must come from the particular agreement, not assumptions about customary practice.
Maintain separate entries for disclosure receipt, statutory review deadlines, deposits, contractual notices, and anticipated closing. Assign responsibility for each action and ask counsel to resolve uncertainty before it affects performance.
For a trustee, the strongest position is a coordinated one: confirmed authority, consistent intended title, an executable funding plan, and documented notice procedures. None replaces the others. This is a transaction-review framework, not a determination of any particular trust’s powers or contract’s enforceability.
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Begin a quiet conversationNo. Confirm whether the contracting seller is a developer or a nondeveloper, then identify the disclosure rules applicable to the transaction.
Section 718.503 generally permits termination within 15 days after receipt of all required documents. Counsel should confirm completeness and the deadline for the particular transaction.
The applicable framework provides seven business days tied to contract execution and receipt of specified documents. Saturdays, Sundays, and legal holidays are excluded.
Where the statutory resale disclosure provision applies, its cancellation right generally cannot be waived or shortened by contract.
The package commonly includes the declaration, articles of incorporation, bylaws, association rules, most recent annual financial information, and statutory frequently asked questions and answers.
Signed receipts can establish delivery timing. Verify that the acknowledgment matches the documents actually received before confirming a complete package.
Deliver written notice to the developer within the statutory period. Review notice addresses and delivery methods with counsel and preserve evidence of delivery.
The disclosure rules do not resolve those trust-specific questions. Counsel should review the trust instrument, while the lender and title company should confirm their documentation requirements.
Section 718.202 protects certain purchaser payments received before construction is completed. Payments exceeding 10% of the sale price have special escrow requirements, with developer use permitted only under statutory conditions.
Statutory closing safeguards are distinct from contractual extension rights. Review the agreement for extension triggers, notice deadlines, an outside closing date, and any additional financial obligations.
