Florida statutes 721.07 (6)

[K1RUN]

Hello Members,

My first question in the forum.

What does the sentence "While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10-day cancellation period, is prohibited." in the Statutes 721.07(6) mean?

Thank you in advance for your responses.

Regards
KA

 

[Talent312]

Elsewhere, Florida Statutes gives buyers a 10-day option to rescind. The clock on that starts to run upon the signing of a contract (or delivery of required disclosures, if later).

This provision says that, if the parties sign docs to transfer to title (i.e. deeds, mortgages, notes, affidavits, statements) prior to the end of that 10-day period, they must be held in abeyance (in a folder) until the period has expired.

IOW, there is to be no recording and no transfer of title until the buyer has 10 days to decide whether or not to go thru with it.

.

 

[theo]

It's unusual (but also just fine and dandy, IMO) that the 10 day cancellation period in Florida now applies to all timeshare transactions, including resales (i.e., it's not just applicable to developer-direct sales, as is the case in most states, afaik).

What intrigues me a bit is that this FL measure to also cover resale timeshares was adopted as a statutory amendment only in relatively recent years. I guess it wasn't harmful to ARDA interests, so apparently it wasn't worth ARDA flexing its' lobbying muscle to oppose / kill that amendment to also apply to FL timeshare resales.

 

[K1RUN]

Talent312 and Theo, Thank you for your responses.

The reason I asked this question is the Closing Date listed on my deed is within four days of Issue Date on my Closing Disclosure
document. Did they trick me somehow?

Thanks
KA

 

[Braindead]

Talent312 and Theo, Thank you for your responses.

The reason I asked this question is the Closing Date listed on my deed is within four days of Issue Date on my Closing Disclosure
document. Did they trick me somehow?

Thanks
KA

Did you buy Westgate ? Someone claimed Westgate predated some documents they signed.
I want to say the deed was dated 10 days before they signed it.

 

[Talent312]

It doesn't matter what dates are on the closing docs.
If you rescind in 10-days as provided (you should if you bought
from HGVC), they cannot record and process the transfer of title.
It would be a foolish and expensive mistake if they did.

.

 

[Saintsfanfl]

A closing or title does not have to be "recorded" publicly to be legal.

The closing is the executed deed. It is not the delivery of the "publicly" recorded deed, which takes longer.

If the 10 days is not provided it does not mean the deal is not legal. The law states that if the 10 days are not allowed for then the buyer has 1 year to rescind. What I have not been able to determine is how does a buyer "rescind" in this situation, especially with a resale to a now unreachable party.

 

[Talent312]

A closing or title does not have to be "recorded" publicly to be legal. The closing is the executed deed. It is not the delivery of the "publicly" recorded deed, which takes longer.

Normally, but another statute in Chapter 721 specifically defines "closing" as including delivery of the deed or other document, either to the buyer or to the clerk for recording (there's no mention of the execution of a deed). IOW, mere execution of a deed is not enuff to meet the definition of "closing" under the statute.

Section 721.05...
(5) “Closing” means:
(a) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or to the clerk of the court for recording or conveyance of the equitable title to a timeshare estate as evidenced by the irretrievable delivery of an agreement for deed to the clerk of the court for recording.
(b) For any plan selling timeshare licenses or personal property timeshare interests, the final execution and delivery by all parties of the last document necessary for vesting in the purchaser the full rights available under the plan.

(emphasis added)
.