Disclosure Laws

Tim,

Here is the link to the Florida laws. It is quite detailed with the numerous Statutes.
FOR CONDOS
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0718/Sections/0718.503.html

FOR S.Statute 720

720.401 Prospective purchasers subject to association membership requirement; disclosure required; covenants; assessments; contract cancellation.—(1)(a) A prospective parcel owner in a community must be presented a disclosure summary before executing the contract for sale. The disclosure summary must be in a form substantially similar to the following form:
DISCLOSURE SUMMARY
FOR
(NAME OF COMMUNITY)

1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS’ ASSOCIATION.

2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMUNITY.

3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $____ PER ____. YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $____ PER ____.

4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.

5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS’ ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY.

6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS’ ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS $____ PER ____.

7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.

8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY.

9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER.

DATE: PURCHASER:

PURCHASER:

The disclosure must be supplied by the developer, or by the parcel owner if the sale is by an owner that is not the developer. Any contract or agreement for sale shall refer to and incorporate the disclosure summary and shall include, in prominent language, a statement that the potential buyer should not execute the contract or agreement until they have received and read the disclosure summary required by this section.

(b) Each contract entered into for the sale of property governed by covenants subject to disclosure required by this section must contain in conspicuous type a clause that states:
IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER’S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. BUYER’S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING.

(c) If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section, the purchaser may void the contract by delivering to the seller or the seller’s agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.
(2) This section does not apply to any association regulated under chapter 718, chapter 719, chapter 721, or chapter 723; and also does not apply if disclosure regarding the association is otherwise made in connection with the requirements of chapter 718, chapter 719, chapter 721, or chapter 723.
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Copyright © 1995-2011 The Florida Legislature • Privacy Statement •

Darn! It's either fat fingers or poor eyesight. Typos! Change "Metwork" to Network and "horixontal" to horizontal.

Pennsylvania:

§ 5407. Resales of units
(A) INFORMATION SUPPLIED BY UNIT OWNER.-- In the event of a resale of a unit by a unit owner other than a
declarant, the unit owner shall furnish to a purchaser before execution of any contract for sale of a unit or otherwise
before conveyance a copy of the declaration other than the plats and plans, the bylaws, the rules or regulations of the
association and a certificate containing:
(1) A statement disclosing the effect on the proposed disposition of any right of first refusal or other restraint on the
free alienability of the unit.
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(2) A statement setting forth the amount of the monthly common expense assessment and any unpaid common
expense or special assessment currently due and payable from the selling unit owner and any surplus fund credits to be
applied with regard to the unit pursuant to section 5313 (relating to surplus funds).
(3) A statement of any other fees payable by unit owners.
(4) A statement of any capital expenditures proposed by the association for the current and two next succeeding fiscal
years.
(5) A statement of the amount of any reserves for capital expenditures and of any portions of those reserves
designated by the association for any specified project.
(6) The most recent regularly prepared balance sheet and income and expense statement, if any, of the association.
(7) The current operating budget of the association.
(8) A statement of any judgments against the association and the status of any pending suits to which the association
is a party.
(9) A statement describing any insurance coverage provided for the benefit of unit owners.
(10) A statement as to whether the executive board has knowledge that any alterations or improvements to the unit or
to the limited common elements assigned thereto violate any provision of the declaration.
(11) A statement as to whether the executive board has knowledge of any violations of applicable governmental
requirements or knowledge of the existence of any hazardous conditions pursuant to section 5402(a)(27) (relating to
public offering statement; general provisions) with respect to the unit, the limited common elements assigned to the unit
or any other portion of the planned community.
(12) A statement of the remaining term of any leasehold estate affecting the planned community and the provisions
governing any extension or renewal thereof.
(13) A statement as to whether the declaration provides for cumulative voting or class voting.
(14) A statement as to whether an agreement to terminate the planned community has been submitted to the unit
owners for approval and remains outstanding.
(15) A statement of whether the planned community is a master association or is part of a master association or could
become a master association or part of a master association.
(16) A statement describing which units, if any, may be owned in time-share estates and the maximum number of
time-share estates that may be created in the planned community.
(17) A statement of whether the declarant retains the special declarant right to cause a merger or consolidation of the
planned community and, if so, the information describing such right which was supplied by the declaration pursuant to
section 5205(13) (relating to contents of declaration; all planned communities), if any.

Sorry, I don't have a link