Definition: A Florida condominium developer's offering circular describing important features, rights, restrictions, and obligations. Section 718.504 applies to developments with more than 20 residential units and certain groups sharing facilities.
Example
Before a covered purchase contract, a buyer receives the developer's prospectus and examines the disclosed common expenses and use restrictions.
Keep the distinction clear
The threshold is more than 20, not simply 20 or more. A prospectus summarizes information; the referenced documents and exhibits also matter.
Related terms
Condominium Documents · Declaration of Condominium · Bylaws
Keep studying
Condominium Ownership: Your Unit and the Common Elements
References: Florida Statutes 718.504: condominium prospectus
Pronunciation (US): pruh-SPEK-tus (capitals show stress)
Pronunciation reference: Merriam-Webster
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