47H-1. Definitions. The following definitions apply in this Chapter: (1) Contract for deed or contract. – An agreement, whether denominated a "contract for deed," "installment land contract," "land contract," "bond for title," or any other title or description in which the seller agrees to sell an interest in property to the purchaser and the purchaser […]
47H-2. Minimum contents for contracts for deed; recordation. (a) Writing Required. – Every contract for deed shall be evidenced by a contract signed and acknowledged by all parties to it and containing all the terms to which they have agreed. The seller shall deliver to the purchaser an exact copy of the contract, containing all […]
47H-3. Conditions of forfeiture; right to cure. A purchaser’s rights under a contract for deed shall not be forfeited except as provided in this Chapter. A contract for deed cannot be forfeited unless a breach has occurred in one or more of the purchaser’s express obligations under the contract and the contract provides that as […]
47H-4. Notice of default and intent to forfeit. (a) The notice of default and intent to forfeit shall contain all of the following: (1) The name, address, and telephone number of the seller and the seller’s agent or attorney giving the notice, if any. (2) A description of the contract, including the names of the […]
47H-5. Periodic statements of account. The seller shall provide the purchaser with a statement of account at least once every 12-month period for the term of a contract for deed. The statement must include at least the following information: (1) The amount paid under the contract. (2) The remaining amount owed under the contract. (3) […]
47H-6. Title requirements. (a) A seller may not execute a contract for deed with a purchaser if the seller does not hold title to the property. If the title is not held in fee simple, free from any deeds of trust, mortgages, or other encumbrances evidencing or securing a monetary obligation which constitutes a lien […]
47H-7. Late fees. No seller may charge a late payment charge under a contract for deed in excess of four percent (4%) of the amount of the payment past due. A late fee may only be charged on payments that are more than 15 days past due. (2010-164, s. 4.)
47H-8. Remedies. A purchaser may bring an action for the recovery of damages, to rescind a transaction, as well as for declaratory or equitable relief, for a violation of this Chapter. The rights and remedies provided herein are cumulative to, and not a limitation of, any other rights and remedies provided by law or equity. […]
