Required Disclosures When Selling Residential Real Estate in Florida
There was a time when unscrupulous real estate sellers gave rise to this well-worn phrase inferring gullibility: “If you believe that, I’ve got some swamp land in Florida to sell you.” Thanks to a number of Florida statutes enacted to protect buyers of real estate, you no longer need to pay heed to “buyer beware” as much as in years past.
Florida Disclosure Laws for Residential Real Estate
There are several Florida statutes governing required disclosures by sellers to potential buyers of residential real estate. These include:
Section 161.57: For properties located on Florida’s coastline, sellers must disclose the potential for erosion as well as restrictions and regulations that may limit property improvements. Seller must also disclose certain environmental regulations that apply to the property.
Section 404.056: This statute regulates the disclosure of information on the dangers of radon gas, which must be provided to buyers in their purchase documents as follows:
“RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health department.”
Section 689.261: Prior to executing a purchase contract, a Property Tax Disclosure Summary must be provided to the buyer advising that the seller’s current property taxes should not be relied upon for the calculation of future property taxes.
Section 720.401: If the home is located in a development governed by a homeowners’ association (“HOA”), buyers must be advised of the requirement to be a member of the HOA and pay the required dues and assessments. This statute also provides for the voiding of a sales contract if the proper disclosures are not made.
Section 718.503: This statute governs the required disclosures for sellers of condominiums. Prior to purchase, condo buyers must be provided with a number of disclosures, which differ according to whether the condo is being sold by a developer or a nondeveloper owner. All of the disclosures must be in writing and must include specific language as outlined in the statute. The buyer has a three-day period in which to rescind the offer to purchase following the receipt of these disclosures.
Although buyers are now better protected by Florida statutory law, it is still advisable to have an experienced Florida real estate attorney by your side, no matter what side of the transaction you are on.
Jurado & Farshchian, P.L. assists both buyers and sellers with real estate transactions and questions. Please call one of our experienced real estate attorneys at (305) 921-0440, or email us at firstname.lastname@example.org today.