Home buyers must perform their due diligence and carefully investigate any potential purchases. On the other side, sellers must make certain disclosures under Florida law.
Facts materially affecting property value
Florida real estate law and other statutes require that sellers disclose certain facts about their homes. They have the duty to disclose any facts they know that materially affect the property’s value and which are not readily observable to buyers. Real estate salespersons and brokers must also disclose these facts.
Disclosures may be verbal or written although written disclosures are recommended. Even if a home is being sold as is, sellers must disclose hidden defects.
Specific radon gas disclosure is required before or at the execution of the sales contract and purchase of any building or at the execution of a building’s rental agreement. Residential transient occupancy in a public lodging facility for up to 45 days and unimproved properties such as vacant land are exempt from this requirement.
Required language must be contained in Florida real estate sales contracts. A separate radon disclosure form is not required.
Sellers must comply with several requirements if the home has a pending enforcement action against it. Failure to make these disclosures before property transfer creates a rebuttable presumption of fraud.
New sales contracts must contain the type, thickness and R-value of installation which will be installed throughout the house. If the buyer signs a sales contract before the seller knows the type of installation or if there is a contract change, the seller may give the buyer a receipt indicating that this information will be disclosed later.
Attorneys can assist parties with addressing issues that arise in residential real estate transactions. They can also help assure that your interests are protected.