Buying a house is a huge investment that comes with a lot of risks. By enabling sellers to disclose specific problems on the property, Florida state law protects the interests of purchasers. If you’re planning to sell your property, you might be wondering which conditions are required by law to be disclosed.
This article will offer you a basic understanding of a seller’s obligation to disclose information about the property when selling. Sellers are required by nearly all state laws to provide some pertinent information about the property they are selling to protect home purchasers from property defects, fraud, and other difficulties connected with the acquisition of real estate. (https://gableslawfirm.com/2021/01/real-estate-lawyer/)
Sellers Disclosure Obligations in Florida
Misrepresentation of material information in the selling of residential property has long been illegal in Florida. The disclosure obligations for the sale of residential real estate in Florida are quite specific. Both legislation and case law support these standards. You have a responsibility to disclose something that has a significant impact on the property’s worth and that someone would not ordinarily be aware of merely by performing a basic inspection of the residence. Johnson v. Davis, 480 So.2d 625, was the case that sparked this
For instance, if you know that a cupboard in the kitchen is stuck or that a water drain is leaky, you generally don’t need to disclose it. Because these issues are simple and affordable to address, they won’t have a significant impact on the home’s value. However, if you know there is a foundation fault or black mold across the ceiling due to water damage, these are certainly the types of things that would severely devalue the home – and therefore you must disclose them.
It’s crucial to remember, however, that purchasers are still responsible for making a thorough inspection of the property they want to purchase
Exemption for Sellers
A seller shouldn’t worry about being required to know or learn about every detail of the home’s condition and disclose it. Home sellers in Florida have been protected from being sued most of the time they sell their homes by the courts.
In most situations, sellers in Florida are not required to guarantee that their homes are defect-free, which would be difficult to do in most cases. Furthermore, Florida courts have ruled that house sellers cannot be held liable for property defects of which they were unaware.
What happens when a seller fails to disclose?
No one law in Florida outlines all of a seller’s disclosure obligations. Rather, several laws regulate this, each of which imposes harsh penalties on a residential real estate seller who fails to disclose all latent and substantial problems in a property before closing. Failure to meet the Seller’s Disclosure Obligations may provide purchasers legal grounds to cancel the real estate purchase contract and to recover damages.
Consult with a Florida Real Estate Attorney
Numerous difficulties with Seller Disclosure arise throughout a property transaction that home purchasers are unaware of. For your safety, you should always consult with a real estate lawyer at Serrano, Farah Law, LP before selling or acquiring a property.
