A requirement of selling real estate is disclosing or revealing potentially unattractive information about the property. For example, if the roof had a nasty leak, you must inform potential buyers, even if you had it repaired.
Disclosure requirements ensure that those interested in buying residential real estate know about possible defects and other issues with the property. Let’s look at just a few things that you must disclose under Florida law.
Details about insulation
Sellers must inform potential buyers about insulation used in the home’s construction. Specifically, you must disclose the type, R-value and thickness of the insulation installed in each section of the home.
Radon gas information
All sellers must provide buyers with details about the presence of radon gas on the property. It is a state law and typically disclosed through a specific radon disclosure form.
Endangered species inhabitation
Florida has designated the gopher tortoise as an endangered species. Therefore, sellers must address them if they are present on the property. Sometimes, the seller must capture gopher tortoises and relocate them, but you will need a permit to avoid breaking the law.
Code enforcement actions
Those selling residential real estate must inform prospective buyers if the property has incurred any code violations or enforcement actions. Sellers must also give potential buyers copies of all documentation related to each code violation.
Residential real estate transactions are complicated in Florida. Whether selling or buying a home, up-to-date knowledge of real estate law is critical, especially when closing on the property. It may be wise to have legal guidance.