The Florida residential real estate purchase agreement (“residential purchase and sale agreement”) sets forth the terms and conditions by which both buyer and seller are bound to until the closing of the residential sale. The agreement covers details such as price, earnest money, financing, property condition, disclosures, and other contingencies.
Required Seller Disclosures in Florida
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Florida, you will also need to complete the following paperwork in addition to the purchase agreement:
Sellers Property Disclosure Statement. Florida property sellers are required to disclose facts materially affecting the value or desirability of the property which are not readily observable and are not known to the buyer. This form reveals issues and defects in regard to the condition of the property in. (449 So. 2d 344)
Property Tax Disclosure Summary. Sellers are required to provide a statement notifying potential buyers that property taxes may increase and that they can contact an appraiser for more information if they so wish. (§ 689.261)