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.
Do Sellers in Florida Have to Disclose Property Defects?
Florida does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Florida
Along with any material defects with the property, sellers in Florida will also need to provide the following:
- 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.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- 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.
- Association Membership. If an individual is selling their unit in a common interest community such as a condominium project, they are required to submit a disclosure summary prior to carrying out the contract that notifies the buyer that they will have to become a member of the Homeowners’ Association.
- Coastal Properties. If the property being sold is located partially or completely seaward of the coastal construction control line, the seller is obligated to present the prospective buyer with a disclosure statement expressing this information.
- Nondeveloper Disclosure. Sellers of condominium units must attach this disclosure providing the purchaser with the necessary documentation describing how the property or association operates.
- Radon Gas. A seller must attach a statement conveying the dangers of radon gas.
