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What Are Sellers Required To Disclose In Florida?
April 11th, 2007 categories: Tampa Real Estate, Tampa Realtor, Tips for Sellers
The title of this post was a search phrase that got someone to TampaFloridaRealEstateFinder.com. So what’s the answer?
In Florida, a seller is obligated to disclose all known facts that materially affect the value of the property being sold and that are not readily observable.
Roof leaks? Disclose it! Having to install a new roof or pay for roof repairs affects the value of the home. A home is worth less when the buyer needs to spend $6k on a new roof!
Garage floods when it rains? Disclose it! Water intrusion is not something to be taken lightly. Mold, fungus and other wood destroying organisms (WDOs) can do some severe damage to a structure. It affects the value of a home. Buyers will not only have to remedy the problem, but they’ll also have to repair the damages.
Did your grandfather use lead-based paint way back in 1956 when your home was last painted? Disclose it! In fact, any property built prior to 1978 has to have a lead-based paint (LBP) warning statement included and attached to any contract for purchase.
Do your lights go out when you use the hair dryer in the master bathroom? Disclose it? A defective electrical system materially affects the value of the home. Does your HOA have restrictions on leasing your property? Disclose it! Your buyer may be looking for an income producing property. That would materially affect the value of the property.
Did someone die in your property? Was it rented by someone who is HIV positive? No need to disclose it! Florida law provides that these things do not need to be disclosed. Furthermore, an owner cannot be held liable for failing to disclose these facts. In other words, these things should not materially affect the value of the real property. Hmmmm…
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