![]() ![]() ![]() However, in 1985 the Florida Supreme Court placed severe restrictions on this doctrine. Mere nondisclosure of a fact is not enough to constitute an actionable case of fraudulent concealment when parties are dealing in an arm’s length transaction and have equal opportunity to examine facts that lie equally open to both the seller and the buyer. Under this doctrine, the burden is placed on the buyer to inspect and ascertain the condition of the property prior to closing. Historically, the doctrine of caveat emptor, or “buyer beware,” shielded a seller of residential real property from liability. In both of these situations, the seller will be deemed to be on notice of a material defect and will be required to disclose it despite never having occupied the property.Ī Shift From the Doctrine of Caveat Emptor to Requiring Disclosure of Material Facts Some sellers, such as investors or individuals who have inherited a property, have a tendency to strike through the entire form and write something along the lines of “seller has never occupied the property.” Regardless of whether or not a seller has resided at the property, choosing not to complete this document (or completing it in such a way that provides no useful information to a buyer) will not absolve a seller or his agent of the duty to disclose certain facts related to the condition of the property.įor example, a landlord may be aware that a tenant has made certain repairs to the property or an heir may come across a recent invoice for a roof replacement. While this form provides an immense amount of information and in some cases may satisfy both state and federal disclosure requirements, sellers should be aware that this document is intended to serve as a guideline and it is possible for there to be material issues affecting their property that are not specifically set forth on the form which will nonetheless require disclosure.Īlso noteworthy is the fact that sellers in Florida are not required by law to complete and deliver this document to a potential buyer. ![]() Whether or not the Seller is subject to FIRPTA withholding.Governmental claims against the property and/ or pending litigation and.Environmental hazards including, but not limited to, lead-based paint, asbestos, mold, defective drywall, and chemical storage.Homeowners’ or Condominium Association Restrictions.Roofing and related items such as the fascia and soffits.Water intrusion, drainage issues and flooding.Wood destroying organisms such as termites and other pests.Structural soundness, systems and appliances.The Florida Association of Realtor’s has an available disclosure form which simplifies the process of making the necessary disclosures and covers property conditions such as: For this reason, sellers and their respective agents are required to make a number of disclosures to a prospective buyer of real property under both state and federal laws. Given the significance of this purchase, the condition of the property is of the utmost importance to buyers. ![]() Generally speaking, a home is the biggest purchase most Americans will make in their lifetime. Seller Disclosure Requirements for Real Estate Sales in Florida ![]()
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