Be sure you're protected before you make that purchase.
The Sunshine State has a booming real estate market, and why not? Sun, sand, and surf are big sellers, and we have plenty of each. It's tempting to hop into a purchase fast so you don't miss out, but whether you're buying residential or commercial property, there are certain obligations that you should be aware of before you sign on the dotted line. Here are four key seller obligations that need to be fulfilled before you seal the deal.
1. What's wrong with the property
In the 1986 Florida Supreme Court landmark case, Johnson v. Davis, the court made clear that latent defects must be disclosed to the buyer prior to the seller entering into a real estate sales contract for residential property.
If the seller knows what's wrong, he or she needs to disclose that to the buyer.
Defects include: water leaks; roof issues; asbestos, lead, and mold; electrical wiring issues, cracks in foundation; insect infestations; and issues regarding title to the home or property.
Is your dream home located in a community with a homeowners' association? If so, according to Florida Statue 720.401, “A prospective parcel owner in a community must be presented a disclosure summary before executing the contract for sale.” (Read the necessary exact wording.)
According to Florida Statute 404.056(5), notification of existing radon gas needs to be on at least one document, form, or application executed at the time of, or prior to, contract for sale and purchase of any building or execution of a rental agreement for any building.”
The law states that the wording must contain:
“RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health department.”
In a state surrounded by water, coastal erosion can be a threat. Is the real estate you're considering partially or totally seaward of the coastal construction control line as defined in section 161.053? If so, the reseller needs to give a written disclosure statement to the prospective purchaser.
Also, according to Florida Statues: “Unless otherwise waived in writing by the purchaser, at or prior to the closing of any transaction where an interest in real property located either partially or totally seaward of the coastal construction control line as defined in s. 161.053 is being transferred, the seller shall provide to the purchaser an affidavit, or a survey meeting the requirements of chapter 472, delineating the location of the coastal construction control line on the property being transferred.”
To ensure you're not caught by surprise when purchasing your next piece of the Sunshine State, it pays to connect with a legal firm that knows the ins and outs of Florida real estate law. At PeytonBolin we can make the selling and buying process smooth sailing – give us a call today.