When you are purchasing a new home, you should be aware of the potential challenges that may occur during the real estate transaction process. For example, the buyer may discover defects in the property after the sale has been finalized, costing them thousands of dollars in repairs as the new owner of the property. If the seller failed to inform the buyer of material information relating to the property prior to the finalization of the sale, the seller may be sued by the buyer and held liable for damages.
What is a seller legally obligated to disclose?
Under various Florida statutes, including Fla. Stat. 689.25 and Fla. Stat 475.278, a seller of a residential property is required to disclose the following information:
- Known details or defects materially affecting the value of the property that are not obvious to the buyer.
- Dangers associated with radon gas
- Pending code enforcement actions against the home
- Information regarding the insulation that will be installed in the home
It is important to note that while the average buyer may want to know if a homicide, suicide, or death occurred on the property before purchasing it, revealing this information is not required under Florida law, as it is not considered material.
A failure to disclose information about a property up for sale can cause problems for all parties involved. Whether you are a buyer or seller, a real estate law attorney can help ensure that you are protected throughout the real estate transaction process and in the future.