State law imposes various requirements on anyone selling real property to make specific disclosures. Significant changes in real estate law took place in 2024, and it is important to make sure such changes are implemented. Failing to make the required disclosures can carry substantial liabilities.
It is important for anyone in the local real estate market to adhere to the obligations of sellers in Coral Gables. A seasoned residential real estate attorney could help you understand the relevant legal requirements and answer any questions you may have.
Sellers must disclose known material defects in the property to potential buyers. A material defect is anything that is likely to influence the buyer’s decision or substantially impact the home’s value. Sellers must disclose material defects even if they are offering the property as is.
Defects that are readily observable, such as a crack in the foundation, do not need to be disclosed. Examples of material defects that should be disclosed include:
An attorney could review a specific situation and advise a seller on whether they should disclose a particular issue with the property.
A seller has no obligation to inspect the property to find defects. A buyer should hire an inspector to determine whether latent defects are present. If so, the parties may negotiate an adjustment to the sale price to cover the cost of repair or mitigation.
Sometimes, the seller has never lived in a property. In that case, they may not be aware of any latent defects. Sellers must make a non-occupancy disclosure to the buyer, informing them that they are not in a position to be aware of any defects in the property.
Understanding the obligations of sellers is crucial to protect both parties in a Coral Gables real estate transaction.
Besides the obligation to disclose known material defects in the property, the state has passed several laws that require sellers to make specific disclosures in appropriate circumstances. A steadfast lawyer could review a specific transaction to determine whether any statutory disclosures are applicable.
Florida Statutes § 161.57 requires sellers of property located partially or wholly seaward of the coastal construction control line to inform a buyer that the property may be subject to additional regulations. The disclosure must include an affidavit or survey showing the location of the construction control line.
Sellers of condominiums must make extensive disclosures about the rights of condominium owners. These include the right to information about property management, the right to review condominium association documents, and other information that could impact the condominium’s value.
When a property buyer is required to belong to a homeowners’ association, they must be informed of this before closing. The disclosure must include the amount of assessments, restrictive covenants, and other information. If the buyer does not receive the disclosure prior to executing the contract of sale, the contract is voidable.
Florida Statutes § 689.25 explicitly relieves a seller from the obligation of disclosing a murder, suicide, or other death on the property. A death on the premises is not considered a material defect that a seller must disclose. Similarly, when a previous occupant of the property was diagnosed with HIV, a seller is not obligated to disclose that fact to potential buyers.
During a consultation, an attorney at Jacqueline A. Salcines, P.A. in Coral Gables, could help sellers understand their rights and obligations.
There are some obligations of sellers in Coral Gables that apply universally, while others are situation-specific. Ensure your compliance by enlisting the help of a skilled attorney.
Don’t go it alone – legal representation can make a significant difference in the outcome of your case. Get in touch with our office today.