In Florida, it is crucial that those selling real estate are honest and transparent about the condition of that property. They need to disclose any material defects. These can often have an impact on the value of the property, and the buyer deserves to know.
In many cases, the goal is just to disclose anything that the seller knows about the property. There certainly could be issues that the seller is unaware of, but they cannot intentionally try to hide latent defects that they do know about. This is true even if the property is being sold as is.
What are some common examples?
For instance, perhaps there is old water damage in the property from a flood, a storm or a broken pipe. It can be helpful to inform a potential buyer so that they know about the issue, even when repairs were made.
Structural issues are also a common concern. If there are cracks in the foundation or other things of this nature, the seller needs to disclose these defects. The buyer can then make a decision about whether they want to purchase the property and make the necessary repairs.
What sellers cannot do is try to hide these issues from buyers. If a seller just paints over the clear discoloration from ongoing water damage and pretends there is not an issue, for example, it can create significant problems. They’ve misrepresented the property. It may need far more maintenance and upkeep than the buyer realizes, or it may have an inherently lower market value because these issues have not been addressed.
In general, as long as sellers disclose the defects that they are aware of upfront, they should not face any issues. But when conflicts arise during a real estate transaction, it can be helpful to work with an experienced attorney in Florida.
