For Sale By Owners – 4 Tips to Property Disclosure in Florida
Should you disclose problems you know about your Destin Florida “For Sale By Owner” home to a potential buyer?
What if it’s something simple, like a faucet that leaks or an outlet that doesn’t work? The answer is “YES”, you must disclose, and as follows:
From the Florida Supreme Court case Johnson vs. Davis: “….where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.”
Here are quick bullet points from the Florida Association of Realtors legal hotline about disclosure:
1. Do you need have to make a disclosure about latent defects if you’ve never lived in the property, (like a condo or other rental)? Yes.
2. Do you have to disclose a homicide, suicide or other death that occurred on the property? No. Under Section 689.25(1)(b), Florida Statutes, those are not material facts to the sale of a property.
3. If your house is sold “as is”, do you still have to disclose latent facts? Yes.
4. Do you have to provide a written property disclosure? No, you can either disclose orally or in writing. I suggest you make your disclosure in writing and have the buyer sign the disclosure, so you have a record.
In addition to disclosure, I advise my sellers to inform the buyer of previous repairs to a property, no matter how small. For example, if you replaced a plumbing line, installed a new motor to a hot tub, or repaired a garage door opener, disclose it. It’s in your best interest, and the buyer will appreciate your honesty, too. The positive side of disclosure is that you can show how well you’ve taken care of your home through the years. On the other hand, if it’s a property that needs work, your disclosure will be appreciated as the buyer envisions his repair needs.
Happy Selling!
“It’s Wendy… It’s Sold!”
Wendy Rulnick, Broker, Rulnick Realty, Inc. serving the Emerald Coast of Florida
850-650-7883 ext 204
email [email protected]
P.S. For further concerns about Florida property disclosure, consult with an attorney.
