Posts Tagged ‘Sellers disclosure’Posted on: May 28th, 2012 No Comments
Sellers want to cast their homes in the best possible light to potential buyers. However, the state of Florida has seller disclosure laws obligating homeowners to disclose anything that is in disrepair or could affect the home’s value.
Home issues can be categorized as either Material Defects or Non-Apparent Defects. Both are required to be disclosed in Florida. Anything that is visible to the eye is a material defect. Cracked windows, leaking roofs, holes in flooring, and cracked walls would all be material defects. Non-apparent defects are not readily visible. Plumbing, sewage, and electrical system issues would fit into this category. Another very important non-apparent defect is termite damage and treatment, of which potential buyers have a right to know.
If you’re selling your home through a Realtor, they should have you fill out a Sellers Property Disclosure prior to listing the home. Make sure to fill it out as truthfully and thoroughly as possible. Sellers who don’t disclose issues that should have been reasonably known about a home can be held financially responsible.