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 The
following represents a list of disclosures to
be made by residential sellers under Florida and/or
federal law:
1.
General Disclosures. A seller must disclose
all known defects which affect the value of the
residential property to be sold, including all
improvements thereon. This disclosure is typically
made in a Seller's Property Disclosure Statement
to be completed by the seller prior to listing
the property with a broker, or if no broker is
used, prior to the time that the seller places
the property up for sale.
2.
Septic Tank Disclosures. Escambia County Ordinance
No. 99-24 and Santa Rosa County Ordinance No.
2000-22 require inspections on existing septic
tanks on certain residential property. It is the
seller's responsibility to request a septic tank
inspection by the County Health Department and
to ensure the appropriate disclosures are made
to the buyer prior to closing. For more information
regarding particular requirements, contact the
Escambia County Health Department at (850)595-6786
or the Santa Rosa County Health Department at
(850) 934-5177.
3.
Condominium Disclosures. The Florida Condominium
Act requires that certain disclosures be made
each time a condominium unit is sold. The disclosures
are usually set forth in a form rider to the purchase
and sale agreement. If you are selling a condominum
unit, ask your realtor for a form condominium
disclosure rider.
4.
Planned Unit Development Disclosures. Florida
law requires that a disclosure be made any time
property encumbered by covenants and restrictions
of a planned unit development is sold. Like the
condominium disclosure, the planned unit development
disclosure is typically made in a rider to the
purchase and sale agreement.
5.
Lead Based Paint Disclosures. Florida law
requires that a lead based paint disclosure be
provided in connection with the sale of any pre-1978
buildings. The appropriate language for this disclosure
can be found in most form purchase and sale contracts,
including the standard form used by most realtors
(FAR/BAR).
6.
Energy Efficiency Disclosures. A seller of
residential property must give any prospective
buyer an opportunity to conduct a test on the
home's energy efficiency ratings prior to the
prospective buyer's execution of the purchase
and sale agreement. Prior to the execution of
the contract, the seller must provide the prospective
buyer with a copy of an information brochure setting
forth various information on energy efficiency
ratings prepared by the Florida Department of
Community Affairs.
7.
Radon Gas Disclosures. A radon gas disclosure
should be provided in any purchase and sale agreement
including language which is substantially similar
to the following:
| "Radon
Gas: Radon is a naturally occurring radioactive
gas that, when it has accumulated in a building
in sufficient quantities, may present health
risks to persons who are exposed to it over
time. Levels of radon that exceed federal
and state guidelines have been found in buildings
in Florida. Additional information regarding
radon and radon testing may be obtained from
your county public health unit." |
8.
FIRPTA (Florida Investment in Real Property Tax
Act) Disclosures. Prior to the execution of
the purchase and sale agreement, a decision should
be made as to whether withholding will be required
under FIRPTA. With respect to residential real
estate, there are several exceptions to any withholding
requirements:
1.
If the seller is a United States citizen,
no withholding is required.
2. If there is a Notice of Non-Recognition
of Gain or Loss from the transferor, no withholding
is required.
3. In the event the sale is of a residence
for a purchase price of $300,000.00 or less,
which buyer intends to use at least 50% of
the time during the next two years, no withholding
is required.
4. If the amount realized by the transferor
is zero.
** The list above does not
necessarily include all the required disclosures
to be made in connection with the sale of
residential property. |
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