Legal Issues - Question & Answer

Q: I keep hearing that pursuant to the Homeowners' Association Disclosure law (Section 720.401, Florida Statutes), the seller must provide the buyer a current copy of the HOA documents. Is this true?
A: No. Section 720.401 does not require the seller to provide a copy of the HOA documents to the buyer. The buyer could, however, include a provision in his/her offer requiring the seller to provide the documents to the buyer


Q: I’m the listing agent for bank-owned property. I want the bank to fill out the FAR Seller Real Property Disclosure Statement; however, a bank representative says this disclosure isn’t required by law since the bank never occupied the home. Is that true?
A: It’s true that the bank isn’t required to fill out the FAR Seller Real Property Disclosure Statement or any similar form because there is no legal requirement for a seller to give a buyer a written seller property disclosure statement.
However, a seller of a residential property, whether a bank or an individual and regardless of whether the seller occupied the property, is obligated under Florida law to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. The disclosure obligation can be fulfilled via either a verbal or written disclosure.


source: floridarealtors.org

Fort Lauderdale Real Estate Blog and Homes for Sale

Rory Vanucchi
RoryVanucchi@gmail.com