Stay Above Water: What You Need to Know About Florida’s Flood Disclosure
Recently, the Florida legislature passed a new law that requires anyone selling residential property to disclose flood risks to a buyer at or before a sales contract is signed.
Effective October 1, 2024, Florida Statute 689.302 mandates flood disclosures. It includes information regarding flood insurance, past claims, flood damage, and federal flood assistance.
Given climate risks in the State of Florida, the law promotes transparency when buying residential properties and informs buyers about any flood risks associated with a property before committing to their purchase. Overall, this law does facilitate a culture of honesty and transparency in real estate transactions.
Seller disclosures are already a common tool used in property sale transactions, but this new law takes it a step further by mandating disclosures related to flooding. This law underscores the importance of awareness regarding flood risks and aims to prevent unpleasant surprises for buyers after they take possession of a property.
Not only does this new statute empower buyers with the information they need to make informed decisions, but it also imposes liability on sellers for not disclosing known flood risks, which can result in legal consequences.
Overall, this facilitates a culture of honesty and transparency in real estate transactions. Discussing flood insurance with your agent and thoroughly understanding the risks associated with a property can save you from unexpected challenges down the road.
In a state where floods can pose significant risks to property owners, knowledge is indeed power. Stay informed, stay prepared, and make your real estate decisions with confidence!
Always make sure that you speak to an experienced Florida real estate attorney when selling, buying, leasing, or managing real estate.
Ainsworth & Clancy, PLLC provides tile and real estate legal services throughout the State of Florida. Contact us today and let us know how we can support you.