A seller’s disclosure protects both buyer and seller from the consequences of surprise problems with a property. While not every state requires a sellers disclosure as a part of the real estate transaction process, in Florida all sellers need to provide one. If you are wondering what you need to know about this important document in the home-selling process, we can help.
What You Need to Know About a Seller’s Disclosure 2023
What is a seller’s disclosure?
A seller’s disclosure is a document that provides all relevant information on the condition and history of the property. In Florida, and most states, a sellers disclosure is required to reveal any potential downfalls with the home, including the current condition of the home and any major repairs that have been done to it. For example, if the roof was replaced when a tree fell on it, or a faucet is known to leak from time to time, this type of information would be disclosed.
How does a seller’s disclosure benefit the buyer?
The buyer is benefitted by a sellers disclosure because it provides a fuller understanding of the condition of the home, allowing them to make a purchase with confidence. Even if there are known problems with the property, being able to reasonably predict the repairs that may be necessary in the future provides some peace of mind.
How does a seller’s disclosure benefit the seller?
The seller’s disclosure also benefits the seller. While it may be tempting to disguise certain problems with the property or withhold information, this can ultimately result in major lawsuits. By being upfront about the condition and history of the property, the sellers protect themselves from being sued if something is revealed to have been covered up.
What information is included in a seller’s disclosure?
Each state has its own requirements for what a seller’s disclosure must disclose. In Florida, your seller’s disclosure will reveal any known facts about the history or condition of the home that materially affect its value of it. This might include:
- Past, current, or occasional water leaks
- Roof defects
- Environmental hazards like mold or asbestos
- Insect infestations
- Any disputes about property boundaries, titles, or easements
- Problems with the foundation, like cracks or other sources of instability
Who puts together the sellers disclosure?
If you are overwhelmed by putting together a disclosure for a property you are planning to sell, remember that working with a trusted real estate agent means not having to stress about these details. We can walk through what your disclosure should include and make sure you are prepared for a successful home sale. Making sure your sellers disclosure is thorough and accurate is an essential part of a smooth selling process, and we are here to help every step of the way.