Legal Forms for real estate vary by state. In the case of Florida, make sure you have a real estate attorney or real estate agent review your legal documents before you sign on the dotted line.
live in a world of legal forms, ever-changing laws and regulation, and
disclosures. In real estate, the nature of the beast calls for the
seller to fill out a form stating what he or she knows to be the
condition of the various systems constituting a residential dwelling or
residential land. There is no statutory law requiring the seller to do
this, but there is a 1985 Florida Supreme Court case of Johnson v.
Davis, in which the residential (not commercial) seller has the “duty
to disclose” to the buyer any known facts about the house, or grounds
that materially affect the value of the property. The court case ended
the long-time era of buyer beware, in Florida.
Every Florida real
estate agent and broker is aware of this court case and makes sure that
their sellers are disclosing, disclosing, and disclosing. In fact, real
estate professionals have the obligation to disclose conditions as
well, since in 1987, the Florida Supreme Court created Raynor v. Wise,
which made real estate licensees equally responsible for disclosing the
property’s defects if they are know, or should reasonably be known to
the agent or broker. Agents are often likely to encourage their sellers
to get the property inspected before putting it on the market. This
protects both seller and real estate professional should an issue arise
during the transaction in which there is a material defect somewhere.
If the information is disclosed in writing, the buyer or potential buyer
can take that information into consideration during the decision making
process. If the air conditioning, roof, doors, plumbing, all work well,
the seller should note that on the Seller’s Disclosure form so that
those interested in more information about the property can have a
correct picture regarding it. Buyers know that they can be very
selective today. They know they can get practical information out of
the seller or seller’s agent regarding the material well-being of the
home. They have a right to know, and in fact, today’s world is a
Sellers are encouraged to reveal, reveal,
disclose, and not hide something just because the concern is that the
buyer will walk away. The buyer is making an informed decision, as we
all do when shopping. An informed decision is about gathering all the
information, all the particulars to enable a logical, free decision.