New Flood Disclosure Requirements in Florida
Florida is strengthening protections for buyers and tenants with new flood disclosure requirements that take effect October 1st. These changes are designed to make sure anyone considering a property has a clearer picture of its flood history. These rules help prospective buyers or tenants understand a property’s history before committing.
What Sellers Need to Know
If you’re selling a residential property, your disclosure responsibilities are increasing. In addition to the standard requirements, sellers must now disclose any known flood damage that occurred while you owned the property. This ensures buyers have all the information they need to make informed decisions.
What Developers Must Do
Developers of residential condominiums also have new disclosure duties. Before selling or leasing a unit, developers are now required to share:
Any knowledge of flood damage during their ownership
Whether an insurance claim for flood damage was filed
Any financial assistance received for flood damage
What Landlords Should Know
For the first time, residential landlords must disclose flood history to potential tenants. If a landlord fails to disclose and a tenant later experiences significant property loss due to flooding, the tenant may:
Terminate the lease within the allowed timeframe.
Receive a refund of prepaid rent or fees. But, they are still responsible for any rent owed up to the termination date.
Key Takeaways.
Flood disclosure requirements in Florida are expanding for sellers, developers, and landlords.
Everyone involved in residential property transactions should review their current practices to ensure compliance.
The updated Flood Disclosure form will be available starting October 1.
If you have questions about these new requirements or how they affect your property, it’s a good idea to consult a trusted real estate attorney. Staying informed now can help avoid complications later.
