What do you have to disclose when selling a house in Florida?

What do you have to disclose when selling a house in Florida?

What Florida Law Requires Regarding Disclosures. Florida case law provides that, with some exceptions, a home seller must disclose any facts or conditions about the property that have a substantial impact on its value or desirability and that others cannot easily see for themselves.

Is Florida a buyer beware state?

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The long-standing doctrine of American law known as caveat emptor, or “let the buyer beware,” is still alive and well in the State of Florida with respect to the purchase and sale of commercial real estate (though quite dead in the residential real estate context, see Johnson v. Davis).

What does buyer beware state mean?

the doctrine of caveat emptor

Is radon disclosure required in Florida?

Florida Statute 404.056(5) makes it illegal for a real estate professional to fail to disclose in writing of the dangers of radon gas. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.

Is radon an issue in Florida?

Radon is responsible for more than 21,000 lung cancer deaths a year (one every 25 minutes). In Florida, one in five homes tested has elevated radon levels above the action level of 4 pCi/L. Elevated radon levels have been found in all types of buildings, including manufactured homes, schools and high-rise condominiums.

What is a sellers disclosure in Florida?

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In Florida a seller of residential property is obligated to disclose to a buyer all facts known to a seller that materially and adversely affect the value of the Property being sold which are not readily observable by a buyer.

How do I sell my house by owner in Florida?

Follow These 10 Tips If You Are Selling A House In Florida By Owner

  1. Scope Out the Competition (Be A Nosey Neighbor)
  2. Give Florida Buyers What They Want.
  3. Analyze Florida’s Real Estate Market Data for a Correct Listing Price.
  4. Make Sure Your Real Estate Photographs Don’t Suck.

Is a survey required for closing in Florida?

Florida home buyers are not required by law to survey their residential property before they close on their new home. However, it’s a good idea to do so because any number of issues can materially affect the value of the property and the ability to sell it.

How much does a real estate attorney cost in Florida?

You can expect to pay between $150 and $350 an hour for a real estate attorney. However, there are also typically representatives who will charge a flat fee for a service like preparing documents of sale or reviewing a contract.

Do you have to pay taxes when you sell your house in Florida?

In Florida, there is no state income tax as there is in other US states. But if you do make money from renting or when you sell your property there will be Federal taxes (to the US government) to pay on the profit. There is also the annual tax on the value of the property that you own.

How much tax do you pay when you sell a house in Florida?

When you sell your home, the capital gains on the sale are exempt from capital gains tax. Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. Married couples enjoy a $500,000 exemption.