Florida real estate is prone to all kinds of natural disasters. From hurricanes and flooding to tornadoes and wildfires, there are many different types of catastrophes that can happen and can affect a home’s integrity.
One serious natural occurrence that is all too familiar to residents are sinkholes. This type of formation can happen when the rock below the land surface is dissolved by circulating groundwater. As the rock dissolves, holes in the rock develop underground. If there is not enough support under the surface to hold up the land above the dissolving rock, then it will collapse into what is known as a sinkhole.
Florida Sinkholes
According to the U.S. Geological Survey, Florida is one of the states where the most damage from sinkholes often occurs, and if it does happen homeowners are obligated to report it to any future home buyers or else they can be held liable. It doesn’t matter whether it is Fort Myers luxury homes or Oviedo homes for sale, all home owners in Florida must report the property condition as forthrightly as possible or else they may be held liable.
In fact, this just happen to a couple in Spring Hill, Florida, who filed a claim with their insurance company regarding a sinkhole issue back in 2009, and the couple received $153,745.37 to repair the sinkhole. Reportedly, the couple did cosmetic repairs to the house and then sold in 2013, without ever disclosing the sinkhole issue.
The family of seven moved in and in March 2015, the home received further damage as the home’s flooring cracked apart. The family had to evacuate and when an insurance file was claimed, it was discovered that the previous claim on the home had never fully repaired the home.
The previous owners were found guilty of wire fraud, and now are facing a maximum of 20 years in federal prison.
Home Owner Disclosures
Florida has a Seller’s Real Property Disclosure Statement that obligates the seller to disclose all know facts that materially affect the home’s value and that may not be readily observable. By completing the form, the seller is made aware of the disclosure requirements under Florida law. It also helps buyers comfortably evaluate the property they are considering, knowing that sellers can and will be held liable if a known issue is found.
Whether you are selling a Fort Myers luxury homes, listing Oviedo homes for sale, or a home somewhere outside the Sunshine State, almost every state does have laws mandating that disclosures be detailed on a specific form that the seller must date and sign before closing on a property.
Seller Protection
Disclosures also can be an ally for home sellers so that buyers don’t try to unscrupulously hold sellers liable for issues that arise in the future.
It is important for sellers to protect themselves as well. Ensure that the buyer acknowledges receipt of the disclosures by having him or her sign and date the forms, too. If your state happens to not require a specific disclosure form, try to get the buyer to confirm in writing that he or she has received your disclosures.
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