Understanding Florida’s New Flood Disclosure Law

What does the Florida Flood Disclsoure mean for homebuyers and sellers?

Florida just implemented, as of October 1st, a new law that requires sellers to disclose any flood insurance claims or federal disaster assistance received due to flooding on a property. This measure aims to provide potential buyers with a more transparent understanding of a property’s flood risk.

Key points to remember:

• Mandatory disclosure: Sellers must provide a disclosure form detailing any flood-related claims or assistance.
• Increased transparency: This law enhances transparency for buyers, allowing them to make informed decisions about their purchases.
• Potential impact on property values: While the law itself doesn’t directly affect property values, knowledge of flood risks could influence buyer preferences and negotiations.

What should buyers and sellers do?

• Buyers: Carefully review the disclosure form and consider conducting additional flood risk assessments if necessary.
• Sellers: Ensure that all required disclosures are provided accurately and on time.

Where to find more information:

For comprehensive guidance and resources related to Florida’s flood disclosure law, consult trusted sources such as your Miloff Aubuchon Realty Group real estate professional.

Remember: Understanding flood risks is crucial for making informed decisions in the Florida real estate market. By being aware of this new law and taking appropriate steps, buyers and sellers can navigate the process with greater confidence.