Get Florida Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract

Owner financing is perfectly legal. Typically, the owner will draw up a purchase agreement with an attorney's assistance, and both parties will sign it. Sometimes these loans can be for shorter periods than a traditional 30-year mortgage.

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.

A seller must disclose any facts or conditions they know about that materially affect the value of the property. This means that they have to tell a buyer about any issue that would reduce the value of the property or make the property less desirable. Problems with the title to the home or property.

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.

Florida statute 689.261 requires that buyers receive a Property Tax Disclosure Summary at or before execution of the contract for sale. All sales contracts provided by Florida Realtors contain the required language.

Florida law requires sellers of property subject to a homeowners association to provide buyers with a disclosure summary regarding the association, the existence of restrictive covenants, and any assessments that the association imposes.

Florida Statute §161.57, deals with coastal properties disclosure statements. This law requires the seller to disclose potential for coastal erosion, where the property is subject to state, local and federal law limiting construction on the property and compliance with environmental standards.