This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.
Broward Florida Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Florida
County:
Broward
Control #:
FL-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Florida Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract Or Agreement For Deed A/k/a Land Contract?
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FAQ
Since an agreement for deed is an agreement that the seller makes to the buyer to transfer the property once a specified amount of money has been received, it is considered a mortgage under Florida Law.
While a seller's property disclosure form is not required under Florida law, Florida law does require seller's and their realtors to disclose any significant property defects that may not be easily visible to the buyer. Buyers still have the responsibility to have the property inspected.
Davis, the Florida Supreme Court held that ?where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.? This obligation extends to licensees and, per Section 475.278,
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.
(b) The fact that a property was, or was at any time suspected to have been, the site of a homicide, suicide, or death is not a material fact that must be disclosed in a real estate transaction.
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.
Essentially, an Agreement for Deed is a purchase money mortgage from the seller to the buyer, allowing the buyer to take possession before the full purchase price is paid to the seller. The Florida Courts and Legislature view an Agreement for Deed as a mortgage, securing an obligation to pay.
If you're selling real estate in Florida, and you know of any material defects that aren't easily detected by the naked eye, or you know of any defects that could adversely affect the property's value, you must disclose the information to all prospective buyers.
What has to be disclosed? 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.
Florida is a ?mortgage-only? state. Florida does not recognize deeds of trust in its state law.
