You must learn everything that you possibly can about a Florida property before you purchase it. Fortunately, the seller is required to provide vital information that can help you make an educated decision. If a seller fails to make required disclosures, you may have grounds to file a lawsuit.
What must you learn before a transaction is complete?
As a general rule, you must be told about any significant issues with a property that the seller knows about or should know about. These issues could include a leaky roof, a cracked foundation, or, the presence of a termite or rodent infestation. You may also be entitled to learn about issues related to heating or cooling components as well as any problems with floors, walls or ceilings. Finally, a seller may need to tell you about any existing land disputes with a neighbor or government entity.
You are responsible for the property after buying it
It’s important to remember that you are responsible for a house after you buy it. Therefore, it’s a smart idea to conduct a thorough inspection before the closing date to help verify what a seller has told you. If you discover additional problems during the inspection, the current owner may agree to help you pay to remedy them. At a minimum, learning about issues before a transaction closes may avoid a costly real estate lawsuit.
Ideally, you will resolve any disputes with a seller through private talks as opposed to going to court. However, when private talks don’t yield favorable results, it may be possible to obtain compensation after a formal trial. Compensation may help pay for repairs to your home, the cost of temporary accommodations and other damages related to a seller’s lack of transparency.
