Understanding Florida’s Stricter Flood Disclosure Requirements in Real Estate

Oct 30, 2024

As of October 1, 2024, Florida has implemented stricter flood disclosure requirements for residential real estate transactions. This means that sellers are now required to disclose a property’s flood risk to potential buyers prior to executing a purchase and sale agreement.

What Does This Mean for Sellers and Buyers?

Sellers: To comply with the new law, sellers must disclose any previous flood damage claims and federal assistance received due to flooding. This information can be crucial for buyers when making a decision. Sellers may also need to provide documentation to support their disclosures.
Buyers: With this increased transparency, buyers can make more informed decisions about purchasing a property. They can assess the potential risks associated with flooding and negotiate accordingly. Buyers may also want to consider purchasing flood insurance to protect their investment.

Tips for Sellers and Buyers

Sellers:
- Be proactive: Gather all relevant flood information, including insurance claims and FEMA records.
- Consult with a real estate attorney: An attorney can help you understand your obligations under the new law and ensure that your disclosures are accurate and complete.
- Disclose fully and honestly: Any material misrepresentations or omissions could lead to legal liability.
Buyers:
- Do your research: Use online tools and resources to assess a property’s flood risk.
- Ask questions: Don’t hesitate to ask the seller or their agent for more information about the property’s flood history.
- Consider hiring a professional inspector: A home inspector can identify potential flood damage and other issues.

Need More Information? If you have any questions about these new requirements, please contact me at [email protected].

Need the form? For your convenience, you can download a Flood Disclosure form compliant with the new statute here.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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Understanding Florida’s Stricter Flood Disclosure Requirements in Real Estate

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