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SARASOTA LAW

Real Estate Disclosures and Obligations in Sarasota

    Disclosures and obligations are essential for ensuring transparency in Sarasota real estate transactions, safeguarding buyers and holding sellers accountable under Florida law. This guide outlines the mandatory disclosures required by state statutes, the legal duties of sellers and real estate professionals, and practical steps to maintain compliance. By understanding these requirements, you can reduce the risk of disputes, avoid costly penalties, and navigate Sarasota’s competitive property market with confidence.

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    Mandatory Disclosures

    Sellers must disclose material facts that could affect a property’s value or desirability, including:

    Property Condition

    Structural issues (e.g., foundation cracks), mechanical failures (e.g., HVAC), or past repairs.

    Environmental Hazards

    Flood risks (common in Sarasota’s coastal areas), lead-based paint (for homes built before 1978), mold, or asbestos.

    HOA/Condo Rules

    Monthly fees, special assessments, or restrictions (e.g., pet policies).

    Other Issues

    Sinkholes, zoning violations, or pending litigation.
    These disclosures, required by Florida Statutes, are typically provided via a Seller’s Property Disclosure Form. Non-disclosure can lead to lawsuits, as buyers rely on this information. For example, failing to disclose a history of storm damage in a Sarasota home could result in legal action.

    Legal Obligations

    Sellers and agents have specific duties:

    Sellers

    Must act in good faith, providing accurate disclosures. They’re not required to investigate unknown defects but must disclose known issues.

    Agents

    Under Chapter 475, agents must disclose their role (transaction broker or single agent) and material facts, dealing honestly with all parties.

    Buyers

    Have a duty to inspect properties, often hiring professional inspectors to identify issues.
    These obligations, enforced by the Florida Department of Business and Professional Regulation, ensure fair transactions.

    Special Considerations in Sarasota

    Sarasota’s coastal location adds unique disclosure needs:

    Flood Zones

    Properties in FEMA flood zones require flood insurance and elevation disclosures.

    Environmental Protections

    Waterfront homes may have restrictions due to seagrass or mangrove protections, detailed in Waterway and Environmental Protections.

    HOA Prevalence

    Many Sarasota communities have HOAs, requiring detailed fee and rule disclosures.
    Check flood zone status at Sarasota County and environmental data at Florida DEP.

    Practical Tips

    Practical Tips

    Complete Disclosure Forms

    Use Florida Realtors’ forms for accuracy.

    Verify Property History

    Check Sarasota County Property Appraiser for flood or repair records.

    Hire Inspectors

    Professionals can identify undisclosed issues.

    Review HOA Documents

    Request rules and financials before signing.

    Consult Resources

    Use Florida Statutes for legal guidance.

    FAQs

    What must sellers disclose?

    Known defects, environmental hazards, and HOA rules.

    Can buyers sue for non-disclosure?

    Yes, if material facts were hidden.

    How do I check flood zone status?

    Visit Sarasota County.