Residential vs. Commercial Real Estate Disclosure Requirements
When it comes to buying or selling real estate in St. Augustine, St. Johns County, surrounding areas or anywhere in Florida, it's important to understand the legal disclosure requirements for both residential and commercial properties. These requirements are in place to ensure that buyers are fully informed about the property they are considering purchasing, including any potential issues or defects that could affect its value or use.
In Florida, the legal disclosure requirements for residential properties are more extensive than those for commercial properties. The Florida Residential Property Disclosure Act requires sellers of residential properties with up to four units to disclose all known material defects in the property to buyers. This includes any defects or conditions that may have a substantial impact on the value of the property or that would make it uninhabitable.
The seller must provide the buyer with a disclosure form that includes information on the property's roof, plumbing, electrical, HVAC, and structural components, as well as any known defects or conditions that could affect the property's value. Failure to provide this disclosure could result in legal action against the seller.
For commercial properties, the legal disclosure requirements are not as extensive. While sellers of commercial properties are still required to disclose any known defects or conditions that could affect the property's value, there is no standardized disclosure form that must be used. Instead, the disclosure requirements will vary depending on the type of property and the specific circumstances surrounding the sale. This does not mean the seller can be shielded from legal action or liability.
It's important to note that buyers of both residential and commercial properties should also conduct their own due diligence before making a purchase. This may include hiring a professional inspector or conducting a thorough review of the property's history, such as reviewing any past insurance claims or building permits.
If you're considering buying or selling real estate in St. Augustine or around the state of Florida, it is important that you contact one of our real estate attorney/lawyers at Old City Law who can help ensure that you comply with all legal disclosure requirements. Our knowledgeable and experienced attorneys can also help protect your interests and ensure that your transaction is completed smoothly and efficiently.
While sellers of both types of properties must disclose any known defects (whether latent or patent) or conditions that could affect the property's value, buyers should also conduct their own due diligence to ensure they have a full understanding of the property's condition and history. Be sure to contact one of our qualified real estate attorneys at Old City Law to ensure that you comply with all legal requirements and protect your interests throughout the buying or selling process.