The
State of Florida requires disclosure in the sale of real estate. These
disclosures pertain to Agency, Seller Property and Federal Lead
Paint Disclosure
Agency Disclosure
Before you enter into a discussion with a real estate agent regarding a
residential real estate transaction, you should understand what type of agency
relationship you wish to have with that agent. Florida law requires real estate
licensees who are acting as agents of buyers or sellers of residential property
to advise the potential customers with whom they work of the nature of their
agency relationship and the rights and obligations it creates. Dual agency (an
agent that represents, as a fiduciary, BOTH the buyer and seller) is illegal in
Florida.
NEFLPG offers sellers and buyers the following 3 options:
1.
NEFLPG may work as a Transaction Broker for the seller and/or buyer
2.
NEFLPG may work as a Single Agent of either the buyer or the seller (but not for
BOTH the buyer and seller in the same transaction)
3.
The parties may agree that NEFLPG will NOT represent the buyer or the seller at
all. This referred to as a No Brokerage
Relationship. NEFLPG simply
facilitates the transaction
NEFLPG is not required to provide customers with written documentation when
entering into a Transaction Broker relationship.
Under Florida law, it is presumed that all licensees are operating as a
Transaction Broker unless another form of Agency relationship is established in
writing.
These three Agency relationships are different.
NEFLPG has created the below summary to explain these differences and
expectations:
|
DUTY |
No Brokerage #3 |
Transaction Broker #1 |
Single Agent #2 |
|
Deal honestly and fairly |
X |
X |
X |
|
Disclose all known facts that affect value of residential property |
X |
X |
X |
|
Account for all funds |
X |
X |
X |
|
Use skill, care and diligence |
|
X |
X |
|
Present all offers and counteroffers |
|
X |
X |
|
Exercise limited confidentiality |
|
X |
|
|
Perform additional duties that are mutually agreed to |
|
X |
|
|
Confidentiality |
|
|
X |
|
Obedience |
|
|
X |
|
Loyalty |
|
|
X |
|
Disclosure (Full) |
|
|
X |
Click below to view / print Florida Agency Disclosure forms:
Further details can be view at:
Seller Property Disclosure
Florida has enacted mandatory disclosure laws.
These laws help consumers make informed decisions regarding real estate
transactions. Sellers of
residential must disclose material defects concerning the property.
The use of an “as is” provision in a contract of sale does NOT circumvent
the duty of the seller to disclose all known material defects.
Click below to view / print the Seller’s Property Disclosure Form:
The Seller’s Property Disclosure is generally provided to a buyer or buyer’s
agent prior to the signing by the buyer of a binding Purchase and Sale
Agreement.
The Seller’s Property Disclosure is not a warranty of any kind by the seller or
by any agent representing the seller in a transaction. It is not a substitute
for any inspections or tests. The
buyer is encouraged to obtain his or her own independent professional
inspections, environmental tests and is encouraged to check public records
pertaining to the property.
A Radon Gas Disclosure is also required prior to executing a sale contract.
At present, the disclosure consists of what radon is; it does not require
testing to disclose radon gas levels before a sale.
This disclosure is generally found in a Purchase and Sale Agreement.
Click below to visit the EPA’s Radon website:
The Florida Building Energy-Efficiency Rating Act requires that buyers, before
signing a Purchase and Sale Agreement, receive an information brochure notifying
the purchaser of the option to for an energy-efficiency rating on the building.
Click below to view / print the Energy-Efficiency Brochure:
Federal Lead Paint Disclosure
Every purchaser of any interest in residential real property on which a
residential dwelling was built prior to 1978 is notified that such property may
present exposure to lead from lead-based paint that may place young children at
risk of developing lead poisoning. Lead poisoning in young children may produce
permanent neurological damage, including learning disabilities, reduced
intelligence quotient, behavioral problems, and impaired memory. Lead poisoning
also poses a particular risk to pregnant women. The seller of any interest in
residential real property is required to provide the buyer with any information
on lead-based paint hazards from risk assessments or inspections in the seller’s
possession and notify the buyer of any known lead-based paint hazards. A risk
assessment or inspection for possible lead-based paint hazards is recommended
prior to purchase.
Click below to view / print the Federal Lead-Based Paint Disclosure:
Click below to view / print the Federal Lead-Based Paint Information Book:
Disclosure is not a warranty of any kind by the seller or
by any agent representing the seller in a transaction. It is not a substitute
for any inspections or tests. The
buyer is encouraged to obtain his or her own independent professional
inspections, environmental tests and is encouraged to check public records
pertaining to the property.
Fair Housing
NEFLPG has agreed to and aceepted the National Association of REALTORS Fair Housing Declaration:
What Everyone Should Know About Equal Opportunity Housing