Florida ‘As Is’ Property Disclosure

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Florida ‘As Is’ Property Disclosure

We are selling our house

Asked on June 12, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You know about the electric: you must disclose it. A homeowner must disclose any issues known to them which are "latent" or not readily discernable by a buyer, such as wiring issues. A failure to disclose what you know is fraud, which can expose you to considerable liability--not just for the cost to remedy the issue, but potentially additionally money beyond that--if a buyer later discovers the issue and sues. Alternately, a buyer could use the issue as grounds to rescind or void the sale (undo the sale, get their money back, and make you take the home back). Disclose it, sell "as is" with that disclose, and just set the price appropriately, given that buyers will discount what they'd otherwise offer due to the electricial problems. 
Disclosures must be honest and accurate to the best of your knowledge. If you don't know if there is radon or lead, disclose that the seller is unaware of any any radon or lead paint.


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