Florida Governor Ron DeSantis enacted legislation Wednesday that requires residential property sellers to disclose past flood-related incidents.
This groundbreaking initiative aims to empower prospective buyers with crucial information, enabling them to make informed decisions and mitigate the risks associated with purchasing flood-prone properties.
The newly signed bill, HB 1049, mandates that sellers of residential properties in Florida must provide a “flood disclosure” form to potential buyers.
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This form outlines whether the property has been the subject of flood-related insurance claims or has received federal assistance due to flooding events. The law, which will take effect on October 1st, 2023, is designed to ensure that homebuyers have access to essential information before finalizing their purchase.
By requiring sellers to disclose past flood-related incidents, the legislation aims to foster greater transparency in the real estate market. Prospective buyers will now have a clearer understanding of a property’s flood history, enabling them to assess the risks better and make more informed decisions.
This level of transparency can have far-reaching implications, from influencing property valuations to shaping insurance premiums and long-term maintenance plans.
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Flooding can impose significant financial burdens on homeowners, from costly repairs to the potential loss of personal belongings. By mandating flood disclosure, the new law empowers buyers to anticipate and prepare for these challenges.
Armed with this knowledge, they can make more informed decisions about flood mitigation strategies, insurance coverage, and the overall suitability of the property for their needs.
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