Florida Real Estate Statutes Governing Sarasota
Florida’s real estate statutes, primarily under Title XL (Real and Personal Property) of the 2024 Florida Statutes, provide the legal foundation for property transactions in Sarasota. These laws regulate brokers, contracts, mortgages, and liens, ensuring transparency and fairness. This page explores key statutes, focusing on Chapter 475 and other relevant chapters, equipping you with the knowledge to navigate Sarasota’s real estate market.
Chapter 475: Real Estate Brokers and Transactions
Chapter 475 regulates real estate brokers, sales associates, and appraisers, critical for Sarasota’s bustling market. Key provisions include:
Brokerage Relationships
Section 475.278 defines two roles:
- Transaction Brokers: Represent both parties with limited confidentiality, presumed unless otherwise stated.
- Single Agents: Represent one party with full loyalty and confidentiality.
- Written disclosures: are required before listing, representation, or showing property, applicable to residential sales (4 units or fewer), unimproved property (4 units or fewer), and agricultural property (10 acres or fewer).
Licensing
Brokers and agents must hold active licenses, with 14 hours of continuing education every two years.
Duties
Agents must deal honestly, account for funds, and disclose material facts, protecting buyers and sellers.
These rules, enforced by the Florida Department of Business and Professional Regulation, ensure ethical practices.
Other Key Statutes in Title XL
Additional chapters relevant to Sarasota include:
Chapter 689
Governs conveyances of land, detailing deed requirements and trust declarations.
Chapter 695
Mandates recording of conveyances for legal validity, critical for title transfers.
Chapter 697
Defines mortgage instruments, outlining lender and borrower rights.
Chapter 701
Covers mortgage assignments and cancellations, streamlining ownership changes.
Chapter 702
Details foreclosure processes, including judicial and non-judicial options.
Chapter 712
The Marketable Record Title Act simplifies title proof after 30 years, reducing disputes.
Chapter 713
Regulates mechanic’s liens, ensuring contractors are paid for work.
These statutes protect property rights and resolve disputes, accessible via Florida Statutes.
Federal Laws Impacting Sarasota
Federal laws complement state statutes:
Fair Housing Act
Prohibits discrimination based on race, color, religion, sex, disability, familial status, or national origin.
RESPA
Requires lenders to disclose mortgage costs, preventing hidden fees.
Compliance with these laws is mandatory for Sarasota transactions, especially in diverse communities.
Applying Statutes in Sarasota
In Sarasota, these statutes guide every transaction stage:
Contracts
Chapter 475’s disclosure rules protect buyers from hidden defects, as detailed in Buyers and Sellers Contracts (#page-3).
Title Transfers
Chapter 695 ensures recorded deeds, verified via Sarasota County Property Appraiser.
Disputes
Chapter 702’s foreclosure rules resolve payment issues, while Chapter 713 protects contractors.
For example, a seller failing to disclose flood damage risks liability under Chapter 475, while a contractor can file a lien under Chapter 713 for unpaid work.
Practical Tips
Verify Agent Licensing
Check credentials at DBPR.
Review Statutes
Use Florida Statutes for primary sources.
Record Documents
Ensure deeds and mortgages are recorded with Sarasota County Clerk.
Stay Informed
Monitor statute updates, as Florida’s legislature revises laws annually.
FAQs
What is Chapter 475?
It regulates real estate brokers and transactions, ensuring ethical practices.
How do I check a broker’s license?
Visit DBPR.
What federal laws apply?
The Fair Housing Act and RESPA are key for Sarasota transactions.