Real Estate Disclosures and Obligations in Sarasota
Disclosures and obligations ensure transparency in Sarasota real estate transactions, protecting buyers and holding sellers accountable under Florida law. This page explores mandatory disclosures, legal obligations for sellers and agents, and resources for compliance, helping you avoid costly mistakes in Sarasota’s dynamic market.
Mandatory Disclosures
Sellers must disclose material facts that could affect a property’s value or desirability, including:
Property Condition
Structural issues (e.g., foundation cracks), mechanical failures (e.g., HVAC), or past repairs.
Environmental Hazards
Flood risks (common in Sarasota’s coastal areas), lead-based paint (for homes built before 1978), mold, or asbestos.
HOA/Condo Rules
Monthly fees, special assessments, or restrictions (e.g., pet policies).
Other Issues
Sinkholes, zoning violations, or pending litigation.
These disclosures, required by Florida Statutes, are typically provided via a Seller’s Property Disclosure Form. Non-disclosure can lead to lawsuits, as buyers rely on this information. For example, failing to disclose a history of storm damage in a Sarasota home could result in legal action.
Legal Obligations
Sellers and agents have specific duties:
Sellers
Must act in good faith, providing accurate disclosures. They’re not required to investigate unknown defects but must disclose known issues.
Agents
Under Chapter 475, agents must disclose their role (transaction broker or single agent) and material facts, dealing honestly with all parties.
Buyers
Have a duty to inspect properties, often hiring professional inspectors to identify issues.
These obligations, enforced by the Florida Department of Business and Professional Regulation, ensure fair transactions.
Special Considerations in Sarasota
Sarasota’s coastal location adds unique disclosure needs:
Flood Zones
Properties in FEMA flood zones require flood insurance and elevation disclosures.
Environmental Protections
Waterfront homes may have restrictions due to seagrass or mangrove protections, detailed in Waterway and Environmental Protections (#page-9).
HOA Prevalence
Many Sarasota communities have HOAs, requiring detailed fee and rule disclosures.
Check flood zone status at Sarasota County and environmental data at Florida DEP.
Practical Tips
Complete Disclosure Forms
Use Florida Realtors’ forms for accuracy.
Verify Property History
Check Sarasota County Property Appraiser for flood or repair records.
Hire Inspectors
Professionals can identify undisclosed issues.
Review HOA Documents
Request rules and financials before signing.
Consult Resources
Use Florida Statutes for legal guidance.
FAQs
What must sellers disclose?
Known defects, environmental hazards, and HOA rules.
Can buyers sue for non-disclosure?
Yes, if material facts were hidden.
How do I check flood zone status?
Visit Sarasota County.