Seller Resources - Articles - Contract Contingencies to protect you.

Selling Your Home - Disclosure

Whose obligation is it to disclose pertinent information about a property?
In Florida, it is the seller and the seller's agent to disclose. As a seller, you and your listing agent are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you. This might include: homeowners association dues; CDD fees; whether or not work done on the home and its property meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV or internet or cell reception; and any restrictions on the use of the property, such as zoning ordinances or association rules. 

What are the standard contract contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The purchase contract must include the sellers responsibilities, for such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

Do I need an attorney when I buy a house?
In Florida no.  However, you always have the right to an attorney and such a right is a part of the contract.  Real Estate Agents and Brokers are usually not attorneys. 

What repairs should the seller make?
As a seller, If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before putting the home on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate with you the seller their repair. Experience tells us the first offer may well be the best offer to negotiate on.  A property that is on the market without any offers gets "stale" and this should not be your home that is For Sale.

Will a neighbor problem reduce the value of my property?
While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home. As a seller, It also important to be informed about your HOA and CDD requirements. As a seller you are obligated to disclose HOA and CDD  requirements. 

Does the same apply to a condominium as to disclosures?              

Florida law, provides people buying a condominium must be provided a copy of the covenants, codes and restrictions or other deed restrictions. Also, the Buyer  would want to know and understand the Condo Associations financial position.  The Buyer would want to know of any lawsuits concerning the condo that are outstanding? It's important to note that the simple idea of disclosing defects, open building permits, pending law suits has broadened significantly in recent years. Many mortgage lenders have their own mandated disclosure forms as our brokerage does. As a Buyer be sure to ask questions about anything that remains unclear or does not seem to be properly addressed by the forms provided to you. If you ask us, we, The David Team, will assist you in this research. 

Noel and Paula David
Noel and Paula David
Broker Associates