Florida law does not require that sellers of property provide a property disclosure to a buyer. However, they must disclose material issues that are known to them. To wit;
In Johnson vs. Davis, the Florida Supreme Court held that “where
the seller of a home knows of facts materially affecting the value of
the property which are not readily observable and are not known to the
buyer, the seller is under a duty to disclose them to the buyer.” The
disclosure can be made in writing or verbally. In addition, in Rayner
vs. Wise Realty Co. of Tallahassee, the First District Court of Appeal
provided that this same disclosure requirement applies to residential
properties that are being sold as is.
Buyers are still advised to do their own due diligence and to be suspicious of written and verbal disclosures. Human nature makes sellers forgetful especially where large sums of money are concerned.
“Success in investing is not a function of what you buy. It’s a function of what you pay.”
___Howard Marks
