Beginning October 1, Florida will implement expanded flood disclosure requirements for residential sellers, developers, and landlords. These changes strengthen consumer protections by ensuring buyers and tenants receive more complete information about a property’s flood history.
Expanded Requirements for Sellers
Residential sellers must now go beyond the standard disclosures. In addition to prior obligations, sellers are required to disclose any known flood damage that occurred during their ownership of the property.
New Developer Obligations
Developers of residential condominiums also face expanded disclosure duties. Before selling or leasing, a developer must disclose to a prospective buyer or tenant:
Whether they are aware of flood damage to the property during their ownership.
Whether they have filed an insurance claim related to flood damage.
Whether they have received financial assistance for flood damage.
Landlord Disclosures for Tenants
For the first time, residential landlords are obligated to make flood disclosures to prospective tenants.
If a landlord fails to disclose truthfully and the tenant later suffers a substantial loss or damage to personal property due to flooding, the tenant may:
Terminate the rental agreement within the specified timeframe.
Receive a refund of all prepaid amounts from the landlord.
However, tenants remain responsible for rent or fees owed up to the date of termination.
Key Takeaway
These new rules significantly expand the scope of flood-related disclosures in Florida. Sellers, landlords, and developers should review their practices and consult with legal counsel to ensure compliance.
Keep an eye out for the updated Flood Disclosure form rolling out on October 1. If you have any questions regarding the revised Flood Disclosures, please reach out to a trusted real estate attorney.
