Florida Governor Ron DeSantis has signed a new bill aimed at improving transparency in the buying and selling of real estate in the state.
Known as law HB 1049, this new regulation aims to protect buyers from potential scams related to properties affected by natural disasters, especially floods.
Florida is a state that is frequently impacted by hurricanes and other natural disasters, which means that purchasing real estate in this area requires greater caution.
This year, one of the most active hurricane seasons is anticipated. The governor recently held a press conference to explain how his administration is preparing with legal tools to address potential fraud related to natural disasters.
The new law will come into effect on October 1, requiring sellers to present a flood disclosure document, which must indicate whether the property has been involved in insurance claims related to flood damage or if the owners have received federal assistance for that reason.
The measure aims to prevent fraud in real estate transactions, as it has been found that some sellers are not transparent about the damage their properties have sustained due to flooding in the region.
In addition to detailing the history of natural disasters, the report must clarify whether they pose a current threat to the property. Interested buyers will be informed if homeowner's insurance covers damages from floods, and if it does not, they will need to obtain additional coverage.
The change represents a significant advantage for those looking to buy a home in Florida. Until now, many buyers have struggled to access official records regarding property flooding, which could lead to unfavorable or misleading transactions.
Sellers must be clear about flood damage to a property, in accordance with CS/CS/HB 1049: Flood Disclosure in Real Estate Transactions.
This bill has been promoted by the Judicial Committee, the Subcommittee on Regulatory Reform and Economic Development, and several co-sponsors, including Representatives Hunschofsky, Arrington, Cassel, Chaney, Cruz, López J., López V., Lunay, Nixon, Valdés, and Woodson.
With the enactment of this law, the real estate market in Florida is expected to become more transparent and secure for all those interested in purchasing properties in the Sunshine State.
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