The governor of Florida, Ron DeSantis, has signed a new bill that promises to improve transparency in the purchase and sale of properties in the state.
Known as law HB 1049, this new regulation aims to protect buyers from possible scams related to properties affected by natural disasters, especially floods.
Florida is a state that is frequently affected by hurricanes and other natural disasters, which makes the purchase of real estate in this region require greater precautions.
This year one of the most active hurricane seasons is expected. The governor has dedicated a recent appearance to explain how his administration is preparing with legal tools to address possible fraud related to natural disasters.
The new law will come into effect on October 1, and sellers will be required 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 the purchase of real estate, as it has been detected that some sellers are not honest about the damages suffered by their properties after floods in the region.
In addition to specifying natural disaster backgrounds, the report must detail whether these represent a current threat to the property. Interested buyers will be able to find out if homeowners insurance covers flood damage or not, and if not, they will need to purchase additional coverage.
The change represents a significant advantage for those looking to buy a home in Florida. So far, many buyers had difficulties accessing official records on property flooding, which could lead to disadvantageous or misleading transactions.
The sellers must be clear regarding flood damages to a house, in accordance with CS/CS/HB 1049: Disclosure of flooding in the sale of real estate.
This bill has been sponsored by the Judiciary Committee, the Subcommittee on Regulatory Reform and Economic Development, and several cosponsors, including Representatives Hunschofsky, Arrington, Cassel, Chaney, Cruz, López J., López V., Lunay, Nixon, Valdés, and Woodson.
With the entry into force of this law, it is expected that the real estate market in Florida will be more transparent and secure for all those interested in acquiring properties in the Sunshine State.
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