A Florida residential purchase agreement is a legal contract that facilitates the sale of residential property between a buyer and a seller. This includes the negotiated purchase price, financing terms, and contingencies that must be met for the sale to proceed.
The agreement also outlines provisions for earnest money, property disclosures, and conditions under which the buyer can withdraw from the deal. Once the parties approve the terms and sign the document, it becomes legally binding.
State Laws
- Property Tax Sellers must inform buyers in the purchase agreement that property taxes may increase. [1] This disclosure advises buyers to consult an appraiser for details and not assume they will pay the same tax amount as the previous owner. It’s essential for buyers to receive this information before or at the time of signing the purchase agreement.
- Radon Gas: Sellers must provide buyers with a written statement about the risks of radon gas before or at the time of signing the purchase agreement. [2] This requirement is typically fulfilled through a property disclosure statement.
Realtor Version
Purchase and Sale Agreement
This agreement, crafted by the Northeast Florida Association of Realtors, is recommended for use by its members.
Required Seller Disclosures
Lead-Based Paint Disclosure
For residential properties built before 1978, federal law (42 U.S. Code § 4852d) mandates that sellers disclose any knowledge of lead-based paint on the premises.
Seller’s Property Disclosure
Sellers must disclose any known issues that could affect the property's value. This includes facts that are not easily observable and are unknown to the buyer (Johnson v. Davis, 480 So.2d 625).
Coastal Construction Control Line Disclosure
Buyers must be informed about coastal erosion and environmental regulations for seaward real estate (§ 161.053) before finalizing the sale, meeting statutory requirements in § 161.57(2).
Do Sellers in Florida Have to Disclose Property Defects?
Yes, sellers in Florida are required to disclose any material defects affecting the property. This ensures buyers are informed about significant issues that could impact their decision to purchase.
In some states following the “caveat emptor” principle, sellers are not obligated to disclose all defects, placing the responsibility on buyers to conduct thorough property inspections. Failure to do so may limit the buyer’s legal recourse to cancel the transaction.
