Recently, Attorney Zachary Roth was featured on a news segment hosted by Anne Schindler of First Coast Connect. Here, he discusses the new Florida statute going into effect on October 1st, which will require a homeowner to give a certain disclosure regarding flood experience with their property before a transaction. Specifically, a homeowner will be expected to answer the two questions, “Have you ever made a flood insurance claim?” and “Have you ever received federal funds based on such a claim?”
With this, Zachary Roth adds that before this statute, disclosing flooding was something sellers should have done already, absent it being a unique circumstance. Therefore, it should not particularly affect the value of a seller’s property going forward. He states, “…A seller of residential property has an affirmative duty to disclose known issues that materially affect the value of the property that are not readily observable to the buyer.”
You may watch the news segment below or by simply clicking here.
