Florida Governor Ron DeSantis has signed a new bill that promises to improve transparency in the buying and selling of real estate in the state.
Known as the ley HB 1049this new regulation seeks 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 purchasing real estate in this region require greater precautions.
This year one of the most active cyclonic seasons is expected. The governor has dedicated a recent appearance to explaining how his administration is preparing with legal tools to face possible fraud related to natural disasters.
The new law will go into effect on October 1, sellers will be required to submit 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 cause.
The measure aims to prevent fraud in the purchase of real estate, since it has been detected that some sellers are not honest about the damage suffered by their properties after suffering floods in the region.
In addition to specifying a history of natural disasters, the report must detail whether these represent a current threat to the property. Interested buyers will be able to find out whether or not their homeowners insurance covers flood damage, and if not, they will need to purchase additional coverage.
The change represents a significant advantage for those seeking buy a house in Florida. Until now, many buyers had difficulty accessing official property flooding records, which could lead to disadvantageous or misleading transactions.
Sellers should be clear about flood damage to a home, per CS/CS/HB 1049: Flood Disclosure 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 , Valdes 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 purchasing properties in the Sunshine State.
