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Writer's pictureHeather Holliday

New Florida Flood Disclosure Requirements

 New Law regarding FLOOD DISCLOSURE Seller to Buyer


This disclosure must be done BEFORE or AT the time of contract.

Please have your sellers complete and be prepared! 


Disclosure is below, it is in APPFiles, Transaction desk and Form Simplicity.

FLOOD Disclosure (FD-1)



For clarification (because several have asked):

This is a STATE STATUTE, so it is required by law. 

This duty to disclose in writing via the flood form is separate from the sellers requirement to disclose that which they know that will materially affect the value of the property ie: a seller's disclosure. So even if you have done a disclosure waiver, this is still required.  Also, remember, if you have done the sellers disclosure waiver, that is just acknowledgment that they’re not filling out the form. They are still required by law to disclose that which they materially know. 


Keep in mind this is similar to the HOA disclosure or the condo disclosure, which are both required by law. 

It is for ALL residential properties.  (Condo's - even if it is the 4th floor), Houses, manufactured homes).


 

Florida sellers must disclose flood damage history to buyers before contract signing to provide transparency in real estate transactions. 


 Starting October 1, 2024, there is a new flood disclosure requirement in Florida. Florida Statute 689.302 requires a seller to complete and provide a flood disclosure to a buyer of residential real property. This disclosure must be done at or before the time of a contract being executed.

Sellers will need to disclose:

  • Whether they have filed a claim with their insurance provider relating to flood damage on the property.

  • Whether they have received federal assistance for flood damage to the property.

For purposes of the new disclosure, “flooding” is defined as a general or temporary condition of partial or complete inundation of the property caused by any of the following:

  • The overflow of inland or tidal waters

  • The unusual and rapid accumulation of runoff or surface waters from any established water source

  • Sustained periods of standing water resulting from rainfall. Some examples of an established water source can be a river, a stream, or a drainage ditch.


FEMA’s policy is to share past flood history with ONLY a property owner who holds an active flood insurance policy. This means that prospective buyers are unable to get this information prior to closing on the home.

Additionally, homeowners’ insurance policies tend to not cover damage resulting from floods. Buyers should always be encouraged to discuss their need to purchase separate flood insurance coverage with their insurance agent.

This new disclosure requirement will allow buyers to have crucial information prior to executing a sales contract.


WEBINAR: New Flood Disclosure & Condo Forms

Florida Realtors® has released new forms for flood disclosure and condos to address changes to state laws effective October 1, 2024. Here's a look at the forms and how to use them. Click here for more info.




 


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