What Home Sellers Need to Know About Florida's New Real Estate Laws

Selling a home in Florida? You'll want to pay attention to the latest changes in real estate laws that could significantly impact your sale. At 904 Home Buyer, we're committed to keeping you informed about the ever-evolving landscape of Florida's property market. From new disclosure requirements to tax updates, these changes are reshaping how we approach real estate transactions in the Sunshine State.

Let's dive into the key updates that every home seller should be aware of:

Stricter Disclosure Requirements

Florida has always been serious about seller disclosures, but recent updates have raised the bar even higher. As a home seller, you're now required to be more transparent than ever about your property's condition.

Remember the days when you could get away with a simple "as-is" clause? Well, those days are long gone. The Florida Supreme Court case Johnson v. Davis set a precedent that's still shaping our disclosure laws today. Here's what you need to know:

• You must disclose any facts that materially affect the property's value.
• If you know about an issue, and it's not easily observable, you've got to spill the beans.
• This applies even if the buyer doesn't ask about it specifically.



For example, if you've had recurring plumbing issues or know about a neighbor's noisy late-night band practice, you'll need to disclose these facts. It might feel like you're sabotaging your own sale, but trust us, it's better than facing a lawsuit down the road.

Property Tax Changes

Hold onto your hats, because Florida's property tax landscape is shifting. The recent passage of Amendment 5 has introduced some significant changes that could affect your bottom line:

• The homestead exemption is now tied to inflation. This means the exemption amount could increase annually, potentially lowering your tax bill.
• There are new limits on annual property tax increases, which could be good news for long-term homeowners.
• If you've made energy-efficient upgrades, you might be eligible for additional tax deductions.

These changes could make your property more attractive to potential buyers, especially those concerned about future tax burdens. It's worth highlighting these benefits when marketing your home.

New Condominium Regulations

If you're selling a condo, pay close attention. In the wake of the tragic Surfside collapse, Florida has implemented stricter regulations for condominiums:

• Buildings over three stories tall now require structural inspections every 10 years.
• Condo associations must maintain adequate financial reserves for critical repairs.
• Inspection reports must be made available to residents and potential buyers.



While these changes aim to improve safety, they could also mean higher maintenance fees for condo owners. Be prepared to discuss these new requirements with potential buyers and how they might impact future costs.

Hurricane Protection Requirements

Living in Florida means living with the reality of hurricanes. New regulations have been put in place to improve home resilience:

• HOAs must now set specific standards for hurricane-proof windows and other protective measures.
• They can't reject homeowners' requests to install safety measures that comply with state building codes.
• In high-risk hurricane zones, property owners must submit a disaster mitigation plan to obtain certain types of insurance.



These changes could be a selling point for your property if you've already implemented strong hurricane protection measures. If not, consider making these upgrades before listing your home – it could make your property more attractive to safety-conscious buyers.

Changes to Real Estate Contracts

The nitty-gritty of real estate transactions has also seen some updates:

• Closing costs are now typically split more evenly between buyers and sellers.
• There's more flexibility in negotiating real estate agent commissions.
• Contracts now include clearer provisions on structural and environmental disclosures.



These changes aim to make transactions more transparent and fair for all parties involved. As a seller, you might find yourself with more negotiating power when it comes to agent fees, but you'll also need to be prepared for potentially higher closing costs.

Short-Term Rental Regulations

If you've been using your property for short-term rentals through platforms like Airbnb or VRBO, listen up:

• All short-term rental properties must now be registered with the state.
• There are new zoning regulations to prevent widespread conversion of homes into short-term rentals.
• Annual rental day limits have been set for properties without a commercial license.



These changes could impact the profitability of your property if you've been relying on short-term rental income. Be sure to factor this into your selling strategy and be upfront with potential buyers about any existing rental arrangements.

What These Changes Mean for You

As a home seller in Florida, these new laws and regulations might seem overwhelming at first. But knowledge is power, and understanding these changes can help you navigate the selling process more smoothly.

Here's how to approach your home sale in light of these updates:

1. Be proactive with disclosures: Don't wait for buyers to ask – be upfront about any issues with your property. This transparency can build trust and potentially speed up the sale process.
2. Highlight tax benefits: If your property qualifies for increased homestead exemptions or other tax benefits, make sure potential buyers know about it.
3. Invest in safety and efficiency: Consider making hurricane protection upgrades or energy-efficient improvements. These can be strong selling points in the Florida market.
4. Stay informed about condo regulations: If you're selling a condo, be prepared to discuss the new inspection and reserve requirements with potential buyers.
5. Be flexible on closing costs: With the new guidelines on closing cost responsibility, be prepared to negotiate these details with your buyer.
6. Reevaluate rental strategies: If your property has been used for short-term rentals, consider how the new regulations might impact its value or appeal to buyers.

Remember, while these changes might seem daunting, they're ultimately designed to create a fairer, safer real estate market for everyone. By staying informed and adapting your selling strategy, you can turn these new regulations into opportunities to showcase the value of your property.

At 904 Home Buyer, we're here to help you navigate these changes and ensure a smooth, successful home sale. Whether you're just starting to think about selling or you're ready to list, we've got the expertise to guide you through Florida's evolving real estate landscape.

Don't let these new laws catch you off guard. Stay informed, be prepared, and remember – a well-informed seller is a successful seller. Happy selling, Florida homeowners!