The Anna Maria Island Sun Newspaper

Vol. 13 No. 43 - August 21, 2013

REAL ESTATE

Property defects must be disclosed

 

“Honesty in state, as well as individuals, will ever be found the soundest policy.” This is a quote from George Washington that when applied to the selling of real estate becomes one of the more import aspects of these transactions.

In Florida, sellers of residential property are obligated to disclose any known material facts or defects in the property. The seller must disclose any environmental hazards like the presence of radon gas or lead-based paint, shared walls or fences, easements and room additions or repairs not made with proper permits. The seller must also disclose any significant malfunctions or a defect in the existing home’s major systems.

In addition, the current property tax is a disclosure item, however, a buyer should not rely on the seller’s current property tax assessment. Property taxes change based on the sale price of the property as well as any improvements that may not currently be taxed at the time of sale.

A written form is provided to sellers by real estate brokers at the time the property is listed. This form goes into more detail including age of the roof and repair history, active termite activity or previous termite damage, sewage system and status of leaks or backups, status of well water, age and type of air conditioning and heating unit, problems with electrical system, list of and condition of appliances, proposed changes to the neighborhood that could affect the desirability of the property and underground tanks or toxic substances, among others.

If you’re purchasing a condominium, the condominium association must also disclose any problems associated with the common areas, upcoming increases in annual assessments or special assessments, and existing or threatened legal action. In addition, Florida law provides buyers of a condominium the right to read the condominium documents and review the financial papers of the association prior to finalizing the formal contract of sale. These are items that must be provided by the seller for the buyer’s inspection.

Sellers also are under no obligation to disclose why they are moving, including if they don’t like their neighbors or if their street has more rentals than they’re comfortable with. Sellers also are not required to disclose any psychological factors such as the home being the site of a homicide, suicide, death or ghosts. Although past tragedies may stigmatize the house, they are generally not interpreted as being a material fact that must be disclosed.

Real estate professions are required to disclose any material facts that could affect the value of a residential property which are not readily observable to the buyer. This is particularly true if the material defect might have caused the buyer to either withdraw his/her offer or renegotiate it.

Since Florida has an abundance of pools buyers and sellers should be aware of the Residential Swimming Pool Safety Act that went into effect in 2000. The act requires certain safety features to be installed on newly constructed homes to prevent drowning of a young child or medically frail elderly person. Some of the requirements are that the pool must be isolated from access to a home by an enclosure that meets the pool barrier requirement; there must be an approved safety pool cover and windows and doors that lead directly from the home to the pool be equipped with certain safety features.

This may all sound overwhelming, but basically it comes down to treating the potential buyer of your home the same as you would expect to be treated. If you just remember George and the cherry tree, you’ll be fine.

Real Estate Transactions
Real estate transfers as of May 2013
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

06/03/2013 549,000 530,000 614 N Bay Blvd 1120 72x81 2 Br/2 Ba SFR
06/04/2013 779,000 767,000 109 Palm Ave 1290 50x110 2 Br/2 Ba SFR
06/14/2013 825,000 780,000 107 Willow Ave 2880 50x110 5 Br/3 Ba SFR
06/10/2013 399,000 380,000 710 Rose St 1564 50x79 3 Br/2 Ba SFR
06/14/2013 473,500 415,000 252 Gladiolus St 1428 85x101 2 Br/1 Ba SFR
06/21/2013 412,000 455,000 524 South Dr 1212 60x110 2 Br/1.5 Ba SFR, Reo/Bank Owned
06/27/2013 1,900,000 1,875,000 799 N Shore Dr 2340 50x125 2 Br/3 Ba SFR
06/06/2013 229,000 210,000 522 Pine Ave # 1b 822 2 Br/1 Ba Condo
06/13/2013 230,000 215,000 522 Pine Ave # 5a 822 2 Br/1 Ba Condo
06/14/2013 825,000 780,000 107 Willow Ave 2880 25x110 Inc
06/04/2013 399,000 350,000 505 South Bay Blvd 73/x100 Vac

Bradenton Beach

06/06/2013 495,000 463,000 601 Gulf S Dr # A & B 1656 50x100 4 Br/3 Ba SFR
06/03/2013 150,000 169,900 2312 Avenue C # 4 651 2 Br/1 Ba Condo
06/07/2013 489,000 472,500 1007 Gulf N Dr # 202 1259 2 Br/2 Ba Condo
06/07/2013 143,000 130,000 611 Gulf N Dr # A13 698 1 Br/1 Ba Condo
06/14/2013 279,000 230,000 703 Gulf S Dr # 3 1050 2 Br/2.5 Ba Condo
06/18/2013 149,000 132,000 1603 Gulf N Dr # 34 380 1 Br/1 Ba Condo
06/27/2013 299,000 250,000 703 S Gulf S Dr # 4 1050 2 Br/2.5 Ba Condo
06/27/2013 239,000 225,000 501 Gulf N Dr # 115 1128 2 Br/2 Ba Condo
06/28/2013 279,000 275,000 1325 Gulf N Dr # 136 675 2 Br/2 Ba Condo
06/28/2013 299,650 285,000 901 Gulf S Dr # 10 962 2 Br/2 Ba Condo
06/06/2013 495,000 463,000 601 Gulf S Dr # A 1656 50x100 Inc.

Cortez

06/05/2013 289,900 275,000 12607 Safe Harbour Dr. 105x117 Vac.

Holmes Beach

06/04/2013 699,000 650,000 515 67th St. 1891 80x111 3 Br/2 Ba SFR
06/04/2013 269,999 269,999 2911 Gulf Dr. 1650 50x100 3 Br/3 Ba SFR, Reo/Bank Owned
06/05/2013 675,000 600,000 602 Key Royale Dr. 1936 3 Br/2 Ba SFR
06/07/2013 315,000 295,000 311 59th St. 1000 2 Br/1.5 Ba SFR
06/10/2013 764,000 685,000 652 Key Royale Dr. 3400 3 Br/2.5 Ba SFR
06/14/2013 429,000 395,000 208 Haverkos Ct. 2181 65x98 3 Br/2.5 Ba SFR
06/17/2013 599,000 575,000 507 77th St. 2164 90x100 4 Br/3 Ba SFR
06/21/2013 734,999 685,000 612 Hampshire Ln. 2317 95x105 4 Br/3 Ba SFR
06/14/2013 399,000 425,000 129 52nd St. 2047 100x100 4Br/2 Ba SFR,Short Sale
06/27/2013 549,900 511,400 624 Foxworth Ln. 1823 3 Br/2.5 Ba SFR
06/24/2013 598,000 570,000 214 69th St. 1425 90x107 2 Br/2 Ba SFR
06/28/2013 399,900 370,000 622 Key Royale Dr. 1972 100x103 2 Br/2 Ba SFR
06/25/2013 995,000 965,000 307 66th St. # A 2800 6 Br/4.5 Ba SFR
06/27/2013 400,000 400,000 2809 Gulf Dr. 1420 50x100 2 Br/2 Ba SFR
06/17/2013 349,000 305,000 5806 Gulf Dr. # 104 1128 2 Br/2 Ba Condo
06/11/2013 319,900 319,000 5806 Gulf Dr. # 201 1164 2 Br/2 Ba Condo
06/25/2013 299,999 246,000 6200 Flotilla Dr. # 294 985 2 Br/2 Ba Condo, Reo/Bank Owned
06/28/2013 225,000 198,000 3000 Gulf Dr. # 3 756 2 Br/1 Ba Condo
06/28/2013 249,500 220,000 6300 Flotilla Dr. # 104 1212 3 Br/2 Ba Condo
06/14/2013 399,000 399,000 6250 Holmes Blvd. # 52 1536 2 Br/2.5 Ba Condo
06/20/2013 255,000 242,250 600 Manatee Ave. # 127 1222 2 Br/2 Ba Condo
06/11/2013 249,000 245,000 432 62nd St. 1080 2 Br/2 Ba Half Duplex

 

Source: Manatee County Property Appraiser’s Office


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