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Legal FAQ's
Disclosure

Q: I’m the listing agent for bank-owned property. I want the bank to fill out a Seller's  Real Property Disclosure Statement; however, a bank representative says this disclosure isn’t required by law since the bank never occupied the home. Is that true? 

A: It’s true that the bank isn’t required to fill out a Seller's Real Property Disclosure Statement or any similar form because there is no legal requirement for a seller to give a buyer a written seller property disclosure statement.

However, a seller of a residential property, whether a bank or an individual and regardless of whether the seller occupied the property, is obligated under Florida law to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. The disclosure obligation can be fulfilled via either a verbal or written disclosure.