FLORIDA LEGISLATURE ENACTS MANDATORY FLOOD DISCLOSURES IN SALE OF REAL PROPERTY

Effective October 1, 2024, new Florida Statute § 689.302[i] will require those selling real property in Florida to disclose flood risks to potential buyers “at or before the time the sales contract is executed.” Fla. Stat. 689.302. The statute requires the seller to disclose: (1) Whether they have ever filed an insurance claim for flood damage on the property; and (2) Whether they ever received federal assistance for flood damage on the property. The statute defines “flooding” as inundation of the property caused by the overflow of inland or tidal waters, the accumulation of runoff or surface waters from a river, stream or drainage ditch, or sustained standing water from rainfall.

[i] See https://www.flsenate.gov/Session/Bill/2024/1049/BillText/er/PDF