Avoiding Disclosure Issues in Venice

Avoiding Disclosure Issues in Venice: Real Money at Risk

What Actually Breaks Deals in Florida

Undisclosed Property Defects

Florida Statute 720 mandates that sellers disclose known property defects, but when this doesn’t happen, deals can collapse. I once saw a deal fall apart when a buyer discovered a roof leak during the inspection period that the seller hadn’t disclosed. The buyer walked away, leaving the seller scrambling to fix the issue and relist the property, losing both time and potential buyers.

When my husband Mike and I bought our condo at Seaplace212 in 2018, we were fortunate that we had the Renick Team on our side. Eric & Mike are very Professional and honest with full disclosure. I am a licensed Real Estate agent in Florida. I feel comfortable referring my clients to Eric and Mike. I know that they will receive competent representation.

– Marge Nuzzo, Google Review

Insurance Binding Failures

In Venice, especially on barrier islands, securing insurance can be a nightmare. During underwriting, if an insurance binder is denied due to undisclosed risks like previous hurricane damage, the buyer might face unexpected costs or be unable to secure financing. This can delay closing or even cause the deal to fall through entirely.

Where It Usually Blows Up

Disclosure issues often surface during the inspection period, a critical time when buyers can still back out without losing their deposit. This timing is brutal because buyers have already invested in inspections and appraisals, and discovering hidden defects can lead to renegotiations or deal termination. Sellers risk losing their buyer and having to address the issues before relisting, which can be costly and time-consuming.

What I Tell Clients Before They Risk Money

1. Inspect Thoroughly: Always conduct a comprehensive inspection to uncover any hidden issues.
2. Review Disclosures: Carefully review all seller disclosures for completeness and accuracy.
3. Understand Insurance: Verify insurance availability and costs early in the process.
4. Check Permits: Ensure all renovations have proper permits to avoid future legal issues.
5. Consult Experts: Engage with real estate and legal professionals to navigate complex disclosures.

Wow, Mike promises two things right up front; upscale, concierge service and seven day a week availability. Mike delivered on both right from the very beginning. He took the time to understand what type of home I was looking for. When I wasn’t clear, he probed even deeper. The end result….when I saw listings, they were the ones that fit my criteria. We didn’t waste our time chasing around looking at homes that were of no value to me! Mike took the time to explain, right up front, how the buying process would work. He clearly knows his stuff! If you are looking for a Broker that understands his job and places his clients above all else, Mike is the one for you. I feel like I’ve not only found an exceptional broker but also a good friend.

– Sue Lear, Google Review

Questions Clients Actually Ask

What happens if a seller doesn’t disclose a known issue?

If a seller fails to disclose a known issue, it can lead to legal action under Florida Statute 720, potentially resulting in financial penalties or contract rescission.

Can I back out if I find a major issue during inspection?

Yes, during the inspection period, you can back out without losing your deposit if a major issue is discovered, but this must be done within the contractual timeframe.

What To Do Right Now

Order a comprehensive property inspection and review all disclosures with a real estate attorney to ensure there are no hidden issues.

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To learn more about Michael and Team Renick:

https://www.teamrenick.com/

To search for local properties:

https://search.teamrenick.com/

To read more about what Michael shares with his clients:

https://blog.teamrenick.com/