If you sell commercial property, you should exercise caution when you are aware of property defects.
While Chapter 475, F.S. requires disclosure only when selling residential property, you should consider the potential damage to your reputation by failing to disclose major problems that may result in substantial damage to the buyer.
While the best course of action is full disclosure, a seller may allege that you violated a fiduciary duty by making a disclosure that was not required.
Therefore, before making such decisions, get the informed consent of the seller.
If the seller refuses to allow the disclosure, you must then decide whether to proceed under those instructions or withdraw from the transaction.
This is particularly important under CERCLA laws.
If you don’t disclose problems, you may become liable for all or part of the cleanup cost.
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