Who Must Tell Buyer about Deed Restrictions?

Most of the newer communities in Venice, Florida have homeowner associations (HOA) with governing guidelines – see Chapter 720, Florida Statutes. Who must tell buyer about deed restrictions?  The seller, the seller’s agent, the buyer’s agent or the association?

Seller’s Duty    

If the buyer was not properly informed, whose responsibility will that be? In any real estate transaction the seller has the responsibility for the “disclosure summary” – Section 720.401 Florida Statutes.

When the property is listed, the listing agent has the seller answer all the questions in the (1) Homeowners’ Association/Community Disclosure and (2) Seller’s Real Property Disclosure Statement with the date and seller’s signature.

Even if the seller never lived at the property before e.g. inherited or rental property or the transaction is without any REALTOR®/real estate agent involved e.g. For Sale by Owner. The seller must inform and provide the disclosure summary on the deed restriction of a Homeowner’s Association/Community to the buyer.

Deed Restrictions Disclosure Summary – Section 720.401  

If the disclosure summary required by Section 720.401, Florida Statutes, has not been provided to the prospective purchaser before executing this contract for sale, this contract is voidable by buyer by delivering to seller or seller’s agent written notice of the buyer’s intention to cancel within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. Any purported waiver of this voidability right has no effect. Buyer’s right to void this contract shall terminate at closing.

Buyer should not execute this contract until buyer has received and read this disclosure.

1.        Buyer will be obligated to be a member of a Homeowners’ Association.

2.        There will be recorded restrictive covenants governing the use and occupancy of properties in the community.

3.        Buyer will be obligated to pay assessments to the association. Assessments may be subject to periodic change

4.        Buyer may be obligated to pay special assessments to the respective municipality, county or special district. All assessments are subject to periodic change. Failure to pay special assessments or assessments levied by a mandatory homeowners’ association could result in a lien on the property.

5.        There may be an obligation to pay fees for recreational or other commonly used facilities as an obligation of membership in the Homeowners’ Association.

6.        The developer may have the right to amend the restrictive covenants without the approval or the association membership or the approval of the parcel owners.

7.        Prospective buyer should refer to the covenants and the association governing documents before purchasing property.

8.        Documents can be obtained from the Record office in the county where the property is located (or if not recorded can be obtained from the developer.)

9.        Buyer make sure you review the up-to-date Homeowners’ Association’s financial statement and budget – be sure it has sound reserved funds.

Reason has REALTOR®’s representation

Seller may not know the disclosure requirements, however the REALTOR® should. That’s the reason why sellers and buyers need an agent to help them with their real estate transaction before selling or buying, so that the REALTOR® may take care of the details.

 Who Must Tell Buyer about Deed Restrictions?

This information is provided by Kwee Huset of Kwee Huset Realty. It is not legal advice to anyone, and may be subject to change.  

Venice FL Real Estate Market Reports – April 2012

 Venice Florida Real Estate Market Reports will provide you a good over view of how residential properties for sale performed during the month of April 2012.

Single Family Homes in Venice FL.

132 units were sold.

The average sold price was a $230,247 home with 3 bedrooms 2 bathrooms 2 car garage and 1891 square foot heated area.

Average days on the market was 125

Condos in Venice Florida

69 units were sold.

The average sold price was $143,004 with 2 bedrooms and 2 bath, and 1120 square feet of living area.

Average days on the market was 131

Villas in Venice FL

37 units were sold.

The average sold price was $158,055 with 2 bedrooms 2 bathrooms, and 1469 square feet of heated area.

Average days on the market was 119

Townhouses in Venice FL

1 sold. The sold price was $182,000 with 3 bedrooms and 3 baths.  The days on the market was 2.

Manufactured homes

5 units sold.

The average sold price was $68,300 with 2 bedrooms, 2 bathrooms and 982 square feet of heated area.

The average days on the market was 77.

The price depends on the location, amenities & condition of the properties (handyman, move in condition, kind of floor, updated kitchen/bathroom, air-conditioner, car port or garage parking & etc.)

$264,500 Home for Sale in Venice Golf and Country Club.  It has 3 bedrooms, 2 baths and a 2 car garage and was built in 2005 with 1706 square feet of heated area and a total building area of 2325 square feet.

$189,900 Maintenance free 2^nd floor Condo for sale with 3 bedrooms, 2 bathrooms, a 1 car garage and overlooks Capri Isles Golf Course.

$162,500 Pet friendly Villa for sale in Myrtle Trace Plantation.   It has 2 bedrooms 2 ½ bathrooms, and 2 car garage with green belt view and Maintenance free.

Now is a Great Time to Buy. Interest rates are low. Buying any real estate for a primary home, vacation home, or vacant land is an investment. Before you invest, or even plan on selling a home in Venice FL, it is important to have the right information and an experienced, honest agent.

Based on information from the My Florida Regional Multiple Listing Service, Inc. for the period as mentioned above as of April 17, 2012. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service".

MFRMLS, Inc. Information deemed reliable but not guaranteed. Parties are advised to verify.

Related posts:

Venice FL Real Estate Market Reports – March 2012

Venice FL Real Estate Market Reports – February 2012

Venice FL Real Estate Market Reports – January 2012

 Venice FL Real Estate Market Reports – April 2012

Need someone on your side for your real estate transaction either buying or selling in Venice, and the surrounding area? Just contact Kwee your local REALTOR® so your best interest is protected.