It's The Law

There is a new disclosure included in the property insurance law (CS/SB 1486) that took effect June 1. Sellers of real property -- commercial and residential -- for which an insurance claim for sinkhole damage was made must disclose to buyers (1) that a sinkhole claim was paid and (2) if the full amount of the proceeds were used to repair the sinkhole damage. The law doesn’t specify the type of disclosure (written or verbal) or when to make the disclosure.

Posted by Donald Urschalitz P.A. at June 14, 2005 01:48 PM