Environmental
Florida's 'Sinkhole Disclosure Act' requires sellers to disclose:
AWhether the property is in a geographic area where sinkholes are possible
BWhether the seller has actual knowledge of sinkhole activity or land subsidence on the property✓ Correct
CAll prior insurance claims on the property regardless of cause
DWhether the property has passed a government sinkhole inspection
Explanation
Florida requires sellers to disclose actual, known sinkhole activity or land subsidence on the property. Sellers are not required to conduct sinkhole investigations.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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