We are interested in purchasing commercial real estate in Florida and have been directed to look up environmental disclosure before deciding on options.
Answers
I don’t believe that any disclosures are required by State law, except in residential transactions which are common in most states.
One recurring theme in real estate contracts is caveat emptor or buyer beware. Different states require disclosure of specific environmental issues and only specific issues. Florida has more protections than most states. There can be liability if there is a failure to disclose an item that the buyer felt was material. The Transfer Disclosure Statement requires sellers to give prospective buyers a written disclosure statement of items including possible easements, appliances and structural issues, among others. There is also a natural hazards disclosure statute, lead paint disclosure, known hazardous substance disclosure and neighborhood contamination disclosure. Notwithstanding the above, I recommend hiring competent counsel and doing diligence appropriate for the type of property you are buying.