What are the laws governing the sale of a rental property?
In Florida, the sale of a rental property is governed by both state and federal laws. At the state level, the terms of a rental agreement are typically governed by the Florida Landlord Tenant Act, which outlines the responsibilities of both the landlord and tenant. For instance, the Act stipulates that landlords must give tenants at least 30-days’ notice before terminating a tenancy and that tenants must provide at least 15-days’ notice prior to terminating a rental agreement. This Act also grants landlords the right to terminate a tenancy if the tenant fails to pay rent within three days of the due date. At the federal level, the Federal Fair Housing Act prohibits discrimination on the basis of race, color, religion, national origin, sex, disability, or familial status in the sale of a rental property. Additionally, the Consumer Financial Protection Bureau’s Real Estate Settlement Procedures Act requires sellers to disclose important details such as the amount of taxes and fees due, as well as any repairs that need to be made prior to the sale. It is important to note that any sale of a rental property must be made in accordance with applicable state and federal laws in order to ensure that both the landlord and tenant’s rights are protected. Additionally, it is always recommended that landlords consider involving a real estate lawyer to ensure that all applicable laws and regulations are properly adhered to throughout the process.
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