VETO Override a Success on Windstorm Rating Disclosures in Contracts

As those who attended the FLTA Convention two weeks ago learned, two years ago, the Florida Legislature mandated that effective January 1, 2011, all contracts for the sale of a residential property must include certain information about the windstorm mitigation rating of the structure.

While this sounds like good public policy, the State agency charged with gathering the data and designing the form had not completed its job. Without that work product, when this law went into effect on January 1, it would have been impossible to create a compliant sales contract.

Seeing this problem rapidly approaching, FLTA, The Real Property Probate and Trust Law Section of the Florida Bar and the Florida Realtors® urged the Legislature to repeal or defer this requirement. The Legislature took our advice and House Bill 545 passed both houses unanimously, but was vetoed by the Governor.

 

Recognizing that if the windstorm disclosure requirement went into effect without the underlying information, it would further devastate real estate sales in Florida, the FLTA Board of Directors formally supported the override of this veto.

 

I am pleased to report that this afternoon; the Florida Legislature – again by unanimous vote – overrode the Governor’s veto – preventing the windstorm disclosure requirement from going into effect.

 

Via FLTA 2010 Bulletin 8