Real Estate Selling Contract 101
When selling or buying residential or commercial real estate in Florida, the real estate selling contract is one of the most important documents in the transaction. This contract defines the terms of the sale and imposes legal obligations on both buyer and seller. Therefore, it is important that the contract be drafted to clearly and accurately reflect the deal between the parties. Below is a list of some basic provisions addressed in a real estate selling contract.
1) Forms. The Florida Bar and the Florida Realtors have jointly developed a standard real estate contract known as the FAR/BAR Contract. The FAR/BAR contains commonly used provisions and is the form most used by Florida real estate professionals for sale of residential property. Non-standard provisions can be added to the FAR/BAR by the parties.
2) Price and Description. The contract must set forth a legal description of the real estate and personal property included in the sale. It must also provide the sales price agreed to by the parties.
3) Financing. The contract should indicate whether the sale is contingent on the buyer receiving financing and the terms of such financing.
4) Important Dates. There are several important dates that should be included in the contract, including the dates for acceptance of the offer and any counteroffers, the date by which the buyer must receive any relevant property title documents, the date for completion of inspections, the date for receipt of a mortgage commitment, and the date on which the closing is to take place.
This is only a brief list of the terms that should be included in a real estate selling contract. Every sale is different and the terms of each must be addressed individually. As experienced real estate attorneys, we can answer any questions you might have and help you review and negotiate your real estate sales contract. If you require the services of a Miami attorney for the purchase of a condominium, call (305) 777-0482 today.