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An Overview of the Florida FAR-BAR Contract

Florida Far-Bar contract signing.The Florida FAR-BAR contract is a standard form agreement developed cooperatively by The Florida Bar and Florida Association of Realtors. The FAR-BAR agreement is utilized to facilitate the sale of real estate in the Sunshine State. As a result, the contract contains many of the same provisions typically found in other standard real estate agreements used in Florida.

The FAR-BAR contact is widely used in Florida by attorneys in Miami Beach representing a client in a real estate sales transaction.

Availability of the FAR-BAR Contract

Although the Florida FAR-BAR contract is the product of two professional organizations, The Florida Bar and Florida Association of Realtors, the use of this agreement is not restricted to members of these organizations. Rather, one of the reasons the contract was created was to ensure that people involved in real estate transactions in Florida have access to a reliable and legally binding agreement. In other words, the FAR-BAR contract is available for use to anyone involved in a real estate sales transaction in the State of Florida.

However, even though a member of the public can use the FAR-BAR contract in a real estate sales transaction, in most cases a person is better served seeking professional assistance in such a situation. The fact is that even with a well-crafted FAR-BAR contract prepared by legal and real estate professionals, a real estate sales transaction is a complicated matter. There are often terms and contingencies that should be drafted by an experienced real estate attorney.

Contents of FAR-BAR Contract

The FAR-BAR contract contains provisions regarding the sales price and the closing date as well as associated information. In addition, the FAR-BAR includes provisions that deal with the all-important financial and inspection contingencies associated with a real estate sales transactions. The satisfaction of these contingencies is what ultimately dictates whether or not the sales transaction is consummated.

The FAR-BAR contract contains provisions regarding title matters, including evidence of title and a time period to correct any deficiencies associated with the title.
Beyond the standard provisions, the professionals who created the FAR-BAR contract have also come up with a variety of standardized addendums that are often required in particular real estate sales transactions. For example, a lead based paint addendum is available for a transaction in which the existence of lead paint must be disclosed by the seller to the buyer. The FAR-BAR contract is crafted in such a manner that customized addendums can also be added to the primary agreement with ease. For example, the parties may have negotiated special terms regarding a post-occupancy or repairs to be completed by the seller. When special custom terms or provisions are required, having an experienced real estate attorney involved in the process will ensure that these provisions are properly drafted.

Use of a FAR-BAR Contract

The Florida FAR-BAR contract is designed for ease of use. For example, a digital form of the agreement is available readily to professionals and laypersons alike in the State of Florida. Using a computer, or similar device, a person involved in a real estate sales transactions can readily input the information relevant to a specific situation. In addition, it is also perfectly lawful for those involved in a real estate transaction to use a hard copy of the FAR-BAR contract and fill in the blanks as necessary.

Current Version of the FAR-BAR Contract

A person interested in utilizing the FAR-BAR contract for a particular real estate sales transactions must understand that the agreement is updated by the professionals at The Florida Bar and Florida Association of Realtors from time to time. As a result, a person involved in this type of process needs to confirm that he or she is making use of the most recent version of the contract. A person involved in a real estate sales transaction can verify that they are using the most recent version of the agreement by contacting either The Florida Bar or Florida Association of Realtors. In addition, a professional attorney in Miami Beach can verify that a proper, current version of the FAR-BAR contract is used in a specific real estate sales transaction and can assist the buyer or seller in making sure that the contract is properly completed and prepare any special addendums or provisions required to reflect the terms that the parties have negotiated.

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