Florida Real Estate Purchase Agreements
In Florida, it is not necessary for buyers or sellers to use attorneys for their real estate transactions. Buyers and sellers including many Brokers use a standard Florida Real Estate Purchase Agreement approved by the Florida Bar and the Florida Association of Realtors. Even so, buyers and sellers should keep in mind that this form is a legally binding agreement and when preparing a contract of any kind, you must be mindful of the verbiage that is included in the contract. Also, it’s worth noting that a Tampa Bay real estate lawyer can help you to negotiate areas of the purchase contract prior to signing. This helps to protect your investment, and to ensure that you are not leaving yourself open to any frivolous lawsuits.
Most buyers don’t understand the totality of Florida Real Estate Law, and that’s where the Lubliner Law Firm can help. Although you may be worried about costs, most will agree that investing in a Tampa, Florida real estate attorney, especially when closing on a property, is money well spent. Below we’ve highlighted a few of the basics of what a Florida real estate purchase agreement must include.
- A sales purchase agreement for real property in Florida generally includes the legal description of the property you are buying or selling, as well as the full street address. Most realtors or sellers will pull this information from the property tax records in the applicable county where the property is located.
- To be enforceable, a Florida real estate sales purchase contract must always be in writing. Unless there are oral statements that are made apart of the written agreement, any oral agreements would be non-enforceable.
- A real estate purchase contract must include the purchase price, closing date as well as any contingencies or conditions.
- Real estate purchase contracts are often times accompanied by riders. Riders are forms or attachments that can include additional information, terms or conditions. Things like financing, HOA information and approvals, environmental factors, co-owner or tenant matters, as well as a host of other riders that are often attached to the general agreement.
- The amount you are putting in an escrow deposit for good faith or earnest money, although not required, is also included. Even though earnest money is not required, most likely your offer would not be accepted if earnest monies are not included with the offer.
- Signatures. Both the buyer and seller and any parties applicable to the sale or purchase of the property, must sign the contract. Upon signing and delivering the contract, it becomes a legal binding contract.
Acceptance or Counter Offers
- If modifications are made to the original purchase contract when counter-offering, all changes must be initialed by the party who made the changes or offers prior to returning the contract to the other party for acceptance or another counter-offer.
- Remember, any changes or modifications to an offer constitutes a counter-offer effects the future obligations and validity of subsequent offers.
If you would like to speak with Denise P. Lubliner of The Lubliner Law firm about obtaining help with a Florida real estate purchase contract please call (813) 381-5670 for a free initial consultation. The Lubliner Law firm helps buyers and sellers of real estate throughout Florida, including Hillsborough, Pinellas, Pasco, Polk, Manatee, Marion and Sarasota counties.