Florida Real Estate Contracts
What should I look out for as a non-resident home buyer?
Unlike the UK, once you have signed a purchase contract and it has been
accepted (counter signed) by the seller of the home, you and the seller are committed to
the legal terms of that contract.Important:
Please read "Time is of the Essence" when
signing a Florida Real Estate Contract.
What are the most important points?
We have provided a link here
(PDF) to an example Florida Real Estate purchase contract. Although not all
contracts are exactly the same you can see from the three highlighted sections of this
example, just some of perhaps the more important details you should take particular notice
of. We are NOT saying that the remainder of the contract is not as important as the marked
sections, just that these areas merit detailed understanding of the ramifications attached
to them. - When in doubt, seek competent, professional advice. The marked areas are colour
coded "Red" "Amber" and "Yellow"
to represent the importance of each section. (PDF)
You will need to have the free Adobe PDF reader on your computer to view the above file;
you can obtain the free reader here. Free Adobe
Acrobat Reader
Are the dates flexible?
Not unless both the buyer and seller agree to a change.
When do I "Exchange Contracts" ?
Unlike the UK where you may have several weeks between making an offer
and actually exchanging contracts you will in effect have exchanged contracts once your
offer has been accepted by the seller. Keep in mind that as with the procedure in the UK,
both you and the seller are COMMITTED to the transaction immediately you have a valid
contract. |
