Davie-real estate-New far bar contract as-is is out

By
Real Estate Agent with Keller William Properties

Looks like a Far 9 but has the same old attorney twists. Mediation is not binding so off to court you go. The escrow section respects LF475 if deposit is with a Realtor. However, read closely if escrow is held by title company or attorney. If the buyer misses the financing contingency period and does not give you written notification of approval, seller may cancel contract, buyer gets escrow back. This section begs to be read several times. Lots of time lines in this one. It has special 20 day flood notice time line for the buyer to cancel if below a minimum flood level or in a special flood zone. You will see a title examination (abstract) that buyer needs to see, if the owner has. If they don't, and you wait until closing, buyer could extend the closing up to 5 days and not close. On the positive side, it is easier to read and has a several areas that offer check off boxes. The contract has had a major overhaul and needs reread by us all. It has many proactive changes but is still not my preferred choice. As always, for the legal interpretation see an attorney. This is not a legal opinion.

 

Comments (2)

Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

I have alleady used it and it just takes forever to go over it with the buyer, ok, bigger fonts but twice as long.........

Aug 10, 2010 01:06 AM
Chris Snyder
Keller William Properties - Davie, FL
Broker/Owner Premier Associates Realty, LLc

You are still much more protected as a broker with the far 9 as well as your agents.

 

Aug 10, 2010 01:34 AM