Category: Real Estate Contracts

“Time is of the essence” in a contract means that parties to the contract must strictly comply with all deadlines and performing late is a breach of contract. In Florida, courts generally assume that time is not of the essence unless there is a “time is of the essence” provision in the contract. If “time…

A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…

A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…

Florida’s “AS IS” Residential Contract For Sale And Purchase (“Contract”) is the most common contract used for residential real estate transactions in Florida. Once the Contract is signed and delivered to a closing agent, the closing agent orders a title search. The title search looks at the history of the property in the public record…

Each contract is different and likely has a provision that defines what constitutes a default. The contract may provide for a time for seller to cure a default, usually a specified number of days. The contract for your specific transaction should be carefully reviewed to determine what constitutes a default. Some general examples of a…

Buyers may have a way to cancel a real estate contract in Florida, but it depends on the contract. Examples of reasons a buyer might cancel a real estate contract include mortgage financing contingency, an inspection contingency, other contingencies, title defects that cannot be cured, tenant occupancy, and association documents. Mortgage financing – Real estate…

There are usually very few ways for a seller to unilaterally cancel a real estate contract in Florida. Often, the only way for a seller to cancel a contract unilaterally is if the buyer does not fulfill the buyer’s obligation(s) under the contract. For this reason, sellers should be extra careful about signing real estate…