Category: Real Estate Contracts

To make an offer, you usually sign a contract that will be sent to the seller or seller’s real estate agent for the seller to consider. The offer is good for a limited time identified in the contract. The seller can accept, reject, or counter your offer. If you are working with a real estate…

Let’s say you make a $500,000 offer on a home in Florida and you provide the owner three days to accept the offer. Before the owner accepts, you change your mind. Are you able to withdraw the offer? Yes. You can withdraw an offer at any time before the other party accepts the offer. You…

A real estate contract in Florida is considered to be so important that it is required to be in writing for it to be legally binding and it must comply with the Statute of Frauds. There are limited exceptions to the writing requirement. The Statute of Frauds requires certain contracts to be in writing and…

Real estate contracts are required to be in writing, but there are exceptions where a verbal real estate contract could be binding. But first, for a verbal contract to have a chance at being binding in Florida, it must have all the elements of an enforceable contract: (1) Offer – A buyer must make a…

For a Florida real estate contract to be legally binding and enforceable, it must be in writing (there are limited exception to the writing requirement) and have the following: (1) Offer – A buyer must make a genuine offer to a seller.(2) Acceptance – Seller accepts the offer.(3) Consideration – The price one party pays…

Real estate contract deadlines can be ambiguous at times. Here are a couple tips to help prevent ambiguous deadlines in a contract: 1. Effective date: Often, a deadline is scheduled to occur a specified number of days from another day. For instance, the inspection period deadline might be 15 days from the effective date. It…

“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…