Real Estate Contracts in Florida
Why you should care about Real Estate Contracts in Florida…
Hiring an Exclusive Buyers Agent is not just for finding the right home.
While your home search is exciting, the duties after selecting the home are even more important. One major aspect of the home purchase is making sure that your preferred terms and conditions are clear in one of the many real estate contracts in Florida.
Navigating your Real Estate Contract…
Yes, real estate contracts in Florida do vary and this is where a knowledgeable Exclusive Buyers Agents help is priceless.
The Florida contract you select will dictate the terms, conditions, processes, and responsibilities of the buyer and seller. When questions or conflicts comes up, all parties should refer back to the signed contract. The Real Estate Contracts in Florida address the terms of how to handle certain situations.
An agent that knows and understands the contract, can help protect your best interests.
Problems, conflicts and Real Estate Contracts in Florida
Do Real Estate Contracts in Florida cover every situation? No, but your Exclusive Buyers Agent will consult with you on items that are important to you and address them in the contract. One example would be making a request for the Home Owners Association documents. It is not unusual to find listing agents or sales agents that do not read the contract , so being able to reference back to what the buyer and seller signed and agreed to is protection for you.
Types of Real Estate Contracts in Florida
Your Exclusive Buyers Agent is educated on the many different real estate contracts in Florida and will be your guide. The addendum selected will depend upon the type of home you are buying and what your concerns are.
Real Estate contracts used in Central Florida are:
- Florida’s FAR-BAR Contract: The Florida FAR-BAR contracts are mostly commonly used for the Central Florida resale market. These contracts are available to all real estate agents that are members of Florida Real Estate Association. This is a standard 12 page contract, that allows a buyer to ask for repairs to be done by the seller or to fix code violations. Addendums can be added to state additional terms or conditions.
- Florida’s FAR-BAR “AS-IS” Contract: This is a 11 page contract which is similar to the regular FAR-BAR, but buyers is not asking the seller to repair and seller is not offering to fix deficiencies. There is an inspection contingency in this contract so after satisfactory inspections, buyer would be accepting the property in AS-IS condition. Most listing agents prefer this one over the other real estate contracts in Florida.
- Short Sale Contracts: All short sales are sold in AS-IS, main contract used is the FAR-BAR AS-IS contract with supplemental addendum addressing the short sale transaction.
- Bank Owned Contracts: This consists of FAR-BAR AS-IS contract, plus the bank will provide their own addendum which can range from 4 pages to 30 pages. Because addendum supersede the main contract, these bank addendum change the majority of terms in the FAR-BAR AS-IS contract. The bank addendum are for the protection of the bank, not the home buyer.
- New Construction Contracts: When you purchase new construction property whether its built already or will be built, the purchase is on the builders specific contract. All the contracts vary from builder to builder from 15 pages to 50 pages. Terms of new construction contracts are different from contracts for the resale market and are always favorable to the builder.
- Attorney Contract: An attorney can write-up a special individualized purchase contract, but this is not a common practice in residential real estate, and there is a cost in doing so.
Hiring a real estate professional Buyers Agent that is knowledgeable about contracts assures the buyer of a smoother transaction. Buyers Broker of Florida is ready to address all your concerns on your journey for the perfect home. Call us 407-539-1053.