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Florida Realtors  Florida Bar Contract Preparation Manual
Contents INTRODUCTION    I. PARTIES   A. Describing the Seller   B. Buyers   II. PROPERTY DESCRIPTION   A. Describing the ...
F. Lead Based Paint   G. Homeowners Associations Community Disclosure   H. Property Tax Disclosure Summary   I. Tax Withho...
STANDARDS FOR REAL ESTATE TRANSACTIONS   STANDARDS    Standard A - Title Evidence, Restrictions, Easements and Limitations...
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INTRODUCTION A. THE 2010 FORMS  The 2010 Florida Realtors Florida Bar-Contract   Contract   forms represent a major revisi...
2. The As-Is Form permits the buyer to inspect the property and, within the Inspection Period, cancel the contract for any...
the non-performing party resulting in possible rescission of the contract and or a claim for damages. The Contract forms c...
10. If the property is a condominium unit obtain the information necessary to complete the Condominium Association Rider i...
PARTIES, PROPERTY DESCRIPTION, BASIC TERMS   Seller  ,  Buyer  ,  1  PARTIES    r and   3 agree that Seller shall sell and...
partnerships under Section 620.9001, Florida Statutes. b Limited Partnerships. Limited partnerships are legal entities und...
c. There is no reason to suspect that the power of attorney may have been previously revoked. d. There is no reason to sus...
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PROPERTY DESCRIPTION 6  7    1. PROPERTY DESCRIPTION   a  Street address, city, zip   8     b   c   11 12 13  14 15 16  7 ...
real property being sold. It is possible that the ID number may describe a larger parcel of which the property being sold ...
PURCHASE PRICE 24    2. PURCHASE PRICE  U.S. currency    25     a  Initial deposit to be held in escrow in the amount of  ...
and 8 d   Purchase Money Mortgage to Seller .  6. Other. Paragraph 2 d  is intended to describe any form of payment of the...
TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS  EFFECTIVE DATE 40  41   42   43  44  45  46   3. TIME FOR ACCEPTANCE OF O...
SUCH INITIALS COULD ENABLE A PARTY TO CLAIM THAT MATERIAL PROVISIONS OF THE CONTRACT WERE NOT ACCEPTED AND THAT THEREFORE ...
CLOSING DATE 47   48  49    4. CLOSING DATE  Unless modified by other provisions of this Contract, the closing of this tra...
EXTENSION OF CLOSING DATE 50 51   5. EXTENSION OF CLOSING DATE   a   If Closing funds from Buyer s lender s  are not avail...
r-Th     OCCUPANCY AND POSSESSION 62  63  64  65  66  67  68  69  70   6.  OCCUPANCY AND POSSESSION  Unless otherwise stat...
ASSIGNABILITY 71   72  73   7. ASSIGNABILITY   CHECK ONE  Buyer 0 may assign and thereby be released from any further liab...
FINANCING 74  75  76   77   78   79   80   81   82   83   84   85  86  87  88  89  90  91  92  93  94  95  96  97  98  99 ...
3. Written Loan Commitment  The term  loan commitment  is defined in Standard T of the contract. Paragraph 8 b  imposes a ...
   7.   Loan Commitment Obtained  As noted, if a loan commitment is obtained written  notice of receipt must be given to t...
2.  Terms and Provisions of Existing Mortgage  The agent should determine in  advance of any contract offer whether an exi...
2. Financing Statements   If the sale of property includes significant personal property, the seller should have the right...
CLOSING COSTS, FEES AND CHARGES 105  106 9.  107-   108  109   110  111  112  113   114  115  116  117  118  119  120  121...
follows later in this manual . Similar to General Repair Items and WDO treatment and repair, Paragraph 9 a  establishes a ...
CLOSING COSTS  TITLE INSURANCE  SURVEY  HOME WARRANTY  SPECIAL ASSESSMENTS  CONTINUED  9. CLOSING COSTS  TITLE INSURANCE  ...
is not completed, the default deadline is 5 days prior to closing. It is recommended that a period of 10 days or longer be...
standards that the survey must meet and describes various objectionable survey defects which the seller would be required ...
DISCLOSURES 164  165 10.  166  167  168  169  170  171  172  173  174  176  176  177  178  179  180  181  182  183  184  1...
of the property and the current seller may in fact have no knowledge of these problems. Paragraph 12 d  imposes the obliga...
rTh  3. Rights of Buyer  This disclosure is simply an acknowledgement that the buyer has received the Florida Energy-Effic...
WITHOUT ACTION BEING TAKEN. IN THESE UNFORTUNATE SITUATIONS, THE HOMEOWNERS ASSOCIATION BECOMESA VOLUNTARY ASSOCIATIONAND ...
PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 199   200 11.  201  202  203   PROPERTY MAINTENANCE, CONDITI...
PROPERTY INSPECTION AND REPAIR 204  205  206  207  208   209  210  211  212   12.   PROPERTY INSPECTION AND REPAIR   a  IN...
GENERAL PROPERTY INSPECTION AND REPAIR 213  214  215  216  217  218  219  220  221   222  223  224  225  226  227  228   2...
interior walls, doors, windows and foundation must be free of leaks, water damage or structural damage. In addition, these...
fl   a. The seller may elect to pay the excess by delivering written notice to the buyer  or b. The buyer may select those...
WOOD DESTROYING ORGANISM   WDO   INSPECTION AND REPAIR 253 254  255  256  257  258  259  260   261  262  263  264  265  26...
rTh 3. Estimated Costs Exceed VVDO Repair Limit If the estimated costs exceed the WDO Repair Limit then within 5 days afte...
INSPECTION AND CLOSE-OUT OF BUILDING PERMITS 274  275  276  277  278  279  280   281  282  283  284  285  286  287  288  2...
under Standard A of the contract which provides that there exists at closing no violation of  requirements imposed by gove...
CAUTION  WHILE THE PROVISIONS OF THIS PARAGRAPH DEALING WITH THE REMEDIATION OF PERMIT ISSUES IS WELL INTENDED AND PROVIDE...
   WALK-THROUGH INSPECTIONS RE-INSPECTION   -Th 297  298  299  300   301  302    e  WALK-THROUGH INSPECTION RE-INSPECTION ...
REPAIR STANDARDS  ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES 303  0 REPAIR STANDARDS  ASSIGNMENT OF REPAI...
ESCROW AGENT AND BROKER 309  310  311  312  313  314  315  316  317  318  319  320  321  322  323  324  325  326  327  328...
DISBURSEMENT ORDER ISSUED BY THE FLORIDA REAL ESTATE COMMISSION   FREC   WHICH DETERMINES WHO IS ENTITLED TO THE ESCROWED ...
PROFESSIONAL ADVICE  BROKER LIABILITY 330  331  332  333  334  335  336  337  338  339  340  341  342  343  344  345  346 ...
DEFAULT AND DISPUTE RESOLUTION 353  DEFAULT AND DISPUTE RESOLUTION 354 15. DEFAULT  355   a  BUYER DEFAULT  If Buyer fails...
ATTORNEY S FEES AND COSTS 382  383  384  385  386   17   ATTORNEY S FEES  COSTS  The parties will split equally any mediat...
c  58
STANDARDS FOR REAL ESTATE TRANSACTIONS   STANDARDS   387  388  389  390  391  392   393  394  395  396  397  398  399   40...
2. Title Insurance Commitment  The process of insuring title begins with the issuance of a title insurance commitment   Co...
CAUTION  THE PERMITTED EXCEPTIONS LISTED IN SUBPARAGRAPHS  a  THROUGH  f  ARE EXCEPTIONS COMMONLY ENCOUNTERED IN RESIDENTI...
Commitment will require a  cure  in Scheduled B-I. For example, if the probate of an estate is required in order to insure...
the deposit. This provision is not clear as to what happens if the buyer fails to give notice electing one of these option...
SURVEY 423  424  425  426  427  428  429  430   A.  B. SURVEY  If Survey discloses encroachments on the Real Property or t...
INGRESS AND EGRESS 431  432   C. INGRESS AND EGRESS  Seller represents that there is ingress and egress to the Real Proper...
LEASES 433   434  435  436  437  438   439  440  441  442   D.  LEASES . Seller shall, within 5 days after Inspection Peri...
LIENS 443  444   445  446  447   448  449  450   E.   LIENS  Seller shall furnish to Buyer at Closing an affidavit attesti...
TIME 451  452  453  454   F. TIME  Calendar days shall be used in computing time periods. Any time periods provided foi- i...
FORCE MAJEURE 454  456  457  458  459  460  461  462  463   464   G. FORCE MAJEURE  Buyer or Seller shall not be required ...
CONVEYANCE 465  466  467  468   H.   CONVEYANCE  Seller shall convey mad etable title to the Real Property by statutory wa...
CLOSING LOCATION  DOCUMENTS  AND PROCEDURE 469  470  471  472  473  474  475  476  477  478  479  480  481  482   I. CLOSI...
ESCROW CLOSING PROCEDURE 483  484   485  486  487  488  489  490  491  492  493   J.   ESCROW CLOSING PROCEDURE  If Title ...
THE TRANSACTION IS REVERSED BY THE BUYER RE-CONVEYING THE PROPERTY TO THE SELLER. THIS  CLOSE NOW AND CURE LATER  ARRANGEM...
PRORATIONS  CREDITS 494  495   496  497  498  499  500  501  502  503   604  505  506  507  508  509   K. PRORATIONS  CRED...
CAUTION  THERE ARE CIRCUMSTANCES WHERE USING AN ESTIMATE FOR PURPOSES OF PRORATING TAXES COULD RESULT IN A PRORATION ADJUS...
ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK THROUGH 510  511  512  513   L. ACCESS TO PROPERTY TO COND...
RISK OF LOSS 514  515  516  517  518  519  520  521  522  523   M. RISK OF LOSS  If, after Effective Date, but before Clos...
OBLIGATION TO PAY ANY COSTS ACTUALLY INCURRED IN EXCESS OF THE 1.5  LIMIT. IT IS SUGGESTED THAT, IF POSSIBLE, A FIRM CONTR...
1031 EXCHANGE 524   525  526  527  528   N.   1031 EXCHANGE  If either Seller or Buyer wish to enter into a like-kind exch...
CONTRACT NOT RECORDABLE  PERSONS BOUND  NOTICE  COPIES 020  530  531  532  533  534  535  536   A.  0. CONTRACT NOT RECORD...
INTEGRATION  MODIFICATION 537  538  539  sao  541   P. INTEGRATION  MODIFICATION  This Contract contains the full and comp...
WAIVER 542  543  544   Q.   WAIVER  Failure of Buyer or Seller to insist on compliance with, or strict performance of, any...
RIDERS  ADDENDA  TYPEWRIrrEN OR HANDWRITTEN PROVISIONS 545  546   R. RIDERS  ADDENDA  TYPEWRITTEN OR HANDWRITTEN PROVISION...
COLLECTION OR COLLECTED 547  548  549  550   S.   COLLECTION or COLLECTED   COLLECTION  or  COLLECTED  means any checks te...
LOAN COMMITMENT 551  552   T. LOAN COMMITMENT   Loan Commitment  means a statement by the lender setting forth the terms a...
APPLICABLE LAW AND VENUE 553   554  555   U. APPLICABLE LAW AND VENUE  This Contract shall be construed in accordance with...
COUNTER-OFFER REJECTION 0  Seller counters Buyer s offer  to accept the counter-offer, Buyer must sign or initial the coun...
BROKER BROKER  Listing and Cooperating Brokers, if any, named below  collectively,  Broker  , are the only Brokers entitle...
 AS-IS  RESIDENTIAL CONTRACT FOR SALE AND PURCHASE A. USE OF THE FORM  The  As-Is  Residential Contract for Sale and Purch...
 see Standard A i  a  on the buyer except for violations which constitute objectionable survey defects under Standard B. N...
COMPREHENSIVE RIDER TO THE RESIDENTIAL CONTRACT FOR SALE AND PURCHASE A. RIDER A - CONDOMINIUM ASSOCIATION DISCLOSURE  1. ...
4. Approval by the Association  Most condominium associations are given the right under their declaration to approve the s...
2.  Purpose of the Disclosure  The purpose of the disclosure is to inform the buyer that the property being purchase is su...
3. Make the Mortgage and Note Part of the Contract  See the discussion under Financing relating to purchase money mortgage...
appraisal which fails to meet the requirements of the loan commitment  Insufficient  in this sense does not necessarily me...
less than the balance due on the mortgage loan and  3  the lender s agreement to satisfy the mortgage upon the receipt of ...
IDEA AS TO WHAT THE LENDER IS WILLING TO ACCEPT. THIS MAY BE USEFUL IN SUBSEQUENT SHORT SALE ATTEMPTS. A SELLER MIGHT CONS...
H.  RIDER H     HOMEOWNERS INSURANCE   A buyer concerned about the cost of homeowner s insurance coverage can, by using th...
3. No Cancellation  If the buyer fails to timely terminate the contract prior to the specified deadline the provisions of ...
THEREFORE, IT WOULD APPEAR THAT THIS RIDER WOULD LIKELY BE USED ON THOSE RARE OCCASIONS WHERE THE SELLER HAS DISCLOSED AND...
CAUTION  RIDER P IS DESIGNED TO COMPLY WITH FEDERAL LAW WHICH REQUIRES DISCLOSURE AND AN OPPORTUNITY TO CONDUCT AN INSPECT...
CAUTION  PARTIES NEGOTIATING A LEASE PURCHASE OR LEASE OPTION ARRANGEMENT SHOULD BE REFERRED TO A COMPETENT REAL ESTATE AT...
CAUTION  SIMILAR TO RIDER T, RIDER U ALLOWS CANCELLATION BY EITHER PARTY IF THE TERMS OF AMUTUALLYACCEPTABLE WRITTEN LEASE...
CAUTION  ALLOWING THE SELLER TO ACCEPT BACK-UP CONTRACTS POSES SOME RISKS FOR THE BUYER UNDER THE PRIMARY CONTRACT. A SELL...
AA. RIDER AA     LICENSEE DISCLOSURE OF PERSONAL INTEREST OF PROPERTY  Agents are required to reveal any interest which th...