• Transaction Broker
• Single Agent
• Non-Representative Broker

A Realtor can only represent a buyer or seller in one of these agent representations.

To read more about each, download this comparison summary, go this page: Florida Agency Explained

Here is a link to the State Statute 475.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures

No, Florida law does not mandate that the closing take place in the county where the real property is located. However, the contract may default to this unless agreed to by all parties. Buyers and sellers can typically close remotely and have a notary in their area assist with signing also.

There is no Florida State Statute that requires a seller to complete a seller’s property disclosure form. However, a residential seller does have to comply with the rule established in Johnson v. Davis. In that case, the Florida Supreme Court held that “where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.”

These material facts are sometimes referred to as latent defects. This disclosure can be made in writing or verbally, although Florida Realtors’ attorneys recommend it be made in writing.

Investors or owners of inherited properties may say they have never lived in the property so they are not aware of anything. However, someone is aware of most repairs that may have taken place as the owner had to pay for it or the property manager had to pay for it on behalf of the owner.  If it is a condo building that requires all vendors to check in to perform any work, the property manager of the condo may have a record.  There are many cases where owners simply are not aware of certain issues with a property but if they are aware of something that would affect the value of the transaction, they are required to disclose.

There is no Florida law that gives the seller a right of rescission when contracting to list a property for sale. Unless the listing includes a provision giving the seller such a rescission right, the seller isn't entitled to terminate without incurring potential liability to the brokerage.

Effective Date - last date and time a party has signed to the original offer or counter offer. Day 1 of the contract is the following day. If you have an effective date of March 1, then March 2nd is day one when counting 10 days for inspection or 20 days for mortgage contingency. If the last day falls on a Saturday, Sunday, or legal holiday, that date rolls over to the following business day. However, there are other ways to create an effective date - A contract may read: "The effective date of this contract is March 1, 2024". Some contracts read effective date is based on final delivery and not final signature.

Section 718.503(2) addresses the condo doc requirement. If a bank does not have the condo docs and communicate that they will not be providing the Declaration of Condominium, Articles of Incorporation, By-Laws, Rules and Regulations, Most recent Year-End Financials and the FAQ/Q and A, a buyer would have to decide whether to void the contract or purchase the property without the disclosures.

All contracts essentially have two rounds of negotiating -

Round 1 - Price and Terms

Round 2 - Inspection Items

Contracts are more involved than a quick explanation. Please read more about Contracts here.

The inspection contingency is how much time a buyer has to perform inspections and respond to the seller with any requests. The NABOR contract states a time period to perform inspections and a time period for buyer to notify seller of their intentions regarding the outcome of the inspection. The inspection period is the time period for the buyer to perform any and all inspections including measuring rooms. The seller is not required to allow the buyer back into the property until the final walk-through a day or two prior to the closing date. Some sellers will, but other sellers may not due to the fact they be in the middle of packing the house and do not want anyone in the house for any reason.

The finance contingency is the most misunderstood and misused contingency in the contract.