What party has the power to bind the contract and sign? If buyer is going to want to put into a trust, llc, or other legal entity, make sure you have checked the contract is assignable. FAR contract has two options - assign and release liability from contract or assign and not release liability from contract.
Who is selling the property? If it is a Trust, LLC, or other legal entity, you will need to get a copy of the trust to the closing attorney or title company showing who has authority to sign.
Any time periods are calendar days, deadlines extend to the next business day.
NEVER write up a Bill of Sale for the purchase of personal property outside of closing. Have the attorneys draft and execute this.
Per FREC, escrow has to be held in the state of Florida.
FAR BAR Contract - "Deposits"
NABOR Contract - "Deposits Made"
If property being sold has a lease, per Florida Law, the lease cannot be terminated by new buyer. The tenant would have to sign a tenant estoppel.
Surveys are the 2nd most important document behind the Deed. The Survey attaches the land/property to the deed. Deed does not have an address, just a legal description.
Quit Claim deeds gut the title insurance coverages. You should opt for a warranty deed or special warranty deed.
Collier County - Buyer Selects closing agent and Buyer Pays Owners Policy
Lee County - Seller Selects closing Agent and Seller Pays Owners Policy
Under Florida law and Standard H of the NABOR Contract, if the subject property is located within and governed by one or more mandatory Associations and the HOA Disclosure for each such mandatory Associations is not provided to the Buyer PRIOR to or at the time of the execution of the Sales Contract, the Contract is voidable by the Buyer by delivering written notice of Buyer's intention to cancel to Seller or Seller's realtor or attorney within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first.
Realtors can use the REALTOR® trademark only with your name like:
Ryan Ehmen, REALTOR®
REALTOR® Ryan Ehmen
5th Avenue Realty, REALTORS®
You are not allowed to use in a descriptive manner such as:
Your Professional REALTOR®
Ryan the REALTOR®
The #1 REALTOR®
Your Naples REALTOR®
Can you use a NABOR contract with FAR BAR addendums or FAR BAR contract with NABOR addendums. NO!, Never. Each contract has their own set of addendums which reference the applicable contract. In addition, do not use either contract for a home that is under construction. Neither contract reference anything about a house that is currently under construction. Custom contracts and addendums are required for this.
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.
An emotional support animal registration of any kind, including, but not limited to, an identification card, patch, certificate, or similar registration obtained from the Internet is not, by itself, sufficient information to reliably establish that a person has a disability need for an emotional support animal. Section 750.27 of the Florida Statutes states it is unlawful do discriminate in the provision of housing to a person with an ESA. The person cannot be charged extra for the animal and you may not charge a pet deposit but the owner of the ESA is responsible for any damage done to the premises by the ESA.
Effective Date is: Last date signed, initialed, AND delivered
Contract defaults to seller credit of 1.5% of purchase price for any defective items
Personal property includes:
range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), light fixture(s), drapery rods and draperies, blinds, window treatments, smoke detector(s), garage door opener(s), thermostat(s), doorbell(s), television wall mount(s) and television mounting hardware, security gate and other access devices, mailbox keys, and storm shutters/storm protection items and hardware ("Personal Property").
Personal Property has no contributory value and shall be left for the Buyer.
Buyer has to terminate prior to "30 days" to get loan approval.Seller may elect to terminate this Contract by delivering written notice of termination to Buyer within 3 days after expiration of the Loan Approval Period
Effective Date - Last Date signed and Initialed (not delivered)
Deposits Made
Every deadline in the NABOR contract is time of essence and buyer can be in default and seller can terminate and retain deposit(s).
Finance contingency remains in place until closing unless seller executes termination. Buyer must waive finance contingency after contingency period or risk seller terminating contract.
Default under Florida Common Law, All Contracts are Assignable.
FAR BAR and NABOR contract specifically address what is considered defecctive.
NABOR - The roof, ceiling, interior and exterior doors and walls, foundation, swimming pool, spa and pool/spa deck(s) shall be in Working Condition if structurally sound, watertight and free from wood rot. Seawalls, docks, and pool/lanai enclosure(s) shall be in Working Condition if structurally sound. SELLER shall not be obligated to take Remedial Action or grant a credit in lieu of Remedial Action with regard to any Cosmetic Condition, which is defined as an aesthetic imperfection which does not affect the Working Condition of the item, including corrosion; tears; worn spots; discoloration of floor covering or wallpaper or window treatments; missing or torn screens; nail holes; scratches; dents; chips; caulking; pitted pool surfaces; minor cracks in windows, driveways, sidewalks, pool/spa decks and garage, tile, lanai and patio floors; and cracked roof tiles, curling or worn shingles and limited roof life, so long as there is no evidence of structural damage or leakage.
No cost to repair or replace any Systems and Equipment item shall exceed the fair market value of that item if it were in Working Condition.
FAR BAR - The following items shall be free of leaks, water damage or structural damage: ceiling, roof (including fascia and soffits), exterior and interior walls, doors, windows, and foundation. The above items together with pool, pool equipment, non-leased major appliances, heating, cooling, mechanical, electrical, security, sprinkler, septic, and plumbing systems and machinery, seawalls, dockage, watercraft lift(s) and related equipment, are, and shall be maintained until Closing, in “Working Condition” (defined below). Torn screens (including pool and patio screens), fogged windows, and missing roof tiles or shingles shall be repaired or replaced by Seller prior to Closing. Seller is not required to repair or replace “Cosmetic Conditions” (defined below), unless the Cosmetic Conditions resulted from a defect in an item Seller is obligated to repair or replace. “Working Condition” means operating in the manner in which the item was designed to operate. “Cosmetic Conditions” means aesthetic imperfections that do not affect Working Condition of the item, including, but not limited to: pitted marcite; tears, worn spots and discoloration of floor coverings, wallpapers, or window treatments; nail holes, scrapes, scratches, dents, chips or caulking in ceilings, walls, flooring, tile, fixtures, or mirrors; and minor cracks in walls, floor tiles, windows, driveways, sidewalks, pool decks, and garage and patio floors. Cracked roof tiles, curling or worn shingles, or limited roof life shall not be considered defects Seller must repair or replace, so long as there is no evidence of actual leaks, leakage or structural damage.
Seller has 10 days to respond and can 1.) Fix, 2. Get own inspection, 3. 3rd inspection paid by both parties - 3rd inspection determination is final.