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Commonly Asked Questions about Florida Real Estate Contracts

Residential Contract for Sale and Purchase The purchase and sale agreement is the primary contract youll need when buying or selling a home in Florida. Known as the FloridaRealtors/FloridaBar-5x, its a legally binding agreement between the two parties that explains the terms and conditions of the purchase.
In the state of Florida, all real estate contracts must be made in writing and must contain certain relevant information in order to be valid and legally binding. Required information includes the identification of all parties, the legal description and address of the property, and the purchase price.
The Florida Association of Realtors and the Florida Bar provide excellent forms for residential real estate transactions. The two main contract forms are the AS IS Residential Contract for Sale and Purchase and the Residential Contract for Sale and Purchase, commonly referred to as the Standard contract.
FSBO contracts in Florida should include the following: Contract Title: Details of Seller and Buyer: Full names, marital status and contact information. Contract Date: The date of execution. Property Details: Payment terms: Real Estate Taxes: Detail who pays real estate taxes and how.
You Can Write the Contract Yourself In Florida, there is no legal requirement to hire an attorney (unlike in many other states), but a real estate attorney can make sure the details are covered completely and correctly, protecting your interests and finances in the process.
ing to Florida law, a buyer or seller is able to terminate a residential real estate contract and walk away from the deal without penalty by seeking rescission. Rescinding a real estate contract means the contract is considered to have no force and effect from the beginning or that the contract is canceled. How to Get Out of a Real Estate Contract dljoneslaw.com how-to-get-out-of-a-real-e dljoneslaw.com how-to-get-out-of-a-real-e
Under Florida law, contracts involving goods priced at $500 or more, promises to pay the debts of another, promises made in consideration of marriage, and promises that cannot be fulfilled within one year must be written to be valid.
Finally, a real estate contract in Florida must be in writing and signed by the parties involved. The statute of frauds, a legal doctrine, requires that certain contracts, including those for the sale of real estate, be in writing to be enforceable.