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CONTRACTS
Whether buying or selling property, always make sure you understand the contract you are signing.
1.Agreement to Purchase or Sales Contract
Unlike the UK system, you typically write your offer to the Seller on a Sales Contract (with a good faith deposit). This contract is a legally binding document and your agent or Real Estate Attorney will be able to advise you on the details of the contract BUT this is no substitute for reading it through yourself!
These contracts may vary from county to county and are usually supplied by the local real estate Board of Realtors. In Most counties the contracts can be emailed so it is possible to sign contracts from the UK.
CONTRACT DATES - the dates on the contract are VERY IMPORTANT - make sure that you can have monies moved in plenty of time to meet the contract date. ie. Deposit date - this is the last date you can deliver the monies to the escrow agent, do not wait until the last minute, there could be delays at the bank, a US bank holiday that you are unaware of.
Failing to meet one of the contract dates could put your Deposit at Risk AND YOU COULD LOSE THE PROPERTY.
2. LISTING CONTRACT
When you employ a realtor to sell your house for you, you will be required to complete a Listing Contact. Please read through VERY carefully. Make sure there are no penalties if you decide to terminate your listing contract early.
There is a mountain of paperwork and contracts when buying or selling Florida property. This is usually for the protection of everyone involved. The most important factor afer ensuring you understand the contract is to adhere to the DATE on the contract.
Also make sure you understand all contintengies on the contract.
Contingencies in real estate contracts
In real estate contracts the contingency is a common element. Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions or timelines aren’t met.
Every contract can be unique. The possibilities for contingencies are virtually endless. Some of the more commonly used contingencies would include:
Financing. Contingencies that depend on the buyer being able to obtain financing are very common.
Home Inspections. Probably the most common type of contingency is the “contingent upon satisfactory completion of inspection”. There are any number of specific types of inspection for which a contingency might be included in a contract. Some of the more common would include inspection by a qualified home inspector for hidden defects, pest inspections, water and sewage system inspections, inspections dealing with the presence of radon or mold, etc.
Visual inspection. If you see a house and want to ensure is doesn't sell before you arrange your flight you can put a 'subject to Visual inspection' contingency in the contract. The seller will not want to give you much time - perhaps a few days, just enough time to get on a plane from the UK!
Remember, just like everything else in real estate contracts, contingencies are negotiable. Always take care before signing that you are comfortable with all contingencies included in your contract. Likewise, take time to think about what contingencies you might like to have added.
Please contact me for more information on contracts or a list of Board Certified Real Estate Atorneys..
britishnaples@hotmail.com
or call: 001-239-430-1700
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