Buyer Beware – Changes to the “As Is” Purchase Contract
Real Estate in Florida is HOT! Home prices continue to skyrocket while sellers enjoy the benefits of having buyers engage in bidding wars, often receiving multiple offers above asking price. The influx of out of state buyers flocking to Florida, from New York, California, and other states, as a result of the pandemic, has caused the market to flourish. While many offers are cash, those buyers that need financing need to be careful.
Buyer’s Duty to Provide Financing Approval
Recent changes to the FAR/BAR “As Is” Contract, specifically Paragraph 8 titled Financing (lines 108 -115) require the Buyer not only to obtain a timely loan approval, but furnish the written confirmation to the seller or its agent. The buyer’s failure to provide written confirmation will allow the Seller the option to terminate the contract, and also keep the deposit.
This change places a lot of pressure on realtors, who did not go to law school, but who when acting as agents for their buyers, are required not only to interpret these contracts, but act in the best interest to protect their buyer clients. That’s where we come in.
Attorney Owned Title Company
At the Law Offices of Jacqueline Salcines, PA owner/attorney Jacqueline Salcines, a practicing lawyer and accountant, not only has 21 years experience in real estate law and contracts, but as a Title Agent, she is equipped with the knowledge and expertise to go the extra yard to make sure our buyers and sellers are protected. Meticulously calendaring deadlines and communicating with our clients, their mortgage bankers and realtor partners, we are always looking out for you.
Don’t go it alone. Before you enter into any real estate contract, whether buying or selling, make sure you hire the services of a real estate attorney. What you pay is nominal for peace of mind. And, the first consult is always free of charge. We are here for our South Florida partners.
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