Purchase Agreements in Florida Real Estate
A FL purchase agreement is the binding sale contract. Common form: FAR/BAR "AS IS" contract. Key terms: price, deposit, financing contingency, 15-day inspection period, closing date, and title insurance. Must be written + signed (Statute of Frauds, Section 725.01). Buyer breach: deposit as liquidated damages. Seller breach: deposit return, specific performance, or damages.
Essential Elements
- Parties, property description
- Price, payment terms
- Contingencies, closing date
Key Terms
- Inspection period (15 days)
- Financing contingency
- Title insurance, AS IS condition
Breach Remedies
- Buyer: deposit as liquidated damages
- Seller: deposit return + damages
- Specific performance available
Related Terms
- Contract — Binding agreement
Barnes Walker Real Estate
Barnes Walker’s attorneys draft and review Florida purchase agreements. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC