A training session was recently held at the Punta Gorda-Port Charlotte-North Port Association of Realtors on the new and updated Residential Contract For Sale and Purchase along with the As Is contract and addendums. These forms contain enhancements that were developed by the Florida Realtors and the Florida Bar. As real estate agents and brokers we are very excited about these changes.
Go to their web site at http://www.floridarealtors.org/LegalCenter/HotTopics/Florida-Realtor-Florida-Bar-contracts.cfm to see the changes. The formatting changes include larger print and the addition of the seller and buyer initials at the bottom of every page.
There are also several new riders that will assist in the contract process. The riders include: Condominium Association Disclosure, Homeowners’ Association/Community Disclosure, Seller Financing, Assumption of Existing Mortgages, FHA/VA Rider, Appraisal Contingency, Short Sale Approval Contingency, Homeowners’ Insurance, FIRPTA, Interest-bearing account, As-Is Rider, Right to Inspect and Right to Cancel, Defective Drywall, Coastal Construction Control Line, Insulation Disclosure for New Residence, Lead-Based Paint Disclosure, Housing for Older Persons, Rezoning Contingency, Lease purchase/Lease option, Pre-Closing Occupancy by Buyer, Post-Closing Occupancy by Seller, Sales of Buyer’s Property, Back up Contract, Kick out clause, Seller’s attorney approval, Buyer’s attorney approval, Licensee-Disclosure of Personal Interest in Property, and Binding Arbitration.
If you are a Realtor or Broker you should check these out and start using them now. If you are a home buyer or seller, take the time to check out these forms online.