The main contract that is used by Realtors in Florida is the AS-IS Far/Bar contract.

This is a 12-page contract. It requires 11 initials and a signature, by both the buyer and seller.

There are 3 main timing issues.

The deposit is due within 3 days after the second party has signed.

Unless changed, the contract gives 15 days for an inspection.

The contract requires the buyer give notice within 30 days that the final loan approval has been received.

If the deposit does not come in on time, the contract is voidable by the seller.

If the buyer does not exercise their rights under the home inspection in 15 days, then they lose the opportunity to cancel the contract and get their deposit back, based on the inspection contingency.

If the buyer does not have final financing approval by the 30th day, they lose their opportunity to walk away from the transaction, freely, with the deposit returned.

What are the implications if you do not meet these deadlines?
Better hire a Realtor, to get the implications in advance. Better hire an attorney, if you don’t meet your contract obligations.

Randy