Florida Residential Purchase and Sale Agreement

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A Florida residential purchase and sale agreement is a document used to outline the terms of a transaction between the seller of residential property and the buyer. The terms of the agreement will be negotiated by the two parties, as will the price. These things must occur before the purchase and sale agreement is signed; however, financing (if applicable to the buyer) can only be secured with a signed agreement form. After signing the document, the agreement can only be terminated if both parties agree. Florida, like most states, requires the sellers of residential real estate to notify potential buyers of the condition of the property, i.e., issues, defects, and any other flaws that would affect the property’s value.

Table of Contents

Realtor Version

Florida Realtors + Florida BAR (FAR/BAR) – Adobe PDF

Required Disclosures

Lead-Based Paint Disclosure – A federally required disclosure for individuals selling property built before 1978.

Seller’s Property Disclosure Form (Johnson v. Davis, 480 So.2d 625) – A seller of a property is required to disclose facts materially affecting the value or desirability of the property which are not readily observable and are not known to the buyer. The seller is under a duty to disclose such facts to the buyer. This form reveals issues and defects in regard to the condition of the property and contains sections pertaining to association membership, environmental conditions, zoning restrictions, and other disclosures that would affect the buyer’s interest in the property.

Property Tax Disclosure Summary – Sellers are required by law (§ 689.261) to provide a statement notifying potential buyers that property taxes may increase and that they can contact an appraiser for more information if they so wish. This summary is not included in the standard property disclosure form and the following should be included in the purchase agreement:

PROPERTY TAX
DISCLOSURE SUMMARY

BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.

Commercial Property

Commercial Purchase AgreementUse as a formal agreement between a buyer and a seller for commercial property transactions.

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