Contracts- What You Need To Know

Buying a Home In Florida?

Contract Information and what you need to know.

The 4 components of a contract.

  1.  1) A Contract MUST be in Writing to be Enforceable.
  2.  2) There must be a “meeting of the Minds” Acceptable terms and conditions
  3. 3)  There must be consideration
  4. 4)  They must be signed, accepted and delivered to all parties.

 

A Purchase Agreement is a legally binding document; once signed by the Buyer and accepted and signed by the Seller. When the parties have agreed to the price, terms and conditions and signed the Purchase Agreement, it is considered to be a binding agreement.

Consideration – Good Faith Deposit- Escrow

The point of “consideration” also known as “Good Faith Money, Escrow or Deposit” in a Purchase Agreement is to BIND the agreement forming it into a a Contract of Sale and Purchase.

The Good Faith money or “escrow” is held in an Escrow Account either with a Title Company or Real Estate Attorney. A receipt is issued so that you know where your deposit is being held, and who will be responsible for applying it to your closing costs.

When an offer is accepted, the property is considered pending. It is usually taken “off the market” at that time. The buyer and seller have specific terms and time frames they have agreed to. These time frames pertain to: perform inspections, loan approval commitments, title work and a closing date has been established to transfer the property from seller to buyer.

Types of Addenda

Depending on where you are looking to buy, and what you are looking to buy there may be additional addenda included in your Purchase Agreement which is designed to protect you and well as inform you. For instance; A Short Sale Addendum The short sale addendum overrides standard time frames allowing the Seller’s Lender additional time to review the file and make a decision to release the lien against the property for less than is currently owed against it.

Another example of a common Addenda is: Home Owners Association Addenda will tell you that a HOA exists and is part of the purchase of the property. The fees will be disclosed, as well as the frequency.

If you love historic homes, a Lead Base Paint Disclosure/Addendum will explain that homes built prior to 1978 may contain lead based paint. There is an Addendum for that.

 

SECOND THOUGHTS

When deciding to purchase a Kissimmee or St. Cloud Florida Property understanding the terms, and conditions of a Purchase Agreement can greatly assist you making a good decision.

We at  St. Cloud Homes & Land, take the extra time to review the Purchase Agreement with you, section by section and explain what it all means. We also explain any necessary addenda you may need, and include your Pre-Approval Letter, to position your offer well and give your offer additional strength when we present it to a seller increasing your chances of getting the Home you Love at a Price you are satisfied with.

 

If you have concerns, or specific legal questions strongly suggest that you seek expert legal advice.

St Cloud Homes & Land, LLC You Local Real Estate Experts Specializing in Florida Residential Real Estate, Buying St. Cloud Homes, Buying Kissimmee Homes, Kissimmee Homes for Sale, St Cloud Florida Homes For sale, Florida Vacation Property, Short Term Rental Communities in Florida, Florida property for International Investors, St Cloud Town Homes, St Cloud Condos, Kissimmee Condos, Kissimmee Town homes, Kissimmee Investment Properties, St Cloud Investment Properties, Osceola County Real Estate, Orlando Real Estate, Our unparalleled service begins with you.

 

Homes & Land, LLC,. A local St Cloud Florida Real Estate Brokerage.

Committed to excellence and superior customer service, the emphasis has always been on Unparalleled Customer Service which begins with YOU. St. Cloud Homes & Land, LLC has performed consistently and grown over the years. What makes us successful is our commitment to you.

Knowing a little about us is nice, but Focusing on what is important to you is what we do best!

Whether Buying St Cloud Florida Homes & Land, or Selling St. Cloud Homes or Land, Allison will take the time to find out what is important to you, answer your questions, and share important information on current market conditions.

Licensed and Certified we specialize in ALL aspects of residential Real Estate. From contact to closing we are with you every step of the way, answering your questions, overcoming obstacles and getting you to the Closing table as stress free as possible. Our team consists of like minded, friendly knowledgeable Sales Associates who offer outstanding Customer Service. We guarantee you love what we can do for you in making your Home Buying or Selling Experience with us a good one.

St.Cloud Homes & Land, LLC is a full service Licensed Real Estate Agency Providing OUTSTANDING customer service and commitment to excellence for its clients. The best in business, call us 407-545-8002

St.Cloud Homes & Land, LLC
Providing Professional Real Estate Services
2490 Bronco Drive
St. Cloud, FL 34771
Phone: 407-545-8002 | Email: Allison@Kissimmee-stcloudflhomes.com