Editor's Note: As the local real estate market is rebounding and activity traditionally picks up every year at this time, here's some timely advice that would-be Buyers should know to protect their deposits.
Scott A. Marcus, Attorney at Law, Becker & Poliakoff, P.A.
May 15--Real estate purchase and sale contracts have many contingencies. They may be contingent upon inspections, delivery of deposits, financing, delivery of marketable title, approval from various associations and the ability to tender the funds necessary to close. Certain versions of the purchase and sales contract treat these contingencies differently.
The purpose of this article is to highlight the financing contingency provision in both the Contract for Residential Sale and Purchase, CRSP-12 / 13 (“CRSP”) and the Florida Association of Realtors/ Florida Bar, (“FAR/BAR”) versions of the contract.