For this article, we’ve decided to reach out to Miami real estate agents and narrowed down the Top 5 tips for REALTORS® when using the Florida Realtor/Florida Bar “AS IS” Residential Contract for Sale and Purchase (“AS IS Contract”). This article is not limited to buyer’s agents. Simply because the buyer’s agent prepares the offer in accordance with the buyer’s instructions, the listing agent should take the time to ensure the offer is completed appropriately in accordance with the seller’s instructions. After all, everyone should share the same objective: to close the deal.
- Just because something is listed in the MLS doesn’t mean it’s included in the contract. Because the contract is the document that governs the parties, it must clearly state what is going to happen and what is not going to happen.
- Whether you’re in a hurry to make an offer on a hot property ornot, it’s critical to fill out contracts correctly.
- The more eyes reviewing the contract (attorney, buyers, sellers, and agents), the less likely something will be overlooked or left blank inadvertently.
- Most transactions require an initial deposit payment, but if this section of the contract is blank, it’s difficult for buyers to know where to send that money.
- Just as the buyer’s agent puts together the offer according to the buyer’s instructions, the listing agent should take the time to ensure the offer is completed correctly according to the seller’s instructions. After all, everyone should be working toward the same goal: Closing the Deal.
Paying attention to each line of the contract, especially any line that requires a box to be checked, may have default provisions, or may contain additional information, is an important part of the contracting process. The good news is that because you’re working with a Florida REALTORS® contract, the line numbers with an asterisk next to them will easily direct you to the relevant sections. An asterisk (“*”) indicates that a blank must be filled in or a box must be checked.
If your client is happy with a contract’s default provision on one of the blank lines, it is ok to leave it blank. However, remember that some blanks require information to be written into them, while others are simply blank. In other words, failing to note which lines must be completed (those without default provisions) can lead to a misunderstanding. It may cause the buyer and seller to argue over what should be added to that line, or worse – the parties will refuse to close and hammer it out in mediation or litigation.
Pointing fingers at the “other side” when a dispute arises over a contract issue serves no one. The more eyes that review the contract, i.e., lawyers, buyers, sellers, and agents, the less likely something will be overlooked or left blank inadvertently.
I’ll conclude with a line that I’ve used numerous times: If you’re gonna do it, do it right! Easiest way is to have the right team on call, so that you increase the chances of going from contract to closing – IT’S CLOSING TIME!
Alejandro E. Jordan, Esq. is the Chair of the ESQ.title | Real Estate Law’s Residential and Commercial Real Estate Closing/Title Insurance Group, with nearly two decades of experience in the business of real estate closings, finance, and development. His broad base of knowledge allows him to stay ahead of the game and keep abreast of the latest market trends. If you have any questions on whether or not a particular real estate investment is right for you or your buyers or sellers, need assistance in drafting offers, contracts, LOIs, or in analyzing due diligence on a particular opportunity, or just have a question on your next real estate closing or potential transaction, contact us at 305-501-2836 or visit us at www.esqtitle.law for immediate assistance.