Q: I live in California and have signed a FAR-9 contract to purchase a home in the Orlando Florida area. Does the 5:00 P.M. deadline mean 5:00 P.M. California time or Florida time?
The FAR-9 purchase contract is a business day contact. All time periods are Monday – Friday and do not include weekends or National Holidays and the deadline is 5:00 P.M. The 5:00 P.M. deadline is the time in the County where the home is located.
If you are interested in buying a home in Florida and are not currently under contract or working with another real estate agent, search for a home and then contact me to see and make an offer.
Related Florida real estate views:
What is the most important question you can ask your real estate agent?
Showing posts with label purchase contract. Show all posts
Showing posts with label purchase contract. Show all posts
Aug 22, 2008
Buying a home subject to financing
Most home buyers need to obtain financing in order to buy their home. When making an offer to purchase a home, the Florida Association of Realtors (FAR) Sale and Purchase Contract has a clause that covers this contingency for the buyer and sellers protection.
This clause allows the buyer to select that they will be applying for new financing. The choices of financing offered are; conventional, FHA and VA financing. The percent of the purchase price that the buyer will be financing is also listed on the contract.
When entering into a contract with the seller, the buyer is usually agreeing to apply for financing shortly after receiving an accepted offer. This application process should be done as soon as possible following the acceptance of their offer. The FAR contract allows for 5 days should the buyer not select a different time period.
Unless changed by the buyer or seller, the FAR contract then allows the buyer 30 days after the effective date or 5 days prior to closing, whichever occurs first, to obtain a written financial commitment or approval letter. If the buyer is unable to obtain written commitment, then the buyer should let the seller know in writing during this same period.
The buyer’s financing contingency requires the buyer to keep the parties involved in the transaction, real estate brokers and sellers, updated about the application process and any issues that may arise as they work towards receiving their financial commitment. If the buyer has used diligence and is unable to receive a commitment letter in the allowable time period, then the buyer can notify the seller in writing and the contract may be cancelled with the buyer receiving any deposits back that they have made once both parties have agreed to cancel the contract.
Purchase contracts are legally binding documents and should never be entered into lightly. The financing contingency portion of the contract is one of many legally binding contingencies. We have the experience and knowledge to successfully write offers for you as a buyer but would always encourage you to seek legal advice from and attorney if you are not totally comfortable.
Related Florida real estate views:
Get a survey when buying a home or property
Seller disclosure: Termites & Wood rot
Realtor and seller obligations under a listing agreement.
- Greg Staker - Watson Realty Corp. - 407-304-0255
This clause allows the buyer to select that they will be applying for new financing. The choices of financing offered are; conventional, FHA and VA financing. The percent of the purchase price that the buyer will be financing is also listed on the contract.
When entering into a contract with the seller, the buyer is usually agreeing to apply for financing shortly after receiving an accepted offer. This application process should be done as soon as possible following the acceptance of their offer. The FAR contract allows for 5 days should the buyer not select a different time period.
Unless changed by the buyer or seller, the FAR contract then allows the buyer 30 days after the effective date or 5 days prior to closing, whichever occurs first, to obtain a written financial commitment or approval letter. If the buyer is unable to obtain written commitment, then the buyer should let the seller know in writing during this same period.
The buyer’s financing contingency requires the buyer to keep the parties involved in the transaction, real estate brokers and sellers, updated about the application process and any issues that may arise as they work towards receiving their financial commitment. If the buyer has used diligence and is unable to receive a commitment letter in the allowable time period, then the buyer can notify the seller in writing and the contract may be cancelled with the buyer receiving any deposits back that they have made once both parties have agreed to cancel the contract.
Purchase contracts are legally binding documents and should never be entered into lightly. The financing contingency portion of the contract is one of many legally binding contingencies. We have the experience and knowledge to successfully write offers for you as a buyer but would always encourage you to seek legal advice from and attorney if you are not totally comfortable.
Related Florida real estate views:
Get a survey when buying a home or property
Seller disclosure: Termites & Wood rot
Realtor and seller obligations under a listing agreement.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Jan 20, 2008
Don't forget the kitchen sink when buying a home.
Buyers are faced with many decisions and questions when finding a home and deciding to make an offer.
One of those decisions involve what personal property the buyer will want the seller to leave with the home. The purchase agreement contains a clause that deals with fixtures and appliances.
Please visit this new page that discusses asking for appliances when buying a home.
Related Florida real estate views:
Should you buy a home in "as is" condition?
What are the repair obligations to the home seller when using the FAR contract?
Tips when buying vacant land
- Greg Staker - Watson Realty Corp. - 407-304-0255
One of those decisions involve what personal property the buyer will want the seller to leave with the home. The purchase agreement contains a clause that deals with fixtures and appliances.
Please visit this new page that discusses asking for appliances when buying a home.
Related Florida real estate views:
Should you buy a home in "as is" condition?
What are the repair obligations to the home seller when using the FAR contract?
Tips when buying vacant land
- Greg Staker - Watson Realty Corp. - 407-304-0255
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