Updates to the FL Residential Contract for Sale & Purchase that all Buyers/Sellers Should Know About

by Danay Pelaez, P.A. 10/18/2021

Oftentimes, sellers & buyers rely on their real estate agents to handle negotiations and sale contracts on their behalf. Although this is definitely an important reason as to why you should work with an experienced realtor when selling or buying, it's also as important that you have an understanding of the type of contract you are signing and its critical components.

If you are a Florida resident and are planning on selling or buying soon, it's important that you are aware that as of November 1, 2021, major updates will go into effect as it relates to both the "As Is" and Residential Florida Realtors/Florida Bar Contract for Sale and Purchase (FR/BAR).

Highlights:

Property Appraisal speed was increased so that the lender receives it faster. A slow appraisal, especially in today's market, can delay a sale by as late as the closing date. The new contract states that the lender must obtain an appraisal (if needed) before the deadline for the Loan Approval Period approaches.

The term "Loan Approval" has been redefined. New contract now stipulates that a buyer must be approved for financing AND the lender must have received a satisfactory appraisal if one is required before the Loan Approval Period expires.

Buyers can now hold off on informing sellers that their loans have been approved until the end of the Loan Approval Period (the old contract required buyers to promptly advise the seller of the loan approval).

To learn more about all the changes, visit: https://www.floridarealtors.org/news-media/news-articles/2021/09/florida-realtors-updates-frbar-contracts-and-riders

If you are looking to sell or buy, and are looking for a real estate agent that you can trust and rely on, I would welcome the opportunity to earn your business.

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About the Author

Danay Pelaez, P.A.

During her 25 years in the South Florida non-profit sector, helping others was always at the core of Danay's professional career. As a Realtor, she now uses her extensive background in client relations, financial management, and sales to help her clients in finding their dream home.

Whether buying or selling, what matters most to her is honest communication, extreme loyalty to her clients, and a direct, hands-on approach.

Raised in Miami, she has a personal connection to the local community and has extensive knowledge of the various cities and neighborhoods across the local market. Whether a seller or buyer, you will appreciate her attention to detail, negotiation skills, and motivation.

As a homeowner herself, she recognizes and values the trust clients place in realtors and she is dedicated to working tirelessly on behalf of her clients, making the process stress-free and exceeding their expectations.

Certifications:

Residential Real Estate Probate Specialist