You can write up a contract to purchase on the back of a napkin as long as both parties are in agreement to terms and conditions specified, there is a legal description of the property and there is consideration being exchanged. It is always best to have the terms of a purchase agreement on an instrument that is clear and legible and most of all understood by all parties concerned. I reccommend legal and or financial counsel from the buyer and or seller's attorney and or accountant or tax professional before entering into any real estate or financial transaction. The FAR and FAR/BAR contracts we use as Realtors here in the Keys are thoughtfully prepared, reviewd and approved by legal counsel. I use them because they protect the individual parties concerned. They generally address most every issue that may arise in a residential real estate transaction. I have practice Real Estate here in Islamorada for the better part of 15 years and never heard of such a thing. Ask your attorney. Most attorneys I have worked with over the years use the FAR/BAR contracts but the fact of the matter is, it is up to the client/customer who is paying the bill. Broker policy may dictate to agents what forms they may use in a transaction but when it comes right down to making a deal, the back of a napkin might just do fine as long as both parties signed it and the title company, mortgage company and lender recognize it as a legally binding agreement.

The biggest question is - is it true that in the florida keys all realtors MUST use and only accept offers using the farbar as is contract?

Hi Tammy,
Is there a mortgage clause in there of at lease 15-30days? Maybe that way at least you would have a cushion. If not and they are not giving you any time to do your due dilligence I would say run because there is a reson then.

Melissa
Ameritrust Mortgage Assoc
561-417-9221

Buyer and seller signed a letter of intent to purchase. When buyers agent presented the farbar contract the sellers agent said it has to be redone - that the keys realtors can ONLY use the AS IS contract.

Dear Tammy:

It is possible that the seller can instruct the listing agent to only present a certain type of contract. I would not encourage a Seller to be that narrow minded. In my opinion, an offer is the beginning of a conversation. It is the responsibility of the Realtors to keep the conversation going to a satisfactory conclusion for both buyer and seller.

I am a full time Realtor living and working in Islamorada.

Hi Tammy,
A listing agent can withhold if the seller has instructed them not to accept anything except as is. Farbar has both the as is and regular contract. There is a Far contract that many do not like to accept because of the legal wording. With an as is you do get to inspect and can cancel for any reason within your inspection period. If you utilize the other the seller will be responsible for an agreed percentage of the sales price for functional repairs.
I wish you the best of luck,
Nancy

Nancy Doyle
239-209-2237
search Cape Coral mls at http://www.nancyd.listingbook.com