Home Buying in Florida>Question Details

Nicksters, Home Buyer in Florida

What is considered the Florida Real Estate As Is Contract Effective Date?

Asked by Nicksters, Florida Mon Jan 30, 2012

I have a question about the state of Florida FAR/BAR AS IS contract Effective Date. According to paragraph 3(b), the Effective Date is “when the last one of the Buyer and Seller has signed or initialed this offer or counter offer”. After the initial contract offer was signed (Jan 1), renegotiations were begun after the inspection was completed. We ran out of home inspection period contract time (7) days, so both the buyer and seller signed an Addendum to the Contract to extend the home inspection period to an additional 48 hours (expiring Jan 14). An agreement was reached and all parties signed a new Addendum to Contract on January 14th to settle the home inspection issues. My question is this. Under the FAR/BAR contract and Florida law, which is the contract EFFECTIVE DATE? Is it still Jan 1, date of original contract? Or is it the date of the Addendum to Contract, Jan 14? Thanks.

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This is a great question and it would be great if you posted what you find out. My advice is to have you agent call the Florida Legal Hotline for Realtors and she/he can get free legal advise as this is something we really cant guess about. Also, depending on who is paying for title, you can call the title company which often has lawyers on staff specializing in real estate that may be able to answer this for too.
0 votes Thank Flag Link Tue Jan 31, 2012
to me it would be the latter, as in fact you have new contract, " a new meeting of the minds" In as much as material facts of first contract has changed, you have nenegotiated a new contract.
a lawyer will best and only give you a better and best idea.

0 votes Thank Flag Link Mon Jan 30, 2012
Good question.

I heard this exact question debated at a recent sales meeting. Now, this was in Virginia, and regulations differ state-by-state. Still, the basic issue is the same. And--honestly--there wasn't agreement. Our broker was absolutely insistent on one interpretation (so we'd better listen to him!) On the other hand, some of the experienced agents (really knowledgeable ones with 20-30 years of experienced) argued very persuasively on the other side.

Because of these differing interpretations and because this was in Virginia and not Florida, it wouldn't be appropriate for me to offer an opinion. (Just noting that there can be strenuous debate on both sides of the issue.)

What I'd suggest is that you (or your agent) ask your agent's broker for his/her interpretation. If that doesn't provide a sufficient resolution, then contact a real estate lawyer.

Hope that helps.
0 votes Thank Flag Link Mon Jan 30, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
My uderstanding is that the ED is the date and time of the last, most recent signture/intals. This is not always cut and dry!

Waterway Realty Realtors
0 votes Thank Flag Link Mon Jan 30, 2012
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