Another questions about Florida offer to purchase contract. It states that if the contract is not signed and

Asked by mimi, wiscosin Fri Mar 7, 2008

returned by the buyer to the seller on Feb 24 the contract is Void. Under Miscellanous it states that all Time periods will be computed in Business days which excluded Saturday, Sunday and national legal holidays. If the date written on the contract states it must be signed by the 24th and the 24th is a Sunday does that mean that the seller acually has until the 25th (monday) to sign and return the contract? Or when the exact date is written in does the seller actually have to sign and return it on, or before that date, no matter what day of the week that date may fall on?

Yes, I did go through a agent, and she is not interested in helping or answering any questions, now that the sale has gone bad.

This site is really helpful, thank you to all who have taken the time to share your knowledge!

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6
J.D. "Dan" &…, Agent, Orange Park, FL
Sat Mar 22, 2008
BEST ANSWER
Hi Mimi,

I hope you're still reading your answers since I see you left this question a couple of weeks ago.

The prevailing wisdom is and has been amongst the attorney's I have spoken to about this has been if both parties are working toward and agreement it is common for them to work through the written deadline if they think there is a chance to reach a "meeting of the minds" on the other hand, if the parties are not getting their minds to meld then the date given in writing is the date that negotiations MAY end. It does not mean they have to END but each party becomes free to pursue other deals. In a Sellers market their might be another buyer ready, willing and able to purchase the property so then the SELLER is free to pursue that other buyer. In Today's market, especially for an out of town BUYER the deadline permits the BUYER to find a different property and enter into a new contract.

The information you have about a contract not existing untill all parties have reached an agreement and that agreement has been delivered to each party is correct. Then and only then do you have a contract.
Prior to that we consider the deal to be in the negotiation stages.

During the negotiation stage we often toss changes to the written deal back and forth verbally and when we get agreement to all the changes we then put the changes to writting and have all parties initial and date the change.

There are "Time Lines" such as inspections, repairs, etc., which because they are performed by 3rd parties which might not work on week-ends and holidays there are those exceptions. Real estate professionals should be expected to complete the transaction on any day of the week. Somewhere, very early in my career i learned a new 4 letter word "ESSH" . It stands for Evenings, Saturdays, Sundays and Holidays. Agents that don't work at those times need to have an assistant or partner that does.

Caveat: I am NOT AN ATTORNEY..and I don't practice law, I am just a relay and I know how we get deals done here.

I used to practice in the Upper midwest in MN and it was very much the same

Good Luck,

JD "Dan" Weisenburger, GRI
Broker-Associate, REALTOR(r)
Vanguard Realty, Inc., GMAC Real Estate
Web Reference:  http://www.neflahomes.com
1 vote
Lisa Hill, , Port Orange, FL
Sat Mar 8, 2008
This is actually one part of our contracts that bugs me. Until an "offer" is signed and agreed upon by both parties, it is only an offer. It does not become a "contract" until everyone has agreed on ALL negotiated points and have signed and dated. Any changes that are made during negotiations must be initialed and DATED! The final date of the final initials becomes the starting point for all dates that follow IE: home inspections, loan approval, etc.

So, the answers below are correct, that the actual date you had to respond by, is the date by which the buyer expected an answer. If they did not have an answer by that date, the "offer" was removed from the table. But it was never a "contract".

But you mentioned that your agent wouldn't help you because the date had passed. Did your agent communicate to the other agent that you needed more time, or did she ask if the offer could stay on the table one more day? And since you're questioning how the dates work, did she explain this to you when she first presented the offer to you?
0 votes
Ruth Rivera, Agent, Altamonte Springs, FL
Sat Mar 8, 2008
Mimi,
They answers below are correct. I am sorry you have an agent that does not care. I am a Realtor in Central Florida, I recommend you look in Localism.com they will recommend the best agents in the area you are looking at. Good luck with your situation.
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Sat Mar 8, 2008
the answer just given is very well written, and I would recommend following their advice. However, if you think you have a legal issue, by all means go to a real estate attorney for an opinion.
Web Reference:  http://www.MykeTriebold.com
0 votes
Bob Galivan, Agent, South Miami, FL
Fri Mar 7, 2008
I think the following would be true:
If the deadline for the signature is the 24th, then no matter what day the 24th falls on, that is the deadline. "Time periods" typically refers to a span of time - like inspections within 10 day would be 10 business days. Day 1 of a time period is the first business day AFTER the effective date, so a contract that is fully executed on a Friday, Saturday, or Sunday would have Monday as day 1.
The important thing to remember is "WWJD"

What would a JUDGE do? If the intent of the parties is to move forward in a certain way, and one party tries to use a technicality to void a contract or a provision of a contract, the judge is going to look hard at the entire picture in making a decision. Much better not to get in that position. If there is a question on a provision of a contract, speak to an attorney.
Web Reference:  http://www.myriamshomes.com
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Fri Mar 7, 2008
Mimi:

Assuming the contract is valid because it was signed on the next business day you still have several chaces to get it cancelled.
1. If after you complete the Home Inspection (in florida we have 10 days from day offer is accepted), if you find something you dislike or disagree with you have the right to cancel the contract. You do not have to provide copy of the inspection to the seller in order to cancel. (an inspection will cost you $200 to $300).
2. If for some reason the mortgage cannot be completed (bank denies you in written) the contract can also be cancelled...however check the days for that to be active ... if you wait to long (23 days in Florida)they get to keep the escrow.
Good Luck....and consult a real estate attorney (it can save you money in the long run)

Tony.Vega
Web Reference:  http://www.TonyInFlorida.com
0 votes
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