| Apr 06, 2017
Whether you are making or accepting an offer on residential property this Spring, you are in good hands with your local Realtor® and the newly released FloridaRealtors/FloridaBar contract.
Realtors® statewide have been busy preparing for the changes to best guide their customers through the modified pre-closing procedures. They have studied redline versions
of the new Residential Contract for Sale and Purchase along with its “As Is” companion, attended meetings at their brokerages, and taken courses at their local association
Several reasons prompted the need for a new state agreement — effective April 4, 2017 — many of which were in part to our present-day lending industry. “The default time for Loan Approval Period will change back to 30 days from 45 days. This change was made because loan approvals are no longer being slowed down by TRID (TILA/RESPA Integrated Disclosure), the financial regulations that went into effect in the fall of 2015,” according to Marcia Tabak, Deputy General Counsel of Florida Realtors®.
The new clauses have not only modified timing but also the philosophy regarding a buyer's right to cancel when a financing contingency is present. “The buyer no longer has a unilateral contractual right to terminate the contract for failure to obtain Loan Approval after the Loan Approval Period,” continues Tabak.
Other noteworthy revisions were related to Force Majeure, municipal lien search, permit disclosure, sellers disclosure, and foreign investment. For detailed information, please consult a local real estate professional. Ready to make an offer using the new contract? Contact a local Realtor® today! To find one, please visit www.SouthFloridaPropertyMatch.com.
Source: Florida Realtors®
The Realtors® Association of the Palm Beaches (RAPB) is the 6th largest local association in the country representing over 15,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Palm Beach and St. Lucie Counties. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Many of their members also engage in one or more divisions offered through RAPB, including the REALTORS® of St. Lucie County (RSLC), the Young Professionals Network, and the award-winning Global Business & REALTORS® Commercial Alliances. Looking to buy or sell property? Think local! Find your REALTOR® or property at www.SouthFloridaPropertyMatch.com.