In January 2019, there were 15,526 single-family homes sold in Florida. The median price was $249,900 and 50 days was the median time to contract.
The average buyer pays 95.7% of the original asking price, which is great for sellers.
One thing you learn when you're selling a house in Florida is that there are a lot of forms you need to sign. But Florida real estate forms can get a little confusing.
And since they're legally-binding documents, it's important you as the seller understand exactly what you're signing. We want to help educate you.
Keep reading to learn all about common Florida real estate contract forms.
Real Estate Forms All Sellers Must Sign
There are some forms that no matter which state you are selling a home in, you must sign.
While every state has its own set of disclosure laws, lead disclosure is a federal law. You must fill out that form when conducting a real estate property transaction.
In Florida, you must disclose any property or material defects that you are aware of. In other words, if the roof leaks when it rains and you're aware of it, you have a duty to inform potential buyers of this defect.
2. Sales Contract
A sales contract is also known as a:
- Purchase agreement
- Purchase offer
- Bill of sale
- Sales agreement
It's a legally-binding document laying out all the terms and conditions of the sale. Sales contracts are used to guide the attorney or settlement agent handling the escrow.
If there are any conditions such as inspections or financing that must be fulfilled before the transaction closes, you'll find it listed in the sales contract.
2a. As-Is Contracts
In most cases, a homeowner may wish to sell their home "as-is". An as-is contract form allows the seller no longer to be legally obligated to make repairs.
This contract also allows buyers to cancel the contract if they're dissatisfied with the home inspection.
3. The Deed
It's the deed that transfers the property from seller to buyer. Florida state laws do dictate certain details but buyers can choose how they want to take the title such as:
- Joint tenants
Once executed, the deed is given to the county recorder and becomes part of the public record.
4. Title Documents
For any property transaction to take place, a clear title is a necessity. As a result, a seller is required to take out a title insurance policy.
A title policy protects against possible issues ranging from basic recording errors to outright fraud.
Sellers must also obtain a notarized document that confirms they legally own the property they are selling. They must also list any possible title defects such as liens or boundary disputes.
5. Transfer Tax Declarations
Florida charges transfer taxes for real estate sales. You'll have to sign a declaration that details the purchase price and calculates the tax.
Most Florida counties have a tax rate of $0.70 per $100 or portion thereof of the total consideration.
Other Costs the Seller Pays
There are other fees a seller must pay such as:
- Recording fees
- Title search charges
- Homeowners association or condominium association estoppel fees
The seller must also pay their attorney's fees and costs. They also are responsible for paying a commission to their real estate agent.
The seller is not responsible for paying either the buyer's real estate agent fees or attorney fees.
Florida Real Estate Forms
There are other forms that must be filled out in Florida to ensure that all appropriate information is disclosed to the buyer prior to the sale of the property such as:
- Notifying the buyer of any issues with major structural and/or utilities such as the roof, plumbing or HVAC system
- When a homeowners association (HOA) membership is required or the homeowner is bound by the rules of an HOA
- Any boundary disputes
- Any infestations or damage due to termites or carpenter ants
- Environmental hazards such as asbestos, lead or mold
- Boundary disputes
Also, if there are any legal orders, complaints, claims or court proceedings that can possibly affect the sale of the property, it must be disclosed.
In certain cases, it's necessary to add extra addenda. In those situations, another form must be filled out.
6. Auction Addendum
Use this form if your residential property is being sold by auction. Auction addendums contain no financing contingencies and establish a Buyer Premium.
It also has checkboxes for closing costs and fees and even contains a provision effectively erasing the repair, inspection, and walk-through provisions of a sales contract.
7. Community Development District Addendum
Use this form if your property is subject to additional taxes and assessments imposed by your Community Development District.
8. Cooperative Addendum
Attach this form to the purchase and sale contract if your property is being sold as a cooperative. It will include statutory disclosure language.
9. Counter Offer
If you or the buyer has specific terms and conditions to a counteroffer, use this form.
10. Extension Addendum
You can use this form with various contract forms. This form allows you to extend the following time periods:
- Close date
- Inspection period
- Title cure period
- Financing period
- Short sale approval deadline
- Feasibility study period
You can also extend your due diligence period using this form.
11. Extension to Exclusive Property Management Agreement
Use this form if you want to extend an existing Exclusive Property Management Agreement. This form also contains optional time frames that extend the agreement.
12. PACE Addendum
Use this form if a non-ad Valorem assessment is levied against your property for a qualifying improvement but also has an unpaid balance that's due.
13. Vacant Land Contract Back-Up Contract Addendum
Use this addendum with your Vacant Land Contract if you want to accept a back-up contract in addition to your existing primary contract.
Let Me Help You
Whether it's a question about which Florida real estate forms you need to fill out or you see a listing you'd like to see, I can help.
My goals are to guide and educate buyers and sellers through the process without feeling pressured. Contact me today for more information!