The Florida residential purchase and sale agreement is a contract between a buyer and seller that details the buyer’s offer to purchase residential property. A purchase and sale agreement conveys to the seller the financial conditions and other requirements the parties must agree to before finalizing the sale and completing the transaction.
In certain cases, the offer may be contingent upon the buyer selling their current property, obtaining a loan, or upon the appraisal of the home by the mortgage lender. The contract becomes binding once the parties approve the terms, inscribe their signatures, and initial where required.
Purchase and Sale Agreement – This residential purchase and sale agreement has been designed by the Northeast Florida Association of REALTORS® and is suggested for use by members of the association.
1) Coastal Property Disclosure Statement
Before entering into a contract for the purchase and sale of real estate located partially or totally seaward (see definition in § 161.053), the buyer must be notified that the property may be subject to coastal erosion and to certain environmental and construction regulations. The notice must include the statutory language required by § 161.57(2).
2) Condominium Disclosure
The reseller of a condominium (i.e., not the developer) must provide the buyer with documentation regarding the condo association, such as the association’s articles of incorporation, bylaws and rules, financial information, and all other items listed in § 718.503(2)(a). In addition, resellers must include in each purchase agreement the statements provided in § 718.503(2)(c), and developers must include the statements found in § 718.503(1)(a).
3) Homeowner’s Association Disclosure
If a residential property is part of a community with an established homeowner’s association, the seller must provide the buyer with a statement containing specific statutory language that notifies the prospective owner of their membership responsibilities.
If the residential property was built pre-1978, the seller must deliver to the buyer a lead paint information booklet and a disclosure regarding the seller’s knowledge of lead-based paint on the premises.
Sellers of residential property must document any known issues affecting the property and disclose such information to the buyer in this property disclosure statement.
6) Property Tax Disclosure
Before or at the time a purchase agreement is executed, the buyer must receive a property tax disclosure containing the same or similar language as that provided in § 689.261(1).
7) Radon Disclosure
The property seller must provide the buyer with information regarding the dangers of radon gas. This disclosure must be made in writing prior to or at the time of executing an agreement, and the written notice must contain the language set forth in § 404.056(5).
