If you`re buying or selling a home in Florida, you`ll likely encounter a residential sales contract addendum. This important document outlines any additional terms or conditions that are not included in the standard sales contract. Here`s what you need to know about the Florida residential sales contract addendum.
What is a residential sales contract addendum?
A residential sales contract addendum is a document that supplements the standard Florida sales contract. This addendum can be used to add or modify terms of the contract that are specific to the property being sold. It`s important to carefully review and understand the terms of the addendum before signing, as they can significantly impact the outcome of the transaction.
Why do I need a residential sales contract addendum?
There are a variety of reasons why a residential sales contract addendum may be necessary. For example, if the property being sold has unique features or restrictions, such as a special zoning designation or a homeowners` association agreement, those terms may need to be included in the addendum. Additionally, if the buyer or seller has specific requirements, such as a contingency for a home inspection or a provision for early occupancy, those can also be included in the addendum.
What should be included in a residential sales contract addendum?
The contents of a residential sales contract addendum will vary depending on the specific terms being added or modified. However, some common items that may be included in the addendum include:
– Contingencies: This could include a contingency for a home inspection, appraisal, or financing. These contingencies can protect the buyer or seller by allowing them to back out of the contract if certain conditions are not met.
– Disclosures: This could include any disclosures required by Florida law, such as a disclosure about lead paint or a disclosure about natural hazards like sinkholes.
– Homeowners` association provisions: If the property being sold is part of a homeowners` association, the addendum may include provisions related to dues, assessments, or bylaws.
– Closing costs: This could include a provision about who will pay for certain closing costs, such as title insurance or transfer taxes.
– Repairs: This could include a provision about who will be responsible for making repairs to the property before or after closing.
How do I use a residential sales contract addendum?
If you`re working with a real estate agent or attorney, they can help you draft and review the residential sales contract addendum. Once the addendum is finalized, it should be signed by both buyer and seller and attached to the standard Florida sales contract.
In conclusion, the residential sales contract addendum is an important document that can help ensure a smooth and fair real estate transaction. It`s important to carefully review and understand the terms of the addendum before signing, and to work with a trusted real estate professional who can guide you through the process.