Tuesday, July 10, 2012

The Florida FAR BAR Contract, Can You Answer a Question?

     How well do you know the Far Bar contract?   I have written a few questions.  Can you answer these questions from the Far Bar real estate contract?  Can you  answer these questions by quoting the Far Bar real estate contract? 
1.  What if the house has termites?

2.  How can I know for sure how much the homeowners association dues are?  Is that stated in the contract?

3.   What if I don't qualify for the mortgage?  Do I get my deposit back?

4.  What if the seller backs out on the deal?

5.  If a conflict arises concerning the escrow deposit, how will that be resolved?

6.  If the dispute is mediated, who pays for that?


7.  If I am the seller, when do I get my check?  Is that in the contract?

8.  If there is a small kitchen fire between contract and closing is the buyer bound to close?  Who pays for repairs?

9.  If it says one thing in the contract and the handwritten addendum says something else, who wins?

10.  If the house is in Orange county, can we close in Seminole county?

11.  Will the buyer get the keys at closing?

12.  Who pays for mortgagee's title insurance?


13.  Who decides what title insurance company we use?

14.  What kind of deed will the buyer get?

15.  How does buyer know last year's taxes are paid?

16.   If there is a special assessment tax. who pays it?

17.  Can this contract be recorded in the public records?

18.  Is the seller required to deliver the house with the pool blue instead of green and the lawn mowed?

19.  If the buyer is not happy with the home inspection, can they back out for no reason.?

20.  If the house is owned by a non American citizen, does the seller have to turn money over to the I.R.S.


21.  What if there is a title defect?

22.  If this is a rental property, how do we know the rent is what the seller says it is?

23.  If the seller and buyer entered into a handshake agreement for the buyer to buy the seller's lawn mower, and the buyer backed out on the lawn mower deal, would it affect the house deal.

24.  If the buyer did not receive a homeowners association disclosure, could they back out the day before closing and get their deposit back?

25.  If the lender required a new garage door,  who pays for that?


26.  Who pays for the survey?

27.  Is this contract assignable?

28.  Where is the escrow money escrowed?  What is the address of the escrow agent?

29.  If the buyer sued the seller over this contract, who would pay the attorney fees for that lawsuit?

30.  Can the buyer bring a personal check to closing?

31.  Whose job is it to let the appraiser in an empty house?


If you can not answer these questions, you will learn sooner or latter.  The best way to learn is to learn in a training class.  The most expensive way to learn is when a problem comes up and you start reading the Far Bar contract for the first time in your life.  Study the Far Bar real estate contract.  Your income depends on your understanding it.  www.climerrealestateschool.com

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