Contract Preparation - Objectives
Distinguish the As-Is Residential Contract from the Residential Contract in great detail.
Identify and accurately complete the appropriate addenda to use in any specific situation.
Examine the types of parties to a transaction and the Florida Constitutional ramifications for spouses selling or encumbering homestead property.
Identify what personal property is included as an automatic inclusion in the contract.
Explain the differences between assignment with recourse and without recourse.
Examination of the timelines and parties for notification regarding mortgage commitments and the rights and remedies for failure to adhere to the financing contingency, and how to fill out the financing contingency.
Exam the boiler plate disclosures within the contract and explain why the matter from a legal perspective.
Examine the requirements for a survey that is reliable for purposes of closing and title insurance.
Accurately calculate the deposit, down payment and financing acquired to achieve the agreed upon price and terms.
Explain the rights of a seller regarding repairs as an AS-IS contract, together with a comparison and contrast for the regular Residential Contract.
List the options available to a buyer and/or seller when a party defaults on a contract.
Contrast the difference between funding at closing and closing in escrow.
Allocate closing costs between the parties.
Define the difference between mediation and binding arbitration.
Briefly review each of the Standards for real estate transactions.
Instructor: John Roscow
CE Credits: 3