Eugene Vigoa, Esq.

Can a buyer assign the contract to someone else?
The short answer is yes, unless the contract does not allow for it.
In the Florida "As Is" contract, page 2, paragraph 7, there are three options that can be checked off concerning assignability.  Obviously, as a seller, you might not want the buyer to assign the contract to someone else you do not know. 
The contract allows for three options.  The first option allows the buyer to assign and be released from liability; the second option allows the buyer to assign and not be released from liability, and in the third option, the buyer may not assign the contract at all.  
The seller obviously needs to read the contract carefully to make sure that they agree with all its terms.  If the contract is assigned, the seller may end up having to deal with a different buyer that they did not bargain for.

Training Class with Rad Properties at First Choice Title Services & Escrow, Inc.  Monday, November 7, 2016 at 10:00 a.m.  Any other realtor interested in attending, call Maria Liriano at (954) 433-7680 or email maria@firstchoicetitleservices.com.

What are the key provisions of the purchase contract?

There are many important key provisions in the purchase contract. However, some of the most important are obviously the sales price. The buyer and the seller has to agree on a sales price, otherwise you don't really have a contract. Then the closing date, that's important because you have to close by that date. If you don't, there are going to be legal consequences either to the buyer or the seller. After that, you have contingencies. Contingencies are anything that has to happen, and if they don't, either the buyer or the seller can cancel the contract. Some of the contingencies could be a mortgage contingency, an appraisal contingency and an inspection contingency.

Eugene Vigoa, Esq.

CLOSING DISCLOSURE

The seller must be provided with a seller side closing disclosure or settlement statement prior to closing.  When you receive it, make sure that the information is accurate.  For example, double check the commission, if any, and other charges that the seller is paying.  In Broward and Miami-Dade counties, it is customary for the seller to pay for their title search, municipal lien search, estoppel letter, and a settlement fee for preparation of the deed and other seller closing documents, unless the contract says the buyer will pay for it.  

Also, the seller will pay for prorated property taxes and special assessments if any.  Finally, the seller also pays for a documentary tax, or doc stamp.  There may be additional fees the seller will pay depending on the situation.  If you are not sure about a particular fee or charge, don't hesitate to ask the settlement agent to explain it to you.

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