Signing on the Dotted Line

This can be the most difficult part of making your purchase. Keep in mind that whether you are working with a real estate professional or a Seller directly you should ask as many questions as you feel necessary. There is no such thing as “too much information."

Some things to know if you're…

…working with a Real Estate Professional.

In Florida, real estate professionals by law (Florida Statutes 475.2701) must identify whom they are working for and whom they are getting paid by. Keep in mind that a seasoned salesperson will warm up to a Buyer who then may inadvertently provide the salesperson with information the salesperson must give to the Seller by law.

EXAMPLE: When speaking to an agent while looking at a piece of property you like you might say, “I like this I’d pay full price for this one.” You then ask the agent not to say anything to the Seller when they present your offer, which is 10% less then the asking price. By law the agent must tell the Seller what you said.

…working with a Seller directly.

Did you know that many REALTORS® offices will sell you the same Purchase Sales Agreements that agents use everyday? If you are going to buy property directly from a Seller and you are not going to use an attorney to draw up the papers you might consider getting the FAR/BAR (Florida Association of REALTORS®/Florida Bar) Purchase Sales Agreement. This is considered the standard agreement used by Florida REALTORS® and attorneys.

Last Updated: March 01, 2005 10:43 PM