My Favorite pages

 

What's this?remove

 
  • Sign in to use the “My Favorites” feature.
 

X Email this page:


OK Cancel
Legal FAQ's
Condominium

Q:I represent a buyer who is negotiating to purchase a residential condominium. The seller wants to reduce the three-day rescission period afforded the buyer pursuant to Section 718.503(2), Florida Statutes, to 24 hours from the buyer’s receipt of the condominium documents. Would such a provision be valid and enforceable?


Related Member Benefits

FAR Legal Hotline
At no charge, FAR members may speak with an attorney on a range of topics including licensing, contracts and landlord/tenant matters. Call  407.438.1409.

FAR's Legal Action Fund
The Legal Action Fund of the Florida Association of Realtors® is available to support members, local Realtor Boards/Associations or those persons involved in litigation that has significance to Realtors and Realtor-Associates® as a class, private property rights, or the real estate industry as a whole. Cases shall be limited to those based on points of law and not on factual issues. The Legal Action Fund is administered by the Legal Action Fund Committee within approved guidelines and procedures.


Did You Know?
Transaction Broker Notice still required

The law now presumes you’re a transaction, broker but you still need to give the Transaction Broker Notice to your clients. Even though section 475.278(1)(b) stipulates: “It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer,” the law requires a licensee who intends to represent a customer as a transaction broker to provide the Transaction Broker Notice until July 1, 2008.
Coming to Terms
What’s a transaction broker?

Chapter 475, Florida Statutes, defines a transaction broker as "... a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent." See the Transaction Brokerage Legal Memo for an in-depth explanation.