Will More Closings Fail and Buyers Lose Deposits?
In 5 days, new FR/Bar contract versions will be released. Are you ready? Florida Realtors Legal Hotline already expects calls from members who didn’t prepare.
ORLANDO, Fla. – In just a few days – Nov. 1, 2021 – major updates to the Florida Realtors/Florida Bar Residential & AS IS Contracts go into effect, and the old versions won’t be accessible via Form Simplicity any longer. In addition, seven Riders have been updated and three new Riders created. The latest version will appear through Form Simplicity and other licensed vendors.
Contract changes are both large and small, but updates to Financing Paragraph 8(b) could create major problems for Realtors who don’t understand the changes.
A worst-case yet possible scenario: A buyer misses key deadlines, loses their dream home, and doesn’t even get their deposit back.
Florida Realtors’ website has a page dedicated to explaining the updates. It includes redlines (old forms with changes noted) and blacklines (versions of the forms debuting Monday), links to webinars and PowerPoint presentations.
Prepare now. If you wait for Monday, it might be too late.
Questions? Call Florida Realtors Legal Hotline.
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