The CRSP Contract — Flying Under the Radar

ORLANDO, Fla. - In Florida, the two Florida Realtors®/Florida Bar Residential Contracts For Sale And Purchase are the standard for most residential transactions. But there is also a third option - the Florida Realtors Contract for Residential Sale and Purchase (CRSP). It is a robust agreement that has been refined over time, remains highly relevant and includes its own set of addenda to support its use. Even so, it flies under the radar when it comes to forms members use. Below is a closer look at a few key provisions to consider when deciding which contract best fits your transaction. 

1. Time for acceptance of offers and counter offers. Questions about acceptance of offers and counter offers frequently arise on the Florida Realtors Legal Hotline. Determining when a contract is formed is essential, as it establishes the Effective Date of the contract thus triggering the parties’ performance. The CRSP addresses these matters in two distinct paragraphs: Paragraph 22 and 23. Distinguishing between initial offers and counter offers reduces confusion and improves clarity.   

• Paragraph 22 addresses just the initial offer and the acceptance of that offer. It allows the parties to insert a definitive date and time for when the initial offer is to be accepted by. If it is not accepted by that specified date and time, then the initial offer is revoked, and the parties have not formed a contract. This is a clear line. If the parties write in “no later than 2:00 p.m. on August 1, 2026,” then this is a clear line for performance. If the seller does not sign and deliver a copy back to the buyer by this specified time, then no contract is formed. The parties can move on.   

• Paragraph 23 addresses counter offers. The seller checks the box signaling a counter offer to the buyer’s initial offer.  Similar to the Florida Realtors/Florida Bar contracts the time to accept the counter offer is two days after the date it is delivered. It also states how the buyer must accept the counter offer by signing or initialing the counter offer terms and delivering a copy to the seller.

Note that the Effective Date established in Paragraph 11(a) will be the date “on which the last of the parties initials or signs and delivers the final offer or counter offer.”

2. Counting time. Paragraph 11(b) was recently updated to reflect counting timelines using calendar days, rather than business days. The CRSP specifically states, “All time periods will end at 11:59:59 p.m.” In addition to the shifting of a deadline to the next calendar day if the deadline ends on a weekend day, national legal holiday or day that the national legal holiday is observed, it also added a provision when counting deadlines backward from the closing date. It protects the integrity of the backward counting without cutting short the time for performance.  These updates streamline the counting of timelines as well as bring consistency to real estate licensees using Florida Realtors forms.   

3. Dispute resolution. For disputes other than disputes concerning the entitlement of deposits made or agreed to be made, Paragraph 16(b) of the CRSP directs the parties to resolve matters through mediation and then arbitration. Mediation and arbitration are considered alternative dispute resolutions since they avoid going to court to resolve the dispute. Arbitration is binding, like a court order, but can typically offer a faster resolution, lower costs, confidentiality and greater control over the process since the parties choose the arbitrator. Parties will pay for their own legal fees and split costs for the mediator and arbitrator, which allows the parties to recognize the costs to take a dispute further or settle the matter between themselves.

Think of the CRSP as the “hidden gem” in the Florida Realtors’ contract toolkit  —  lesser known than the Florida Realtors/Florida Bar contracts, but every bit as purposeful for your transactions.   So, if you are willing to go off the beaten path, consider the CRSP for the above-mentioned key provisions as well as many others.

Heather Rhodes is an Associate General Counsel

Note: Information deemed accurate on date of publication

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