Florida Association of Realtors

Real Estate Contracts Are you aware that the standard Florida Association of Realtors/Florida Bar Contract, often referred to as the “FAR/BAR Contract” has changed? Below is an overview of the revisions to the FAR/BAR Contract for Sale and Purchase, “AS IS” and other residential forms which were discussed earlier this year and have now become effective as of November 1, 2021.

Major Updates to the Standard Form

Section 8(b) – Loan Approval Period

Two tasks are to be completed during this period now. The first is that the buyer must obtain approval for financing as described in the section. This is consistent with the prior version of the contract. However, the new requirement is that the buyer’s lender must receive a satisfactory appraisal before the approval period expires.


Continue Reading Overview of Changes to “FAR/BAR” Contracts Effective November 1, 2021

The COVID-19 pandemic has caused unprecedented impacts on the residential real estate market. The warning signs for Phase I were not easily detected, and almost overnight, the parties to such transactions, as well as those essential to closing such transactions, had to re-evaluate their means and methods of conducting business. Below are some tips for those buying or selling real estate in a pandemic:

Tips for Buyers

  • Add a specific contract amendment addressing potential coronavirus-related delays. Many state realtor associations have provided a coronavirus addendum for use by agents. For example, the Florida Association of Realtors has set forth a Coronavirus (COVID-19) Extension Addendum to Contract to address coronavirus-related delays. This particular Addendum may be utilized with all existing Florida Association of Realtors contracts, inclusive of the various FAR/BAR contracts.
  • In Collier County, Florida, the Naples Area Board of Realtors (“NABOR”), have both a coronavirus addendum and amendment for use with its NABOR existing form contracts. Both the State and local coronavirus addenda provide for time period extensions for the closing date, financing period, inspection period, title cure period, and due diligence periods, as well as allowing the Buyer to receive an escrow deposit refund under select circumstances of lender loan disapproval.
  • Notwithstanding the benefit of these new addenda, buyers should seek legal counsel to review and/or customize a coronavirus addendum or amendment to maximize the buyer’s protection.

Tips for Sellers


Continue Reading Tips for Buying and Selling Residential Real Estate in a Pandemic