Legal Question in Real Estate Law in Florida

Re: contract for sale or purchase condo

I recommend that you use the FAR/BAR Residential AS IS contract with the Condominium Addendum. Condominiums are subject to rules and laws that do not usually apply to single family residences.

Re: contract for sale or purchase condo

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Yes and no. While the basic format of the Contract is the same, there are certain items that should be contained in an Addendum for a Condominium purchase. These items which must be covered can cost thousands of dollars if not handled properly. An example would be the area of responsibility for special assessments which may arise either before or during the term of the Contract.

The parties should discuss and agree upon who will be responsible to pay which expenses including the required estoppel information from the Association and application fees.

I strongly suggest that you consult and retain a qualified real estate attorney. The reasonable fee that you may pay may save you substantial monies if an error is made.

Also, you will need to have someone review the title information and should obtain title insurance. An attorney is generally no more costly than using a title company which may not be affiliated with an attorney.

This is probably one of the most expensive purchases you will ever make. Be sure to protect yourself properly with legal counsel.

Scott R. Jay, Esq.

Re: contract for sale or purchase condo

There are numerous differences in the purchase as Mr. Stanz indicates. Good luck.