What Is A FAR-BAR Contract?
The process of buying and selling a house in Florida is a fairly standard process in most cases, but there are still many details that can be missed without the right help. In order to help facilitate easier real estate transactions, the Florida Association of Realtors (FAR) and the Florida Bar teamed up to create a simple agreement form, referred to by their initials (FAR-BAR). While using this agreement is not required, many people choose to do so because of its completeness and simplicity.
Designed For Ease Of Use
A FAR-BAR contract is attractive to many because it is designed to include all the required information in easily accessible language. The contract will set out settled facts such as the sale price, the closing date, and any acknowledged necessary repairs, plus establishing timelines in which they might be done. There are also other potential addendums that can be added if necessary, such as language about lead paint or hurricane preparedness, among others. Addendums regarding time are also common – for example, either party can insert an addendum deeming time to be of the essence.
It is important to keep in mind that while anyone can use the FAR-BAR contract for their real estate transaction, it is only one type of real estate contract, and it may not be the best one for your situation. Also, it is not recommended to try and complete the agreement on your own. It is a good idea to consult a knowledgeable attorney who can help you ensure that all the relevant details are included. The stakes are simply too high to run the risk of leaving something out.
Two Different Versions
If you do decide to use a FAR-BAR contract for your real estate transaction, it is crucial to be aware that there are actually two versions of the contract. One is a standard form in which the seller agrees to make any necessary repairs before the sale, while the other is referred to as an “as-is” contract and contains nothing compelling the seller to make repairs; the buyer gets the property as it is when the contract is signed. There are some significant differences between the two versions, and the informed buyer or seller should be well aware of exactly what they are signing.
Perhaps the biggest difference between a standard and an “as-is” FAR-BAR contract is the way the inspection period is handled. Under a standard contract, there is an inspection period for the buyer that generally lasts between 10-15 days, and involves trading reports and working out possible repair estimates if necessary. Under an “as-is” contract, the buyer gets a look at the property, but has the absolute right to walk away if they notify the seller before the 15-day inspection deadline and cancel the contract.
Call A Tampa Real Estate Attorney
Florida’s real estate market is only just now beginning to pick up after a long period of negative growth. A FAR-BAR contract may be right for you when you seek to buy a home, but to be sure, enlisting a Tampa real estate attorney is your best bet. Attorney Alicia Seward and the Seward Law Office have handled many real estate cases, and will work hard to give you the best odds of a favorable outcome. Contact the Seward Law Office today to schedule a consultation.