In Florida real estate contracts, what is the 'effective date'?
Correct Answer
B) The date the last party signs or initials the final acceptance
Correct: B - The effective date in Florida is when the last party signs or initials the final acceptance, creating a binding contract. Why not A: Both parties must sign for a valid contract. Why not C: Earnest money deposit timing doesn't determine the effective date. Why not D: Delivery to closing agent occurs after contract formation.
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A Florida real estate purchase contract includes a financing contingency requiring loan approval within 30 days. On day 28, the buyer hasn't received approval but hasn't notified the seller. What is the buyer's status?
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A buyer and seller in Florida agree to a purchase price of $300,000 with the buyer assuming the seller's existing mortgage. The contract must include which specific disclosure?