A Florida purchase contract includes a home inspection contingency allowing 10 days for inspection. The buyer discovers significant defects on day 8 and wants to cancel. What must the buyer do?
Correct Answer
B) Provide written notice within the contingency period
Correct: B - Florida contracts require written notice within the contingency period to exercise inspection contingency rights. Why not A: Verbal notice is insufficient; written notice is required. Why not C: Notice should be given as soon as the decision is made, within the period. Why not D: Notice of cancellation is required, not just the report.
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All of the following are required elements of a valid Florida real estate purchase contract EXCEPT:
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A Florida purchase contract specifies a purchase price of $425,000 with a 20% down payment. The buyer has paid $5,000 in earnest money. How much additional money must the buyer bring to closing for the down payment?