A seller accepts a buyer's offer on their Florida home but dies before closing. The seller's estate representative wants to cancel the contract. What is the legal status?
Correct Answer
B) The contract remains binding on the seller's estate
Correct: B - In Florida, real estate contracts survive the death of a party and remain binding on the estate. Why not A: Death does not automatically void the contract. Why not C: The buyer's agreement is not required; the estate must perform. Why not D: No automatic conversion occurs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
More Real Estate Contracts Questions
All of the following are required elements of a valid Florida real estate purchase contract EXCEPT:
The FAR/BAR residential contract requires earnest money held by:
A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
A buyer and seller in Florida agree to extend the closing date by 10 days. The original contract had a 'time is of the essence' clause. What must they do to make this extension valid?
A Florida real estate licensee prepares a purchase agreement that includes a financing contingency. The buyer fails to apply for financing within the specified timeframe. What is the legal consequence under Florida contract law?
- → Under Florida law, all of the following would typically survive the closing of a real estate purchase agreement EXCEPT:
- → Broker Sarah receives a $5,000 earnest money deposit from buyer Johnson for a property purchase. The contract states the deposit should be held in escrow. According to Florida law, what must Sarah do with this deposit?
- → A buyer in Fort Lauderdale breaches a residential purchase contract by refusing to close without legal justification. The contract contains a liquidated damages clause equal to the earnest money deposit of $5,000. What is the seller's most likely remedy?
- → A seller in Florida fails to deliver clear title by the closing date due to an unexpected lien. The buyer wants to proceed but needs more time. What is the most appropriate course of action?
- → Under Florida law, a real estate purchase contract may be rescinded for all of the following reasons EXCEPT:
- → Under Florida real estate law, all of the following are acceptable remedies for contract breach EXCEPT:
- → In Gainesville, a buyer discovers that the seller's agent failed to disclose a material fact about flooding history. The buyer wants to cancel the contract before closing. Under Florida law, what is the buyer's strongest legal basis?
- → A 17-year-old inherits a property in Florida and wants to sell it. The minor enters into a sales contract with a buyer. Under Florida law, what is the status of this contract?
- → Audit memo Harbor Case highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on offer. Which statement is correct?
- → 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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Previous Question
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?
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A Florida purchase contract contains a 'time is of the essence' clause. The closing date is set for June 15. The buyer's lender delays funding until June 16. What is the likely result?