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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More Real Estate Contracts Questions
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?
All of the following are required elements of a valid Florida real estate purchase contract EXCEPT:
The effective date of a Florida real estate contract is:
The FAR/BAR residential contract requires earnest money held by:
In Florida, the inspection period is typically:
- → 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?
- → In Florida real estate contracts, what legal principle requires that both parties exchange something of value?
- → 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:
- → A Florida purchase contract includes an appraisal contingency stating the property must appraise for at least the purchase price of $350,000. The appraisal comes in at $340,000. What options does the buyer have?
- → 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?
- → In a Florida real estate transaction, the purchase agreement includes a mortgage contingency clause. The buyer receives a loan commitment letter with an interest rate 0.5% higher than specified in the contract. What are the buyer's rights?
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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?