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?
Correct Answer
B) Cancel the contract and receive their deposit back
Correct: B - Failure to disclose known material facts like special assessments gives the buyer the right to cancel and recover their deposit. Why not A: No percentage threshold applies to this disclosure violation. Why not C: The buyer cannot unilaterally reduce the price. Why not D: While a complaint is possible, the buyer has contract remedies.
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- → In Florida, the inspection period is typically:
- → 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?
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- → 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?
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Previous Question
In Florida, all of the following would make a real estate purchase contract voidable EXCEPT:
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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?