A buyer submits an offer on a Florida property with a deposit check made payable to the listing broker's trust account. The seller counters with different terms. Under Florida law, what must happen to the deposit?
Correct Answer
B) The deposit must be held uncashed until the counter-offer is accepted or rejected
Correct: B - Under Florida law, when a counter-offer is made, the original offer is rejected and the deposit check must be held uncashed until there is a fully executed contract. Why not A: The 3 business day rule only applies after contract acceptance. Why not C: There's no requirement to return the deposit unless the offer is rejected without counter. Why not D: Deposits cannot be deposited until there is a meeting of the minds and contract acceptance.
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Training example Cedar Notebook asks the question this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on time periods. Which statement is correct?
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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?