Under Florida law, what is the 'effective date' of a real estate purchase agreement?
Correct Answer
C) The date the last party signs and the other party is notified
Correct: C - In Florida, the effective date is when the last party signs the contract AND the other party is notified of the acceptance, creating a meeting of the minds. Why not A: The buyer's signature alone doesn't create a binding contract. Why not B: The seller's signature alone doesn't create a binding contract. Why not D: The deposit date is not the effective date of the contract.
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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?
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A buyer and seller in Florida execute a purchase agreement with a closing date of March 15. On March 10, the buyer discovers the seller removed the chandelier that was supposed to convey. What is the buyer's best remedy?