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?
Correct Answer
B) The buyer can cancel and receive a full refund of deposits
Correct: B - If the financing terms don't match those specified in the contingency clause, the buyer can cancel the contract and receive a full refund of deposits. Why not A: The buyer is not obligated to accept terms different from those specified. Why not C: There's no requirement to negotiate; the buyer can simply cancel. Why not D: The buyer doesn't forfeit deposits when the contingency isn't met.
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A buyer signs a Florida residential purchase agreement but includes 'Subject to my attorney's approval within 5 days' next to their signature. The seller signs without addressing this addition. What is the status of this contract?
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Under Florida law, all of the following would make a real estate purchase agreement voidable EXCEPT: