In a Tampa transaction, a buyer wants the Florida rule on disputed earnest money. Which statement is correct?
Correct Answer
C) Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds.
Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds. This follows Current Florida residential contract practice; Rule 61J2-14.008, F.A.C.; FREC Real Estate Law Book.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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Previous Question
A prospective Florida buyer gives the seller a personal check described as earnest money. The check is dishonored through no fault of the seller. In an action by another person seeking a share of a forfeited deposit or down payment, how does Florida Statutes § 715.02 treat that dishonored check?
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In Florida real estate transactions, what is the primary purpose of earnest money?