Are you buying or selling real estate in Florida? If so, you have probably heard of the Far Bar contract.
[1] This form is used throughout the state for real estate transactions. In fact, it is the most commonly used real estate contract in Florida.
To understand what a Far Bar contract is, the first step is understanding that its name actually contains an acronym. “FAR” stands for the Florida Association of Realtors (who have since shortened their name to Florida Realtors). Meanwhile “Bar” refers to the Florida Bar Association. The Far Bar contract is a standardized form for residential sale and purchase that was developed and approved by both of these entities jointly.
Financing Contingencies
Far Bar contracts allow the buyer to back out if their financial situation ends up preventing them from moving forward with the purchase. It gives them a deadline by which they must either get financing or terminate. If they must terminate, they are protected and will be able to get their deposit back.
Property Inspection
The Far Bar contract allows for an inspection period during which the buyer may conduct any inspections they would like. This will certainly include a general property inspection, and may also include a wood destroying organism (WDO) inspection and a building permit inspection.
Evidence of Title
The Far Bar contract sets forth a timeline for the delivery of the Evidence of Title.[2] It also allows for a time period in which problems associated with the title may be corrected.
Easy to Use
One of the best things about Far Bar contracts is how easy they are to use. Whether or not you are a real estate or legal professional, you can fill out the form online or on paper. You simply fill in the blanks as pertains to your transaction. Even though it is possible for any person to use the Far Bar contract, though, it is best to have input from your lawyer and realtor so you can be sure that your real estate transaction goes as smoothly as possible.
At J. Muir & Associates, we have extensive experience helping our clients with contracts. Contact us today to find out what we can do to help you.
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