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The real estate industry changes, and when it does, the Florida Realtors/Florida Bar contract gets updated.  On April 4, the new FloridaRealtors/FloridaBar contract debuts.

The new financing clause has some notable changes that members should understand. There are several reasons for the financing change, in part because the lending industry itself has changed. The contract no longer mentions "Loan Commitment," for example, because the lending industry has largely dropped the term. It's being replaced by the term "Loan Approval," and the term "Loan Commitment Period" has become "Loan Approval Period."In addition, the default time for "Loan Approval Period" will also change back to 30 days from 45 days. This change was made because loan approvals are no longer being slowed down by TRID (TILA/RESPA Integrated Disclosure Rule), the financial regulations that went into effect in the fall of 2015.

Finally, a requirement in the current version of the contract – "this contract is contingent upon buyer obtaining a written loan commitment,"– has been changed, and the "written" component has been deleted.

Other changes worthy of note:

• A Force Majeure revision lengthens timelines and moves details about the extension from 5(b) to Standard G
• A sentence was added to 9(c) that clarifies "municipal lien search"
• The permits disclosure 10(b) has a sentence added that relates to improvements made without closed permits
• The seller disclosure 10(j), now requires a written disclosure by the seller
• A few items were removed and updated in Standard V – FIRPTA
  

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Russell S. Jacobs, Atty

Russell S. Jacobs, is an entrepreneur, business leader and investor, who happens to be a real estate attorney. He has dedicated his entire career to working on all aspects of real estate deals. His clients include Fortune 500 companies, developers, condominium associations, resorts, hotels and families purchasing homes.