FRECI_11-6 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 11 – Lecture 6 Real Estate Contracts Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Continue the discussion on important disclosures required for real estate purchase contracts Conclude the discussion on important contracts in the real estate business Copyright, 2005 3 Vocabulary Terms Option contracts Copyright, 2005 4 If membership is mandatory or optional Current or proposed restrictive covenants If dues/assessments are mandatory or voluntary Consequences for failure to pay dues Any recreational leases for common elements Method to amend restrictive covenants Refer to recorded restrictive covenants Homeowner Association Disclosure Buyers must be provided a homeowner’s disclosure summary disclosing Homeowner Association Disclosure “IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 689.26, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER
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FRECI_11-6 - Lecture Preview Florida Real Estate Commission...

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