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News & Information: Risk Management Tips

Risk Management - Loan Commitment

Friday, June 29, 2012  
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»Read through Section 8 of the Florida Realtors/BAR-1 (Residential Contract for Sale and Purchase) to avoid loopholes that can cost your deal.

Are you aware that Section 8 of the Florida Realtors/Florida Bar-1 (Residential Contract for Sale and Purchase) allows the buyer to cancel the purchase up to the date of closing if they haven’t received written loan commitment within the contractual time period? The buyer also is entitled to their deposit as long as certain terms and obligations are met. Make sure to understand this section well!

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.


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