If the buyer or seller passes into a residential real estate agreement, the Florida Contracts Act will provide part of the answer to the problem. Under Florida law, if a party to a performance contract dies, that death will not cancel or cancel the contract. A buyer`s agency agreement, such as a listing agreement, is an employment contract, but the broker represents the buyer – the client – as his representative and his agent. Either the buyer or the seller can pay the buyer`s representative if the buyer buys a property. The fee can be a flat fee, hours or a commission equal to a percentage of the purchase price of the property. Often, the buyer`s broker and listing broker distribute the commission. However, the agent may want a retainer to offset the costs when the agreement is signed. Most people start looking for a home in the spring, so there will naturally be more competition for available homes and potentially more offers for homes that will be listed in the spring. When buyers see more competition, they become more competitive – and faster – in their offerings. Therefore, it is natural that studies, such as this Zillow study, find that the best time to list in early spring. Homes not only sell at higher prices, but also faster. In addition, most people will post a list when it is listed for the first time, so it is usually best to list just before the start of the weekend, as this is when many people have time to go check the houses.
Almost all list agreements have an expiration date if the contract is terminated, if no sale takes place by then. If the broker proposes a contract that does not have an expiry date, the broker`s real estate license may be suspended or revoked in most countries. The buyer is considered an “appropriate title” for the property. If a seller dies before closing, the buyer has the right to assert his right to the property as a fair right to the property, although the buyer has not made any claim or claim to the estate court or the seller`s estate. See Buck v. McNab, 139 So. 2d 734 (Fla. 2d DCA 1962). Think carefully about why you want to terminate your agreement prematurely. If it`s because you`ve really changed your mind about selling, your employment situation may have changed, be open and in advance with your real estate professional. You won`t be the first seller to have a change of heart or financial situation, but your realtor doesn`t have to release you from your contract.
This means that it may take some time, weeks or months before the florida residential real estate transaction can close, even if it is a cash deal.