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FAR BAR As-Is changes effective 1 Nov 2021.

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September 2024 – Note there is a new version of this released in August 2024 to comply with the NAR Settlement.

AS-IS-Residential-Contract-for-Sale-and-PurchaseDownload

The latest version of the contract commonly used to purchase property in the Jupiter area has been release and will be used from 1 November 2021 and a few of the riders were updated as well.

FAR posted this really nice “talking contract” that has links to audio segments for the changes made.

AS-IS-Residential-Contract-for-Sale-and-Purchase-FloridaRealtors-FloridaBar-ASIS-6_DRAFT_RedlinedDownload
AS-IS-Far-Bar-6-Explanation-of-ChangesDownload

This is a MAJOR revision to the Contract most people use and to the paragraphs that are often spoken of. Things like the appraisal timing, financing deadline an SFPB extensions. My notable changes for everyday sales are:

CFPB extension ONLY with Loan Approval and complete underwriting.
Appraisal MUST be done within the Loan Approval Period
Buyer now has the full Loan Approval Period to notify Seller of Loan Approval or of election to go forward absent Loan Approval.
Buyer MAY now withdraw from the Contract AFTER Loan Approval is given if Buyer can not timely meet the terms of the Loan Approval.
There is NO LONGER an end of the business day cut off for notification that DO extend. The holidays that MAY extend the time line are as of 09/23/2023:
  • New Year’s Day (January 1)
  • Martin Luther King Jr. Day (Third Monday in January)
  • Presidents’ Day (Third Monday in February)
  • Memorial Day (Last Monday in May)
  • Juneteenth (June 19)
  • Independence Day (July 4)
  • Labor Day (First Monday in September)
  • Columbus Day (Second Monday in October)
  • Veterans Day (November 11)
  • Thanksgiving Day (Fourth Thursday of November)
  • Christmas Day (December 25)

After Entry

For over twenty years now R& R Realty has been helping customers buy and sell Palm Beach homes. Northern Palm Beach County is a spectacular place to live and we know every inch of it. Generally considered the end of the sub tropical zone, the Gulf Steam waters temper our climate for warm winters making for an amazing life style filled with boats, beaches, shoping, golf & convenience just 15 minutes from the Palm Beach Airport. Feel free to browse our website for more information on Palm Beach homes for sale and real estate listings including great local neighborhood maps of Juno Beach, Jupiter, Palm Beach Gardens, Singer Island and Jupiter Island. You may choose to search for Palm Beach Homes for sale on your own at first or contact us and we will help tailor a search to your specific needs. We look forward to hearing from you! If you have any questions about property for sale in Palm Beach, please call me, Chris Ryder, the owner, directly on my cell phone at (561) 818-3858.

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