Buyers and Sellers Contracts in Sarasota
Contracts are the foundation of real estate transactions in Sarasota, governed by Florida Statutes Chapter 475 and local practices. These agreements outline terms, protect parties, and ensure transparency. ThisBang page details contract essentials, disclosure requirements, contingencies, and the role of real estate agents, providing a roadmap for successful transactions in Sarasota’s competitive market.
Contract Essentials
A standard purchase and sale agreement in Sarasota includes:
Property Description
Legal description, address, and parcel ID.
Purchase Price
Total amount and payment terms.
Earnest Money Deposit
Typically 1–3% of the price, held in escrow.
Closing Date
When title transfers and funds are disbursed.
Contingencies
Conditions like financing, appraisal, or inspection, allowing cancellation if unmet.
These elements, often drafted using Florida Realtors’ forms, clarify expectations and reduce disputes. Access forms via Florida Realtors.
Disclosure Requirements
Sellers must disclose material facts, per Florida law, including:
Property Condition
Issues like roof leaks, plumbing problems, or HVAC failures.
Environmental Hazards
Flood history, lead-based paint (for pre-1978 homes), or mold.
HOA/Condo Rules
Fees, restrictions, or pending assessments.
Failure to disclose can lead to lawsuits, as buyers rely on these disclosures to assess risks. For example, not disclosing a history of flooding in a Sarasota waterfront home could trigger legal action. Sellers use the Sarasota County Property Appraiser to verify property details.
Role of Real Estate Agents
Under Chapter 475, agents act as:
Transaction Brokers
Neutral facilitators for both parties, presumed unless otherwise stated.
Single Agents:
Loyal to one party, with full confidentiality.
Written disclosures are required before listing or showing property, ensuring transparency. Agents must deal honestly, account for funds, and disclose material facts. Verify agent credentials at DBPR.
Closing Process
Closing involves:
Signing documents (e.g., deed, mortgage).
Transferring title, verified via title insurance.
Disbursing funds, including earnest money.
Title insurance, mandatory in Florida, protects against defects like liens or ownership disputes. The process typically takes 30–60 days, coordinated by a title company or escrow agent. Contact Sarasota County Clerk for recording details.
Practical Tips
Review Contracts Carefully
Ensure all terms are clear, especially contingencies.
Hire Inspectors
Professional inspections uncover hidden issues.
Work with Licensed Agents
Verify via DBPR.
Use Title Insurance
Protect against unforeseen title issues.
Check Disclosures
Request flood zone data from Sarasota County.
Written disclosures are required before listing or showing property, ensuring transparency. Agents must deal honestly, account for funds, and disclose material facts. Verify agent credentials at DBPR.
FAQs
What contingencies should I include?
Financing, appraisal, and inspection are standard.
What happens if a seller doesn’t disclose defects?
They may face legal liability.
How long does closing take?
Typically 30–60 days, depending on financing.