If you are planning on writing an offer using a Florida Vacant Land Contract, this article is for you. We will discuss all sections of the contract, answer frequently asked questions and teach you how to fill out a Florida Vacant Land Contract. As always, we encourage you to reach out to a real estate attorney with any questions.
Before starting to draft the Florida Vacant Land Contract, ensure you have the following information below readily available so you can ensure you proceed in a smooth, professional manner.
In the sections below, we will go into detail all the main components of the Florida Vacant Land Contract.
Identify the Seller and Buyer. Ensure the Seller’s name corresponds with the recorded title owner. Provide the address and legal description. Note that certain properties may lack complete street addresses; however, furnish all available details. Retrieve the legal description from the current deed or survey, and obtain the Florida Real Property ID number from the property tax bill.
This is the area where you will name the offer price for the contract as the buyer as well as note the contact details for the escrow agent, also known as the title company. Here you will indicate any earnest money deposit and specify the number of days allotted for the buyer to submit the deposit to the escrow agent. Additionally, note the financed amount, if applicable. There’s also an alternative where the purchase price is determined based on a per-unit cost instead of a fixed price. In such instances, a licensed surveyor in Florida would assess the property’s size, which would then be utilized to compute the purchase price.
The date specified in this field, is the contract offer expiration on that date if the contract is not signed by all parties. The closing date for the transaction is also noted. If the selected date falls on a Saturday, Sunday, or legal holiday, the closing date extends to the following business day.
This section outlines the payment method for the Florida property, including options such as cash, traditional financing, seller financing, or mortgage assumption. As mentioned, be sure if you are selling your land and the offer is in cash, obtain proof of funds to ensure the buyer is qualified. Same goes with a pre approval from a bank for financing.
Assigning the contract involves transferring it to another buyer. If the buyer is able to assign the contract and be released from liability, it means they will not be held responsible if the contract is assigned and the new buyer fails to close on the property.
This section specifies the type of Florida deed that will be provided to the buyer, with options including statutory warranty deed, special warranty deed, or other.
Additionally, this section outlines the type of title evidence required and who will bear the associated costs for a full title commitment, which provides insurance protecting their title interest in the Florida property.
In a Florida vacant land contract, due diligence refers to the comprehensive investigation and examination of various aspects related to the land parcel before finalizing the purchase. Due diligence is crucial because vacant land may have hidden issues or limitations that could significantly affect its value or intended use. Here’s a breakdown of what due diligence might entail in a vacant land contract:
This outlines that the closing will occur in the Florida County where the Property is situated and may be facilitated via mail or electronic methods. If title insurance covers the Buyer for any title defects arising between the effective date of the title binder and the recording of the Buyer’s deed, the closing agent will disburse the net sale proceeds to the Seller at closing. This also goes into detail on prorations of real estate taxes and other scenarios that you can review in the contract PDF below.
When calculating time periods, calendar days will be utilized, except for periods of 5 days or fewer. Timeframes of 5 days or fewer will be computed excluding Saturday, Sunday, or national legal holidays. Except for the time for acceptance and the Effective Date specified in, any time periods or dates stipulated in this Contract, whether preprinted, handwritten, typewritten, or inserted herein, which fall on a Saturday, Sunday, or national legal holiday will extend until 5:00 p.m. (local time where the Property is located) of the following business day. Time is of the essence in the Florida Vacant Land Contract.
In the event that any part of the Property suffers significant damage due to unforeseen circumstances prior to the closing date, or if the Seller engages in negotiations with a governmental body to transfer all or a portion of the Property instead of undergoing eminent domain proceedings, or if such proceedings are initiated, the Seller shall promptly notify the Buyer. Following receipt of Seller’s notification, either party has the option to terminate this Contract within 10 days by providing written notice to the other party. If the Buyer opts not to terminate the Contract within this period, they are obligated to proceed with the closing as per the terms outlined in this Contract. In such a scenario, the Buyer will be entitled to receive any payments issued by the governmental authority or insurance company, if applicable, and the Buyer’s deposit(s) will be returned and all parties can move on with the Florida Vacant Land Contract.
Neither Seller nor Buyer shall be obligated to fulfill any obligation under this Florida Vacant Land Contract, nor shall they be held liable for damages, if the performance or non-performance of said obligation is delayed, caused, or prevented by an act of God or force majeure. An “act of God” or “force majeure” shall encompass events such as hurricanes, earthquakes, floods, fire, unusual transportation delays, wars, insurrections, and any other cause beyond the reasonable control of Seller or Buyer, which despite diligent efforts, the non-performing party is unable, in whole or in part, to prevent or overcome. All time periods outlined in this Contract, including the Closing Date, shall be extended for the duration of the force majeure event. However, should such force majeure event persist for more than 30 days, either party reserves the right to terminate this Contract by delivering written notice to the other party, whereby Buyer’s deposit(s) shall be returned.
The Florida Vacant Land Contract shall be interpreted in accordance with the laws of Florida. This provision shall remain in effect even after the closing or termination of this Contract.
(a) Seller Default: In the event that the Seller fails, neglects, or refuses to fulfill their obligations under this Contract, the Buyer reserves the right to opt for the return of their deposit(s) without forfeiting any rights to pursue damages resulting from the Seller’s breach. Additionally, the Buyer may seek to recover such damages or demand specific performance. The Seller shall also be responsible for the entire brokerage fee if applicable.
(b) Buyer Default: If the Buyer fails, neglects, or refuses to fulfill their obligations under this Contract, including the timely payment of deposit(s), the Seller may choose to retain and withhold the deposit(s) paid and agreed upon, as stipulated liquidated damages for the Seller’s account. This shall serve as consideration for the execution of this Florida Contract and shall constitute a full settlement of any claims. Upon such action, both Seller and Buyer shall be released from any further obligations under this Contract. Alternatively, the Seller may, at their discretion, pursue equitable remedies to enforce their rights under this Contract.
The Seller and Buyer hereby grant authorization to the Florida Escrow Agent and closing agent to receive, deposit, and securely hold funds and other pertinent items in escrow. The Agent is further empowered, subject to Collection, to disburse these funds and items upon appropriate authorization and in strict accordance with Florida law and the provisions outlined in this Contract, including the disbursement of brokerage fees. “Collection” or “Collected” denotes the condition where any tendered or received checks have been successfully and conclusively collected and deposited into the Agent’s account.
Congratulations on successfully executing a contract for vacant land in Florida! Now that the initial steps are complete, it’s essential to understand the subsequent actions required to smoothly navigate through the transaction process. Here’s a comprehensive guide outlining the next steps after executing a Florida Vacant Land Contract in the Sunshine State:
By following these next steps diligently, you can navigate the process of purchasing land in Florida with confidence and ensure a successful transaction outcome.
IMPORTANT. Steve and Joleigh have seen it many times in their real estate careers as investors and real estate brokers. Remember to always be cautious of wiring funds. Be sure you speak to the office and verbally repeat wiring instructions, account numbers, etc. Wire fraud is a real thing. So be careful!!
Before moving forward, if you have interest in selling your Vacant Land in Florida, Steve & Joleigh handle it all! From all of the paper work, dealing with the title company and bringing it to a successful closing.
We encourage you to read some of our 5 STAR Google Reviews.
Filling our a Florida Vacant Land contract (or agreement template) can be intimidating. And if you are not familiar with any Florida Vacant Land Contracts, then you should consult with a real estate attorney. We are real estate investors and brokers here in Florida. This is why we use the main contract written by the attorneys at the Florida Association of Realtors.
Below you will find the printable Florida Residential Contract aka FAR BAR Florida Vacant Land contract in a PDF Format (Land Sales Contract Template) used by Florida Realtors and real estate agents and brokers who are licensed in the state of Florida. This is to be used as an example only to get familiar with the terms and language of the state contract.
As always, if you have land you would like us to take a look at and make you an offer, submit the form below and we will get an offer to you usually within 24 hours, regardless if you land is for sale or not. We are the land buyers in Florida! PS – If you would like more samples of the Florida Association of Realtors Forms, email us at info@creatingrealestatesolutions.com
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Any information on this website should not be taken as legal or financial advice. Readers should contact an attorney, CPA or the appropriate licensed professional for advice on any particular legal, tax or financial matter. Owners of this website and affiliated companies are licensed real estate brokers / agents in Florida.
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