For the unaware, these provisions could potentially haunt your next transaction. But once you have a firm grasp on them, they aren't that scary at all. Here is a quick reminder of a few important provisions lurking and prowling in the FR/BAR contract:

• Washer and Dryer are not included in the personal property list that conveys with the home. Be sure to write those in if your buyer is expecting to do laundry. 

• Time is of the Essence for ALL deadlines. Meaning everything, including deposits, must be made exactly on time. Otherwise, with deposits for example, your buyer can potentially be liable not just for the late deposit made but also for all deposits agreed to be made in the future.

• Be sure to fill in the escrow agent section when making the offer. Blank lines or "TBD" are not acceptable. Otherwise, the Grim Reaper from the DBPR may show up long after the deal is done with a fine. We always suggest Bryant Title, LLC for that section!

•  The Special Assessment section in the main part of the contract does not apply to Condominiums or HOA's. It applies to governmental entities. Condo and HOA special assessments are addressed in their respective rider/addendum. 

• Be sure to check the boxes for the appropriate addenda toward the end of the contract or you will run the risk of having an invalid contract.

• On the Condominium Rider, the contract will automatically terminate if condo association approval is not obtained within the required period of time. The default time period is 5 days before closing. I suggest shortening this up.

• Lastly, Halloween is NOT a federal holiday under 5 U.S.C. Section 6103(a), so it operates just like any other day of the year and does not extend deadlines that fall on that date.

I hope these quick tips help keep your next transaction from going to the graveyard. If you need help keeping your next deal alive, please do not be frightened to reach out to us for help. Looking forward to seeing you on your next transaction!