Florida Real Estate Glossary

Introduction

Real estate contracts are available in a variety of formats and clauses. Some formats are so well known and extensively used that they may be referred to as "standard" contracts. However, in general, "standard" contracts are better described as "commonly used". That's because there may be more than one so-called "standard contract" in any particular state. Such standardized contracts usually have a unique name or are referred to by the contract's publisher.

It is very important before signing a real estate contract that you understand that just because a form is called standard doesn't mean that it's the same as all other "standard" forms. You must read the form to know the full terms. Some so-called standard forms may have provisions that wouldn't be appropriate for your particular situation.

Commonly Used Florida Real Estate Forms

In Florida, the following forms are commonly used and are generally thought to be appropriate, in general, to both buyers and sellers. However, it may be advantageous for you to use one form over the other in your particular transaction. You are advised to seek counsel from a real estate attorney to help choose an appropriate contract.

• FR/BAR Residential Contract for Purchase and Sale (Approved by Florida Realtors and The Florida Bar): This form is very popular and has great acceptability due to approval from both Florida Realtors and The Florida Bar.
• FR/BAR "As-Is" Residential Contract for Purchase and Sale (Approved by Florida Realtors and The Florida Bar): This form is similar to the non-"as-is" version listed above, but has provision for cancellation, under certain conditions, if the buyer is not satisfied with the property condition after inspection.
• FAR/BAR Residential Contract for Purchase and Sale (Approved by Florida Realtors and The Florida Bar): This is the older name of the corresponding FR/BAR form listed above. FR/BAR was previously referred to as FAR/BAR.
• FAR/BAR "As-Is" Residential Contract for Purchase and Sale (Approved by Florida Realtors and The Florida Bar): This is the older name of the corresponding "as-is" FR/BAR form listed above. FR/BAR was previously referred to as FAR/BAR.

These forms are sometimes referred to by the following names:

• FAR/BAR Form
• FAR/BAR Contract
• FAR/BAR As-Is Form
• FAR/BAR As-Is Contract
• FAR/BAR Residential Contract
• Florida As-Is Residential Contract
• Florida Realtors Residential Contract