The Florida Realtors® Contract for Residential Sale and Purchase is widely used in Florida. It's also referred to as the CRSP form.
While many of the form's provisions are similar to the FAR/BAR contract (a/k/a FR/BAR contract), there are differences.
One significant difference is the way that disputes are handled. In the Florida Realtors® CRSP form, many unresolved disputes are resolved by arbitration.
In comparison, the FAR/BAR contracts (FR/BAR contracts) provide that unresolved disputes are resolved by a court of law.
Another important difference can be found between the Florida Realtors® CRSP form and the FAR/BAR As-Is Residential Contract for sale and purchase. The FAR/BAR As-Is contract (FR/BAR As-Is Contract) does not require the seller to pay for repairs to the property. In contrast, the CRSP form requires the seller to pay for certain repairs up to a limit the parties specify in the contract.
Other features of the CRSP form:
- Standardized: The contract is a standardized, familiar form, which helps parties understand the terms and conditions, and reduces misunderstandings and disputes.
- Flexible: The contract includes various addenda for specific needs and situations, providing flexibility for various types of transactions.