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CHANGES TO FARBAR AS IS RESIDENTIAL CONTRACT FOR SALE AND PURCHASE, PART 6 OF 10

Posted by Sami Thalji | Nov 29, 2021 | 0 Comments

More Revisions to paragraph 8(b):

The fourth change involves the buyer's duty to keep the seller informed of status of loan application, loan approval, appraisal and property related conditions during the sale process now depends on the seller's written request for this information from the buyer. The previous version of this clause did not require the seller to make a WRITTEN request for this information. Nor did the previous version of the contract require the buyer to specifically inform the seller of the property related conditions contained within loan approval.

The fifth change the buyer now has until the end of the loan approval period to inform the seller in writing that loan approval was obtained. Previously, the buyer was required to promptly advise the seller upon receipt of the approval. Also note, new language specifies a buyer who does not obtain loan approval within the loan approval period may remain in the transaction under the following circumstances: • The buyer is satisfied with his ability to obtain loan approval and to close • The buyer delivers written notice of this to the seller within the loan approval period. A buyer in these circumstances (one without loan approval, but confident he'll obtain a loan and with the ability to close, and who notifies the seller of this), will continue to be eligible to benefit from Paragraph 8(b).

About the Author

Sami Thalji

Sami Thalji is a native Floridian, born in Clearwater and raised in St. Petersburg, Florida. Sami graduated from Osceola High School in Seminole, Florida before attending and receiving both his Bachelor of Science and Juris Doctor from the University of Florida in Ga...

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