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CHANGES TO FARBAR AS IS RESIDENTIAL CONTRACT FOR SALE AND PURCHASE, PART 9 OF 10

Posted by Sami Thalji | Dec 07, 2021 | 0 Comments

Revisions to paragraphs 9, 10 and 18:

Paragraph 10(b): Revised language was added referencing a 2019 statutory amendment that allows for additional methods to satisfy expired or open permits.

Paragraph 11: New language was added directing parties to Paragraph 9(a), which specifies the seller can escrow amounts to cover maintenance costs if the property has not been maintained before Closing. Subparagraph 9(a) escrow procedures is not new, but the direction in paragraph 11 to 9(a) is new.

Time: In Paragraph 18(f), “Time is of the essence” was moved to the beginning of the paragraph to stress its importance. Added language to clarify the time zone where the property is located (rather than where the parties are) is the basis for computing a calendar day. The new contract also changed the time calculation when a time period or date ends on a Saturday, Sunday or on a day that is either a national legal public holiday, or on a Friday or Monday when such a holiday is observed. These time periods or dates for performance will extend to the next calendar day which is not a Saturday, Sunday or on the day a national legal public holiday is observed. Note there is no longer a 5 p.m. cutoff.

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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