What does a Florida purchase and sale agreement cost? If you are buying or selling real estate in Florida, you are probably asking this question. Let’s explore this question and review some general information about purchase and sale agreements and why they are used in real estate transactions.
Based on ContractsCounsel’s marketplace data, the average cost of a project involving a purchase and sale agreement in Florida is $623.00.
How Much Does a Florida Purchase and Sale Agreement Cost?
A Florida purchase and sale agreement is one type of real estate contract that lays out the terms and conditions of the sale of property. This contract is executed when a seller accepts a buyer’s offer, but there are still conditions and details that need to be worked out before the sale can be finalized. The purpose of a purchase and sale agreement is to ensure that both parties are protected during this process.
It is common for parties to hire real estate attorneys to draft contracts and provide guidance throughout the transaction. An experienced lawyer will be familiar with Florida property laws and know how to properly draft a purchase and sale agreement.
What’s Included in a Florida Purchase and Sale Agreement
A Texas purchase and sales agreement will include terms and provisions that both parties must abide by between the time of executing the contract and the closing date. This period of time is known as the escrow period and usually lasts around thirty days.
Some important provisions that are included in most purchase and sale agreements include:
- Party information. The names and addresses of the buyer and the seller entering the contract.
- Property description. The address, county, property tax ID number, and legal description of the property being sold.
- Purchase price and initial deposit. The agreed upon purchase price that will be due at closing and the initial deposit that will be paid when the purchase and sale agreement is signed.
- Financing. Details about how the buyer will be paying for the property and whether there will be a financing contingency in the agreement.
- Closing costs and fees. The seller and the buyer can negotiate who will be responsible for certain fees like taxes, surcharges, recording fees, and attorney fees.
- Disclosures. Florida requires several unique disclosures that the seller must provide the buyer and the buyer must approve before the sale can be finalized.
- Inspections and other contingencies. Details about the home inspection and any other contingencies the parties agree to include.
- Closing date. The agreed-upon date for closing the transaction. At this time, money will be transferred to the seller and the property title will be transferred to the buyer.
- Signatures. This contract requires the signatures of the buyer and seller, as well as any witnesses or real estate agents involved in the transaction.
The parties can add any additional agreed upon terms relating to the transfer of the property. If you are unsure what terms you may need in your purchase and sale agreement, it is always recommended that you consult with a real estate attorney for advice.
See Purchase And Sale Agreement Pricing by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
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- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Required Disclosures in a Florida Purchase and Sale Agreement
Each state has different laws regarding what disclosures a seller must provide to a buyer in a real estate transaction. Some states follow “buyer beware” laws which don’t require any disclosures. Florida however, is not a buyer beware state and requires several important disclosures in a purchase and sale agreement. These include:
- Coastline disclosure
- Condominium disclosure
- Homeowners Association disclosure
- Lead-based pain disclosure
- Property tax disclosure summary
- Seller’s property disclosure
- Radon gas disclosure
If the seller fails to provide accurate and truthful disclosures, the buyer may have the right to legally terminate the purchase and sales contract.
Florida Purchase and Sale Agreement Projects
Florida Purchase and Sale Agreement Drafting
A purchase and sale agreement includes important details about the sale of property so it must be drafted accurately and correctly. Mistakes or omissions may lead to issues at closing or one party gaining the legal right to back out of the deal.
In most states, realtors are not permitted to draft real estate contracts, only assist in filing out premade templates. If you need a more customized agreement, hiring a real estate attorney is necessary. An experienced attorney will be familiar with Florida real estate laws and can draft a comprehensive purchase and sale agreement.
Florida Purchase and Sale Agreement Review
In most transactions, the seller’s attorney is tasked with drafting the purchase and sale agreement. The buyer’s attorney will have the job of reviewing the contract to ensure it is fair and protects the buyer’s interests.
A real estate lawyer can review the terms of the purchase and sale agreement and make sure that his client is protected and fully understands all obligations in the agreement.
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Florida Purchase and Sale Agreement Drafting Cost
If you hire a real estate lawyer to draft a purchase and sale agreement, you will incur legal fees. A lawyer will charge for the time it takes to draft the contract and may include additional fees for consultations, travel time, or the time of additional staff members.
ContractsCounsel’s marketplace data shows purchase and sale agreement drafting costs in Florida are $500.00.
Florida Purchase and Sale Agreement Review Cost
If you hire a lawyer to review a purchase and sale agreement, you will also incur costs. A lawyer will bill for their time reviewing the agreement and making edits or negotiating better terms.
ContractsCounsel’s marketplace data shows the average purchase and sale agreement review costs in Florida are $708.40.
How Do Lawyers in Florida Charge for Purchase and Sale Agreements?
Hourly Rates for Purchase and Sale Agreements in Florida
Florida real estate lawyers typically bill clients using an hourly rate fee agreement. Under this fee structure, the lawyer will bill the client for the number of hours spent working on the case at an agreed upon set rate.
Under an hourly rate, it is also common for lawyers to bill for the time of any other employee’s who work on the case like paralegals or office staff.
ContractsCounsel’s marketplace data shows the average hourly rate for a real estate lawyer in Florida ranges from $200 - $350 per hour.
Flat Fee Rates for Purchase and Sale Agreements in Florida
Some lawyers may choose to bill using a flat rate instead of keeping track of their hours. In this case, the lawyer will estimate the length the project will take to complete then quote a total price for all legal services.
It is important that a client understands what is covered in the flat rate fee. Additional services like traveling to the closing, negotiations, or editing the purchase and sale agreement could lead to additional charges.
ContractsCounsel’s marketplace data shows the average flat fee rate for a purchase and sale agreement in Texas is $623.00.
Get Help with a Florida Purchase and Sale Agreement
Do you need help with a Florida purchase and sale agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from real estate lawyers who are licensed to practice law in Florida and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.
