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Legal FAQ's
Condominium

Q:I represent a buyer who entered into a contract to purchase a residential condominium. The contract includes Section 718.503 (2)'s statutorily required language giving the buyer three days after execution of the contract and receipt by the buyer of the condominium documents to cancel. It has been two weeks since the parties entered into the contract, and the seller has yet to provide the condo documents to the buyer. Now the seller wants the buyer to sign an addendum which says the buyer will only have 24 hours from receipt of the documents to cancel. If the buyer signs this amendment, would it be valid and enforceable? 



Related Member Benefits

FAR Legal Hotline
At no charge, FAR members may speak with an attorney on a range of topics including licensing, contracts and landlord/tenant matters. Call  407.438.1409.

FAR's Legal Action Fund
The Legal Action Fund of the Florida Association of Realtors® is available to support members, local Realtor Boards/Associations or those persons involved in litigation that has significance to Realtors and Realtor-Associates® as a class, private property rights, or the real estate industry as a whole. Cases shall be limited to those based on points of law and not on factual issues. The Legal Action Fund is administered by the Legal Action Fund Committee within approved guidelines and procedures.


Coming to Terms
What’s an affiliated business arrangement (AfBA)?

In terms of Real Estate Settlement Procedures (RESPA) Act of 1974, an AfBA is an arrangement in which a person, or an affiliate of that person who is in a position to refer real estate settlement business, is either affiliated with or owns more than one percent of a settlement services provider, and that person directly or indirectly refers business to the provider or affirmatively influences selection of the provider. A real estate broker is listed as one example of a person in a position to refer real estate settlement business.