Documents

• FarBar Contract

  • The text "FarBar Contract" refers to a type of contract for sale and purchase of real estate in Florida. It is a form that has been approved by the Florida Association of Realtors (FAR) and the Florida Bar (BAR), and it is commonly used by real estate agents and attorneys in Florida. The FarBar Contract has two versions: the AS IS version and the Residential version. The AS IS version allows the buyer to inspect the property and either accept it or cancel the contract, while the Residential version requires the seller to repair or replace any defective items found by the buyer's inspection. The FarBar Contract also has several riders and addenda that can be attached to address specific situations or contingencies. The FarBar Contract is designed to protect the interests of both parties and to facilitate a smooth transaction.

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• JV Contract

  • A joint venture partnership in terms of real estate is a type of collaboration between two or more parties who agree to combine their resources and expertise to acquire, develop, manage, or sell a real estate property. Each party retains its own identity and shares the risks and rewards of the project. A joint venture partnership usually involves an operating partner who is responsible for the day-to-day activities of the property, and one or more capital partners who provide the funding for the project. A joint venture partnership can be structured in different ways, such as a limited liability company, a corporation, or a partnership. A joint venture partnership can be beneficial for both parties, as it allows them to access new markets, leverage each other's skills and networks, and diversify their portfolios. ¹²³⁴⁵

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• Subject 2 Contract

  • A Subject 2 Contract is a type of real estate contract where the buyer agrees to take over the payments of the seller's existing mortgage without formally assuming the loan or changing the title. This means that the seller's name remains on the mortgage and the buyer does not need to qualify for a new loan or pay any closing costs. The buyer acquires the property subject to the existing mortgage and its terms and conditions. A Subject 2 Contract can be beneficial for both parties, as it allows the seller to avoid foreclosure or get rid of an unwanted property, and it allows the buyer to purchase a property with low interest rates and minimal upfront costs. However, it also involves some risks and challenges, such as the possibility of the lender invoking the due-on-sale clause, the seller's credit being affected by the buyer's payments, and the legal issues of transferring ownership without changing the title. ¹²³⁴

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