If you’re planning to sell a home in Florida, you’re going to hear the term real estate purchase and sale agreement. It might sound complicated, but it’s just a contract that spells out the details of the deal between you and the buyer.
Whether you’re a homeowner looking to sell quickly or an investor ready to move on from a rental property, this agreement is the foundation of the sale. Understanding what’s in it, and what to watch out for, can help you avoid problems and close with confidence.
What Is a Real Estate Purchase and Sale Agreement?
A real estate purchase and sale agreement is the main contract that spells out all the details of a home sale in Florida. It explains who is buying the home, who is selling it, how much the buyer is paying, and when the sale is expected to close. Think of it as the official game plan for the entire transaction.
Once both the buyer and seller sign this agreement, it becomes legally binding. That means both sides are locked into the terms unless something in the contract says otherwise. It’s not just a handshake or a verbal promise, this document is what makes the deal real.
If you’re working with a cash buyer like Golex Properties, the process can be much faster than a traditional sale. There’s no need to wait on a mortgage approval or a lengthy underwriting process. In many cases, a cash deal can close in as little as seven days. That’s a huge relief if you’re in a hurry to sell or just want to avoid the back-and-forth of a drawn-out sale.
What’s Inside a Real Estate Purchase and Sale Agreement?
Even if this is your first time selling a home, it helps to know what’s in the agreement before you sign it. Each section plays an important role in making sure both sides understand what’s happening, and what to expect.
Here’s a breakdown of the key sections:
1. Buyer and Seller Information
This part includes the legal names of everyone involved in the deal. If one party is a company, like an LLC or a trust, that name will be listed, too. It also includes mailing addresses and contact information so the title company or attorney can reach both sides easily.
Why it matters: Everyone needs to be properly identified to avoid confusion or legal issues down the line.
2. Property Details
This section describes exactly what is being sold. It includes the full address, a legal property description from county records, and sometimes even the parcel ID number.
Why it matters: This keeps there from being any mix-ups, especially if you own more than one property or have land attached to the home.
3. Purchase Price and Payment Terms
Here’s where the buyer spells out how much they’re offering and how they plan to pay for the home. If it’s a cash offer, it’ll say that clearly. If financing is involved, the agreement may include a mortgage contingency.
With Golex Properties, most purchases are made in cash, which helps speed things up and makes the payment terms much simpler.
Why it matters: Knowing exactly how and when you’ll be paid gives you peace of mind and allows you to plan your next steps.
4. Earnest Money Deposit
Earnest money is like a promise from the buyer. It’s a deposit, usually 1% to 3% of the sale price, that shows they’re serious about moving forward. This money goes into an escrow account and is applied to the purchase price at closing.
If the buyer backs out without a valid reason, you might get to keep this money, depending on what the agreement says.
Why it matters: It protects you from buyers who aren’t fully committed.
5. Closing Date
This is the target date for when the sale will officially be completed. On that day, the money is transferred, the deed is signed, and the keys change hands. A traditional closing might take 30 to 45 days, especially if the buyer is using a mortgage.
But with a cash buyer like Golex, many closings can happen in just two weeks.
Why it matters: Knowing the timeline helps you make moving arrangements and plan for what comes next.
6. Contingencies
Contingencies are conditions that have to be met before the sale can be finalized. Common examples include:
- Home inspection
- Appraisal
- Financing approval
- Clear title
If one of these things doesn’t go as planned, the buyer may be able to back out or renegotiate. But if you’re selling the home “as is,” you can often limit or remove some of these conditions.
Golex Properties often buys homes as is, which helps speed things up and keeps the sale simple for you.
Why it matters: Fewer contingencies usually mean fewer delays and less chance of the deal falling through.
7. Disclosures and Add-Ons
In Florida, sellers are legally required to disclose any known problems with the home, like a leaky roof, foundation issues, or past flooding. These disclosures can be built into the real estate purchase and sale agreement or added as separate documents.
Other add-ons might include:
- Homeowners Association (HOA) rules
- Lead paint disclosures (for homes built before 1978)
- Tenant agreements if the home is occupied
Why it matters: Being upfront about the property helps prevent legal problems and keeps the sale moving smoothly.
Do I need a lawyer to review the contract? It’s not required in Florida, but it’s a good idea, especially if this is your first time selling or the contract includes unusual terms.
What if the buyer changes their mind after signing? The agreement will spell out what happens next. Usually, the seller can keep the earnest money if the buyer backs out without a valid reason.
Can I still live in the house after signing the agreement? Yes, but only until the closing date, unless you work out a deal to stay longer, which should be written into the agreement.
What happens if there are tenants living in the home? You can still sell, but their lease or rental agreement should be included as part of the sale. Golex Properties buys homes with tenants in place, so you don’t need to evict anyone before selling.
What If You’re Selling “As Is”?
Selling a house “as is” simply means you’re not making any repairs or upgrades before handing it over to the buyer. You’re offering the home in its current condition, no cleaning, no painting, no fixing leaks or replacing carpet.
If you plan to sell this way, your real estate purchase and sale agreement needs to clearly say that. Look for phrases like:
- “Sold in present condition”
- “Seller makes no repairs or warranties”
- “Buyer accepts property as is”
These statements let the buyer know exactly what they’re getting, and that you’re not responsible for any issues they discover after the deal is done.
Why Sell “As Is”?
There are lots of reasons homeowners choose to sell a house “as is”:
- The home needs repairs you can’t afford or don’t want to deal with
- You inherited the property and don’t want to spend time fixing it up
- Tenants are still living in the home, and you don’t want to disturb them
- You’re in a hurry to sell and move on
Whatever the case, selling “as is” can make the process much easier and faster, especially if you’re working with a buyer like Golex Properties, who specializes in buying homes in any condition.
Do I Need to Disclose Problems?
Yes. In Florida, even if you’re selling “as is,” you’re still legally required to disclose any known issues with the property. For example, if you know there’s a roof leak or plumbing problem, you need to mention it. Selling “as is” doesn’t give you a free pass to hide problems, it just means the buyer agrees to take responsibility for fixing them.
Will Selling “As Is” Lower My Offer?
It might. Some buyers will offer less if they know they’ll need to invest money into repairs. But with a cash buyer like Golex Properties, you get a fair offer that reflects the property’s current condition, without any pressure to fix, clean, or renovate. That can be a huge time and money saver.
Who Handles the Closing?
Once the real estate purchase and sale agreement is signed, the next step is closing, the final part of the sale where ownership officially transfers to the buyer.
In Florida, closings are usually handled by a title company. Their job is to:
- Check the property’s ownership history
- Make sure there are no legal issues or liens
- Prepare the legal documents
- Handle the exchange of money
- Record the sale with the county
What’s a Title Company?
A title company is like the referee of the real estate world. They make sure the deal is fair, legal, and properly documented. They also provide title insurance, which protects the buyer (and sometimes the seller) if a problem with ownership pops up later.
Your real estate purchase and sale agreement will name the title company that will be used and explain who pays for what at closing. These costs include things like title search fees, document prep, and transfer taxes.
Who Pays the Closing Costs?
In many cases, buyers and sellers split the closing costs. But when you sell to Golex Properties, we cover ALL of the closing costs for you. That means no surprises, no hidden fees, and more money in your pocket.
What Is Wholesaling in Real Estate?
You might hear the term wholesaling real estate contracts, especially if you’re talking to investors or trying to sell your home quickly. But what does that actually mean?
Wholesaling is a real estate strategy where a middleman (the wholesaler) finds a seller, signs a contract to buy the property, and then assigns that contract to another buyer, usually a cash investor. The wholesaler doesn’t actually buy the home themselves. Instead, they make a small profit by connecting the seller and end buyer.
How Wholesaling Real Estate Contracts Work:
Here’s a quick breakdown of how it usually goes:
- A wholesaler meets a homeowner looking to sell.
- They sign a real estate purchase and sale agreement that includes an assignment clause. This allows the wholesaler to pass the deal to someone else.
- The wholesaler finds a cash investor who’s ready to buy.
- They assign the contract to that investor.
- When the sale closes, the wholesaler gets paid a fee (called an assignment fee).
This method allows investors to earn money without owning or fixing up properties.
Is Wholesaling Legal in Florida?
Yes, wholesaling is legal in Florida, as long as it’s done the right way. The key is transparency. The wholesaler must be clear with the seller about their role and must follow state laws. Some shady wholesalers may try to lock homeowners into contracts without being honest about their intentions, so it’s important to read the contract carefully.
Should I Work With a Wholesaler?
That depends. If the wholesaler is honest and experienced, and they’re offering you a fair deal, it could work. But if you want a faster, more direct process without any middlemen, a cash buyer like Golex Properties may be a better choice.
We buy homes directly from sellers, in any condition, and close fast.
What Sellers Should Watch Out For
Even if you’ve sold a home before, it’s easy to overlook a few important details, especially when things are moving quickly. The real estate purchase and sale agreement is a legally binding contract, and while it’s meant to protect both the buyer and seller, you still need to look out for your own best interests.
Here are some of the most common mistakes sellers make, and how you can avoid them.
1. Not Reading the Contract Carefully
It might be tempting to skim the agreement and sign, especially if you’re in a rush. But the fine print matters. Small details, like deadlines, inspection terms, or repair responsibilities, can lead to misunderstandings if you’re not paying attention.
Tip: Take your time. Read every section. If something seems confusing, don’t be afraid to speak up or ask for help. A good buyer, like Golex Properties, will always take the time to explain things clearly.
2. Missing Deadlines
Once the real estate purchase and sale agreement is signed, certain deadlines kick in, such as inspection periods, appraisal windows, and the closing date. If you miss one of these, the buyer might walk away, or you could face costly delays.
What happens if I miss a deadline? If the deadline is tied to something like repairs or documents, you may lose the deal, or even be held responsible for certain costs. That’s why staying on track is so important.
Tip: Keep a calendar or checklist of key dates. A title company or buyer like Golex can also help you stay organized.
3. Accepting a Low Earnest Money Deposit
The earnest money deposit is the buyer’s way of showing they’re serious about buying your home. If the deposit is very small, or missing altogether, that might be a red flag.
Why does it matter? If the buyer backs out without a valid reason, you may get to keep the earnest money. But if the deposit is only a few hundred dollars, it might not be worth much to you.
Tip: Don’t be afraid to ask for a deposit that reflects the price of the home. Most serious buyers won’t have a problem putting down 1–3% of the purchase price.
4. Overpromising Repairs or Move-Out Dates
Sometimes sellers feel pressured to offer more than they can realistically deliver. Maybe you agree to fix the roof or move out by a certain date, even though you’re not sure you can do it.
The problem? If you promise something in writing and don’t follow through, you could be in breach of contract.
Tip: Be honest about what you can and can’t do. If you’re selling “as is,” make sure the contract says that. And if you need extra time to move, negotiate it up front.
5. Not Asking Questions
Don’t assume the buyer, agent, or title company will explain everything. If you’re not sure about something, whether it’s a line in the contract or how closing works, ask. This is your home and your sale. You deserve to understand every part of it.
At Golex Properties, we walk sellers through every step. Nothing is rushed, and there’s no pressure to sign anything you don’t feel comfortable with. We want you to feel confident and clear about the process.
Tips for a Smooth Sale
Selling a home doesn’t have to be stressful or complicated. With a little preparation and the right support, the process can be smooth and even surprisingly quick.
Here are some tips to help things go more easily:
Be Honest About the Home’s Condition
If there are issues, like an old roof, plumbing problems, or damage, be upfront. Buyers appreciate honesty, and it sets the right tone from the start. Plus, if you’re selling to a company like Golex, we buy homes as is, so you don’t need to worry about making repairs.
Choose a Buyer Who Can Move Fast and Pay Cash
Working with a cash buyer can eliminate many of the delays that come with financing, like appraisals or mortgage approval. At Golex, we can often close in 14 days or less, which makes things a lot easier for you.
Make Sure the Agreement Matches What You Discussed
Sometimes what you talk about with the buyer doesn’t make it into the real estate purchase and sale agreement. If you agreed to leave the appliances or extend the move-out date, make sure that’s in writing.
Don’t Be Afraid to Ask for Help
If you’re unsure about something in the contract or the process, reach out to a professional. You can talk to a real estate attorney, a title company, or even the buyer. Good buyers won’t pressure you, they’ll help you feel informed.
Use a Trusted Title Company
Title companies handle the closing, the paperwork, and making sure you’re paid properly. Working with a reputable company helps protect you from last-minute issues or delays.
Final Thoughts
A real estate purchase and sale agreement is one of the most important parts of selling your home. It lays out the details, sets the tone, and protects both sides. Whether you’re selling a home that needs work, a rental property with tenants, or just want to close fast, understanding this agreement helps you stay in control.
At Golex Properties, we buy homes in Florida just like yours, fast, fair, and with no hidden surprises. We’ll handle the paperwork, cover the closing costs, and make the process as smooth as possible.
Click here to get a fair cash offer today and see how simple selling your home can be.
