Offers & Contracts

a) Offers & Counter Offers

No agreements relating to real estate are enforceable in Florida if they are not in writing. It is of course possible to negotiate the entire deal verbally and then just prepare one final contract with all the agreed upon terms for signature by all parties, however it is not advisable.

Generally, a written offer will be made which you can then either accept or counter. When you counter an offer (as defined in making any changes whatsoever) then you in essence are rejecting the original offer and making your own offer back to the buyer.  Bravo will of course manage this process for you, present all offers and counter offers, as well as draft any counter offers in accordance to your directions.

Offers and contracts will always be managed by one of Bravo’s experienced Brokers (as opposed to a licensed sales agent) so you can be assured of the best possible advise.

Bear in mind that usually the first offer is the best offer, and all too often we see sellers make a knee-jerk reaction to an offer they received only to kill a perfectly reasonable deal and then many months later end up accepting an offer that is much lower. Ask yourself, what is the absolutely lowest price (and terms) I am willing to accept and then negotiate from that frame work. This is not the seller’s market of 2004 or 2005 and the odds of receiving multiple offers are very slim. Often buyers make their best (or close to best) offer and then simply move on to another property.

b) Effective Date & Time Lines

Timing is critical in real estate transaction and you could face significant damages or penalties, or have a deal fall apart if certain deadlines are not adhered to religiously. Any changes at all, such as a change in closing date, extensions for certain deadlines, etc must be made in writing as an addendum or amendment to the contract.

Once the last person signs and / or initials the contract, a valid and executed contract is in place, and that date becomes the Effective Date of the contract. Depending on the type of contract used, timelines from the Effective Date forward may be calculated in Business Days or Calendar Days. The Contract we are providing you with calculates in business days, but be sure to carefully read you real estate contract so you understand exactly what the contract says and what is meant by “days”.

c) Earnest Money Deposit & Escrow

Virtually every real estate contract will include an Earnest Money Deposit. Usually this is held in Escrow by a real estate firm, Attorney or Title Company. When an offer is submitted by another agent then most likely that agent’s real estate broker will hold the earnest money deposit in escrow.