All You Have Ever Wanted To Know About the Florida Vacant Land Contract

Standardized Legal Documents All You Have Ever Wanted To Know About the Florida Vacant Land Contract

Composing a Florida Vacant Land Contract Like a Pro

If you want to purchase quality vacant land in Florida but have a low chance of getting a mortgage, you shouldn’t despair. You can still buy the desired property by signing a specific agreement with the seller and achieve optimal purchase conditions.

The Florida vacant land contract represents a solid alternative to any other standard real estate financing option. This article will guide you through the contract’s basics, explain its benefits, and help you write it by using the best available scheme.

Vacant Land Contracts in Florida Explained

A vacant land contract is a legal document that outlines the terms for selling or buying vacant land. By signing it, the seller agrees to provide financing to the buyer and lets them pay the predetermined purchase price in installments within a specific period. They retain the title to the property until the buyer pays the total purchase amount.

The contract also ensures that both parties understand their responsibilities and that they have negotiated and agreed upon each section included. In Florida, a vacant land contract becomes legally binding once the parties sign it and get it notarized.

Benefits of Signing a Vacant Land Contract in Florida

Purchasing property in Florida by signing a vacant land agreement offers many benefits that regular real estate purchase agreements don’t. Here’s a list of the most prominent advantages that may persuade you to consider this contract:

  • It’s easier for buyers to afford the property since they don’t have to qualify for mortgages or other types of loans
  • Because of the specific conditions, sellers usually don’t request a huge down payment
  • Sellers are less strict and demanding than banks and other lenders, which makes it easier for buyers to qualify for purchasing the desired land
  • Buyers can request interest deduction when calculating their personal income taxes
  • The parties will be aware of their duties and solve every potential dispute peacefully if they have all the terms and conditions of the deal clearly stated

What Components Should a Florida Vacant Land Contract Include?

Here’s the table showing the standard structure of the vacant land contract recommended by the Florida Association of Realtors:

General information
  • Names of the parties (the seller and buyer)
  • Contact details of the signers
  • Effective date and time
  • Signatures of all the parties involved
Property condition and details
  • Property location and full physical address
  • Legal description of the property
  • Description of any other existing property
  • Land use
  • Flood zone clause
Price and financing
  • Total purchase price and currency in which it should be paid, including deposits and all other fees
  • Financing application details
  • Potential mortgage assumptions
  • End date of the contract (date of closing)
  • Closing procedure details
  • Costs of each party involved
  • Title evidence and insurance details
  • Prorations
  • Tax withholding
  • Title evidence
  • Title examination
Additional clauses
  • Notices
  • Assignability and persons bound clause
  • Default and dispute resolution
  • Escrow agent clause
  • Professional advice and broker liability
  • Any other related terms the parties have agreed upon

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  8. Quitclaim Deed
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