The Florida real estate contract: the "AS IS" form, the deposit, financing, and title
Florida Realtors and The Florida Bar approve the "AS IS" Residential Contract For Sale And Purchase and the standard Residential Contract For Sale And Purchase. This page covers what each form says about inspections and repairs, the deposit and who holds it, what happens when a party does not perform or the deposit is disputed, financing and the appraisal, and title and closing. Many facts are what a form says when a blank is left empty, and a contract can change them, so read the contract itself. Every fact comes from a Florida statute, a Florida Real Estate Commission (FREC) rule, or a Florida Realtors and Florida Bar form, and links to its source.
Every fact links to its source. Checked Oct 9, 2026
The "AS IS" contract and the standard contract
Florida Realtors and The Florida Bar approve the "AS IS" Residential Contract For Sale And Purchase (FloridaRealtors/FloridaBar-ASIS-7x). On it, the Effective Date is the date the last of the buyer and the seller signed or initialed and delivered the offer or the final counter-offer. Unless the contract says otherwise, a counter-offer must be accepted within 2 days after the day it is delivered. (Source: Florida Realtors)
On the "AS IS" form, time is of the essence, and periods are counted in calendar days where the property is located. A period that ends on a Saturday, a Sunday, or a national legal public holiday extends to the next day that is not one. This does not apply to the time for acceptance or to the Effective Date. (Source: Florida Realtors)
On the "AS IS" form, the Inspection Period is the days written in, or 15 days after the Effective Date when left blank. In the buyer's sole discretion, the buyer may terminate by written notice before the period ends and get the Deposit back. The buyer pays for the inspections and repairs any damage they cause. A buyer who does not terminate accepts the property's physical condition and any code violations, and is responsible for the repairs the buyer's lender requires. (Source: Florida Realtors)
The standard Residential Contract For Sale And Purchase (FloridaRealtors/FloridaBar-7x) has the same deposit and financing terms as the "AS IS" form, and the same Inspection Period of 15 days when left blank. On it, the seller repairs within three limits: a General Repair Limit, a WDO Repair Limit, and a Permit Limit, each 1.5% of the purchase price when left blank. A buyer who does not deliver the written notice or report within the Inspection Period waives the seller's duty to repair those items. (Source: Florida Realtors)
On the "AS IS" form, when the property is in a Special Flood Hazard Area or a Coastal Barrier Resources Act area, and its lowest floor is below the minimum flood elevation or it cannot get National Flood Insurance Program or private flood insurance, the buyer may terminate by written notice within the days written in, or 20 days after the Effective Date when left blank. The buyer then gets the Deposit back. (Source: Florida Realtors)
The deposit: deadlines and who holds it
On the "AS IS" form, the initial deposit goes to the escrow agent named in the contract, either with the offer or within the days written in: 3 days after the Effective Date when left blank. When neither box is checked, the second choice, within the days written in, applies. An additional deposit is due within the days written in: 10 days after the Effective Date when left blank. (Source: Florida Realtors)
As a sales associate, when you receive a deposit, you deliver it to your broker by the end of the next business day. Saturdays, Sundays, and legal holidays are not business days. Your receipt of the deposit counts as receipt by the broker. (Source: Florida Administrative Code)
A broker places a deposit immediately in escrow with a title company, bank, credit union, or savings and loan association in Florida, or in the broker's own trust or escrow account at a Florida bank, credit union, or savings and loan association. (Source: Florida Statutes)
"Immediately" means no later than the end of the third business day after the broker receives the deposit. Saturdays, Sundays, and legal holidays are not business days. (Source: Florida Administrative Code)
A default and a disputed deposit
On the "AS IS" form, when the buyer does not perform, including not paying the Deposit, the seller may keep the Deposit as agreed liquidated damages, or ask a court to enforce the contract. When the seller does not perform, for a reason other than a title defect the seller could not cure with reasonable diligent effort, the buyer may get the Deposit back and may also sue for damages or for specific performance. (Source: Florida Realtors)
On the "AS IS" form, the escrow agent holds the Deposit in Florida. After conflicting demands for the Deposit, the buyer and the seller have 10 days to settle, and then go to mediation. An escrow agent in doubt may hold the Deposit until the parties agree or a court decides, or deposit it with the clerk of the circuit court. (Source: Florida Realtors)
When a broker gets conflicting demands for an escrowed deposit, the broker notifies the Florida Real Estate Commission (FREC) in writing within 15 business days of the last demand, and starts a settlement procedure within 30 business days after the last demand. A good-faith doubt about who is entitled to the deposit has the same limits, counted from the doubt. (Source: Florida Administrative Code)
The settlement procedures are: asking FREC for an escrow disbursement order; arbitration, with the consent of all parties; interpleader or another court action; or mediation, with the written consent of all parties. Mediation must succeed within 90 days after the last demand, or the licensee uses another procedure. A licensee who uses a procedure promptly and follows the result faces no administrative complaint over the deposit. (Source: Florida Statutes)
Financing and the appraisal
On the "AS IS" form, the parties check either a cash purchase with no financing contingency, or a contract that depends on Loan Approval within the Loan Approval Period: the days written in, or 30 days after the Effective Date when left blank. The contract states the loan type, the rate type, the highest initial rate (the prevailing rate for the buyer when left blank), and the term (30 years when left blank). (Source: Florida Realtors)
On that form, the buyer applies for the loan within the days written in, or 5 days after the Effective Date when left blank, and uses good faith and diligent effort to get Loan Approval. Diligent effort includes giving the lender all documents on time and paying for the appraisal. A failure to use that effort is a default. (Source: Florida Realtors)
On that form, before the Loan Approval Period ends, the buyer gives written notice of Loan Approval, or, without Loan Approval, written notice that the buyer is satisfied it can get Loan Approval and close. A buyer who cannot get Loan Approval within the period, or cannot meet its terms in time, after good faith and diligent effort, may terminate by written notice before the period ends and, when not in default, gets the Deposit back. When the buyer gives neither notice in time, the buyer goes forward as though the box for a cash transaction with no financing contingency had been checked as of the Effective Date. The seller may then terminate by written notice within 3 days after the period ends and, when the buyer is not in default, the buyer gets the Deposit back. (Source: Florida Realtors)
On that form, when the buyer gave either notice in time and then does not close, the Deposit is paid to the seller, unless the failure to close is due to the seller's default or the seller's inability to satisfy the contract's other contingencies, or to property-related conditions of the Loan Approval that were not met and that the contract does not waive. The appraised value is not such a condition. In those cases the buyer gets the Deposit back. (Source: Florida Realtors)
On that form, the appraisal condition is only that the lender gets an appraisal or other valuation that lets it make the loan, when the lender requires one. The form lists a separate Appraisal Contingency rider (Rider F) and an FHA/VA Financing rider (Rider E). (Source: Florida Realtors)
Title and closing
On the "AS IS" form, a title commitment from a Florida licensed title insurer is due by the Title Evidence Deadline: the days written in before the Closing Date, 15 days when left blank, or 5 days for a cash purchase. A seller who has an owner's title policy gives a copy to the buyer and the closing agent within 5 days after the Effective Date. (Source: Florida Realtors)
On the "AS IS" form, the parties check one of three choices for title. (i) The seller picks the closing agent and pays for the owner's policy and the title search; the buyer pays for any lender's policy. (ii) The buyer picks the closing agent and pays for the owner's policy, the title search, and any lender's policy. (iii) The "Miami-Dade/Broward regional provision": the buyer picks the closing agent and pays the owner's and lender's policy premiums, and the seller pays for the title search or continuation (up to $200 when left blank), the tax search, and the municipal lien search. The form has no regional provision for Palm Beach. On the form, the seller pays the documentary stamp taxes and surtax on the deed, and the buyer pays the taxes on the note and mortgage. (Source: Florida Realtors)
On the "AS IS" form, when the lender's funds are not ready on the Closing Date because of the Consumer Financial Protection Bureau (CFPB) Closing Disclosure delivery rules, the Closing Date extends as needed, up to 7 days. This applies when the financing box is checked, Loan Approval was obtained, and the lender's underwriting is complete. (Source: Florida Realtors)
You do not give an opinion that title is good or merchantable unless it rests on a current opinion of a licensed attorney. You advise a buyer to consult an attorney on the title or to get title insurance. (Source: Florida Statutes)
Not on this page
Riders, addenda, and a contract on another form, including the terms of the Appraisal Contingency rider and the FHA/VA rider: read the contract itself.
The deposit amount and the days the buyer has to pay it in a given deal: read the contract itself.
Who is entitled to a disputed deposit: FREC's order, an arbitrator, a mediator, or a court decides. For advice, an attorney.
Loan programs, rates, and underwriting: the buyer's lender.
The condo buyer's right to cancel after getting the association's documents, the HOA disclosure summary, and the condo or HOA estoppel certificate.
The seller's property tax, radon, and flood disclosures.
The title premium and the taxes for a given price, endorsement premiums, and the nonrecurring intangible tax on a new mortgage: ask the closing agent.
