Florham Park, NJ asked in Real Estate Law for Florida

Q: What is the latest I can get out of a Real Estate contract as a buyer of a buildable house?

We are planning on building a Villa in a gated community with a well known builder. the builder requires us to pay the customary earnest money and 20% down, which is fine. However, I would like to know, what is the latest we can get out of the contract without punishment, since we are kind of buying a product sight unseen.

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1 Lawyer Answer

A: If you are planning on buying real estate in Florida you should hire an attorney. Spending a little on legal fees now can save you a lot of headaches later. These issues should be addressed in the purchase agreement and you will need an attorney to review the association documents BEFORE you sign the purchase agreement. There are some pretty brutal deed restrictions for some associations. Know what you are getting into before it's too late.

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