Collier County, Florida is unique for several reasons. Beautiful beaches, waterfront shops, upscale residences and high end shopping are just a few of the things which make Naples a great place to live and work.
Another thing that makes us unique is that we use our own form of sales contract. The contract is approved by the Naples Area Board of Realtors. In Collier County it is standard that the buyer pays for the title insurance while in Lee county, it is standard that the seller pays for the title insurance. In Lee county, real estate contracts are usually written on a FAR/BAR contract, which has been approved by the Florida Association of Realtors and the Florida Bar. Both contract are well written and work well for real estate transactions.
So what are the differences? One small difference in Collier County is that the seller has to give the buyer a copy of their prior title policy. If they cannot find the prior policy, they agree to give the buyer a credit of $150.00. This, of course if not the case in Lee county since the seller is paying for the title insurance. The reason for the $150 has to do with abstracts of title which will be better to explain in a future blog.
But one of the greatest differences has to do with the sellers remedy if the buyer does not close on the property. In Lee county, all deposits that the buyer makes or will make in the future are at risk as soon as the contract is signed. In Collier county, only the actual deposit the buyer makes will ever be at risk. This may sound like a small difference, but in fact if is very large – usually several thosands of dollars.
When working with a real estate agent or attorney, make sure they know what contract is being used and the differences between them. All attorneys are not familair with the differences in contract. When spending money on real estaste be sure to choose professionals that have years of expereince – you will glad you did.