May 17, 2007
How Much Time Do I have to Pay a Down Payment in Florida?
Anij G asked:
I know there's a "grace period" in some states that you have to pay the full down payment for a house. Someone told me I have 5 or 6 months to pay the full amount before the purchase agreement can start. I'm confused. I already made some payments towards the down payment. I know I have to pay it in full before a date or else I will lose the money I already paid and won't get the house.
I can't seem to find real estate laws for Florida online to check if it's 5 or 6 months.
Can somebody help me? They used to call me at the beginning almost every day requesting the remaining balance and I've made partial payments. They suddenly stopped calling me, and now I don't know if I lost the opportunity because of the due date.
I know there's a "grace period" in some states that you have to pay the full down payment for a house. Someone told me I have 5 or 6 months to pay the full amount before the purchase agreement can start. I'm confused. I already made some payments towards the down payment. I know I have to pay it in full before a date or else I will lose the money I already paid and won't get the house.
I can't seem to find real estate laws for Florida online to check if it's 5 or 6 months.
Can somebody help me? They used to call me at the beginning almost every day requesting the remaining balance and I've made partial payments. They suddenly stopped calling me, and now I don't know if I lost the opportunity because of the due date.
Thanks
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Comments on How Much Time Do I have to Pay a Down Payment in Florida?
Wow! I do not know what is going on in Florida with this, but here in California (and other normal States) you cannot close a deal (buy a property) if you do not pay full down payment. If you get a loan, where you put some money down and a lender provides the rest, how can you close if you have not paid your portion? Normally you must provide funds for FULL down payment withing a couple of weeks from acceptance of your offer.
Are you buying a property and the seller is willing to wait 5 or 6 months until you come up with full down payment?
And are you buying without using an agent? Services of a real estate agent doesn’t cost you anything, when you are a buyer. Do you have an agent? What does he or she say about your situation? What? You do not have an agent? Well, that’s why you are confused.
Florida law says that everything regarding the sale of property must be written into a contract of sale otherwise, it is not enforceable.
Normally, a buyer has to pay the down payment on the day of closing. There is a clause in your contract that states that the closing must be on or before a specific day. The closing date is sometimes negotiable and can be changed if the buyer and seller agree.
If you have a contract where you are to make partial payments towards your down payment, until it is paid in full, then you must follow the schedule set out in your contract of sale. There is no grace period unless it is written into the contract. You should get your partial payments towards the full down payment refunded to you unless the contract you signed states otherwise.
You should read your contract. You should call whoever it was that was calling you and find out what happened. The only “grace period” you have is what is written in to your contract. If you miss the date, you risk breach of contract, you risk losing the house, and you risk being sued.
5 or 6 months to pay a down payment is not any time frame found in Florida real estate law. It is much longer than the normal time most owners wait to sell their home.
You may be talking about a deposit, or deposit escrow, rather than a downpayment. You have to pay the deposit before the signed purchase agreement becomes valid. There is no law regarding 5 or 6 months to make a full deposit. It is only the agreement between you and the seller which would allow this. You will probably lose the money you paid into the deposit escrow if you exceeded the amount of time allowed to pay the full deposit amount.
You need to contact the seller immediately. If the property is not under contract to someone else, the seller may agree to re-negoiate your original contract and allow you to continue making payments towards your purchase. You need to make the effort, otherwise the seller will put the property back on the market and look for another buyer.