Free Florida Residential Purchase Agreement Template

A Florida residential purchase agreement is the written contract for buying and selling a home, from price to closing. Florida law also requires specific notices to travel with it, which makes the contract itself part of the disclosure process.

Two Florida disclosures belong in, or alongside, every Florida residential purchase agreement for a home.

The Property Tax Disclosure Summary

A prospective buyer of residential property must receive a property tax disclosure summary at or before signing the contract (Fla. Stat. § 689.261). The summary warns that the seller’s current taxes aren’t a reliable guide to the buyer’s future bill. That’s because a change of ownership or improvements triggers a reassessment.

You can place the summary in the contract or attach it separately. Where it sits outside the contract, the contract must refer to it and incorporate it by reference. It must also state, in prominent language, that the buyer shouldn’t sign before reading it.

The Radon Gas Notice

Florida requires a written radon gas disclosure in connection with the sale of any building (Fla. Stat. § 404.056(5)). The statute supplies the exact notice wording, so copy it word for word rather than paraphrasing it.

Everyone involved can be on the hook. The Florida Department of Revenue says all parties are liable for the tax on a deed, whoever agrees to pay. Only a party exempt by statute escapes that liability. If one party is exempt, a non-exempt party must pay.

Here’s how Florida figures the tax:

• 70 cents on each $100, or portion of $100, of the total consideration in every county except Miami-Dade
• 60 cents on each $100 in Miami-Dade, plus a 45-cent surtax that isn’t due when only a single-family home transfers

Consideration includes the mortgage or other lien on the property, whether the buyer assumes it or not. A $300,000 sale outside Miami-Dade comes to $2,100. Rates can change, so confirm them with the Department of Revenue before closing.

Most Florida sales follow this path.

1. Add the disclosures. Include or attach the property tax disclosure summary and the radon gas notice.
2. Sign once the summary is read. Both parties sign the Florida residential purchase agreement after the buyer reads the tax summary.
3. Agree on closing costs. Decide who pays the documentary stamp tax and put it in writing.
4. Draft the deed. Your closing agent prepares it for signing at closing.
5. Record and pay. The documentary stamp tax is paid on the deed when it’s recorded.

Beyond the required notices, cover these terms:

• The property tax disclosure summary, or a prominent reference to it
• Radon gas notice, copied in its statutory wording
• Every buyer’s and seller’s legal name
• Street address and full legal description
• Price, deposit, financing, and inspection period
• Who pays documentary stamp tax and other closing costs