60-second summary
You will sign one of two FAR/BAR forms: FloridaRealtors/FloridaBar-7 (Standard, with a seller repair obligation up to 1.5% of price by default) or FloridaRealtors/FloridaBar-ASIS-7 (AS IS, where the seller fixes nothing but the buyer can cancel during the inspection period for any reason). The current version is Rev. 12/24, supplemented by Rider revisions through 2025. The contract uses calendar days. It declares time is of the essence. If a deadline falls on a Saturday, Sunday, or US national legal holiday, it extends to the next non-holiday day. Most timing fields default if left blank: initial deposit at 3 days, additional deposit at 10 days, loan application at 5 days, loan approval at 30 days, inspection at 15 days, title evidence 15 days before closing, flood-zone termination at 20 days. As a Canadian buyer, the four paragraphs that decide the bulk of your downside risk are 2 (deposits), 8 (financing), 12 (inspection), and Standard V plus Paragraph 10(i) (FIRPTA, even when you are buying, because the form telegraphs that the seller may be a foreign person).
Why this contract matters for a Canadian buyer
When you buy a Florida home, you do not negotiate "a contract" the way you negotiate a Quebec promesse d'achat or an Ontario Agreement of Purchase and Sale. You negotiate the filling in of blanks on a pre-approved form. The structure is fixed. The brokerage, the timing of deposits, the inspection mechanics, the financing protocol, the dispute path: all of it is already written. Your power as a buyer is concentrated in (1) the price, (2) the dollar amounts and percentages on the deposit and limit lines, (3) the days you write into the timing blanks, (4) which riders you check, and (5) any addenda you add.
Reading the FAR/BAR cold, in Florida, while jet-lagged and excited, is the wrong moment to discover that "Loan Approval" has a precise contractual meaning, that the AS IS escape hatch closes at midnight on day 15, or that the contract treats holidays differently from a Quebec promesse d'achat. This guide walks the contract paragraph by paragraph from a Canadian buyer's perspective, so the reading happens before the offer, not after.
Glossary of acronyms used in this guide
- FAR/BAR or FR/BAR: Florida Realtors / Florida Bar, the joint committee that issues the contract.
- AS IS: shorthand for the AS IS Residential Contract for Sale and Purchase (form ASIS-7), as opposed to the Standard form (FloridaBar-7).
- EMD: Earnest Money Deposit, also called Initial Deposit in the contract.
- WDO: Wood-Destroying Organism, the inspection category that covers termites and similar pests.
- HOA: Homeowners' Association.
- CDD: Community Development District, a special-purpose government in many Florida master-planned communities.
- CFPB: Consumer Financial Protection Bureau, the US federal agency whose Closing Disclosure rules can extend the closing date by up to 7 days.
- FIRPTA: Foreign Investment in Real Property Tax Act, the federal regime that withholds tax at sale when the seller is a foreign person.
- FinCEN: Financial Crimes Enforcement Network, the US Treasury bureau whose 2026 Residential Real Estate reporting rule attaches to certain non-financed transfers.
- OACIQ: Organisme d'autoréglementation du courtage immobilier du Québec, the Quebec real-estate brokerage regulator whose Promesse d'achat is the closest provincial analogue to the FAR/BAR.
- REBA: Real Estate Brokerage Act (Quebec).
- CFR: Code of Federal Regulations (US).
Standard versus AS IS: pick your variant first
The FAR/BAR comes in two main residential forms. Choose before drafting the offer.
| Feature | FloridaBar-7 (Standard) | FloridaBar-ASIS-7 (AS IS) |
|---|---|---|
| Seller repair obligation | Up to a stated General Repair Limit, WDO Repair Limit, and Permit Limit (1.5% of price each if blank) | None. Seller is not obligated to repair, replace, treat, or remedy |
| Buyer's right to cancel during inspection | Tied to specific findings outside Working Condition or beyond repair limits | At buyer's sole discretion, for any reason or no reason, before midnight of the last day of the Inspection Period |
| Default Inspection Period | 15 days after Effective Date if blank | 15 days after Effective Date if blank |
| Typical use | New buyers wanting some seller-funded repair backstop | Most resales, investor purchases, anything where the seller wants certainty |
Verified fact (Rev. 12/24, ASIS-7 Paragraph 12): under the AS IS contract, the buyer's option to terminate during the Inspection Period is exercised at the buyer's sole discretion, with the deposit refunded.
For Canadian buyers, the AS IS contract is more common in 2026 transactions because most sellers refuse to expose themselves to repair-limit obligations on an out-of-province buyer. Treat AS IS as the default and the Inspection Period as your real escape valve.
Walking the contract from top to bottom
The contract is organized into 19 numbered paragraphs followed by 18 Standards labelled A through V. The paragraphs are the negotiable spine. The Standards are the default rules that apply everywhere. The numbered paragraphs that matter most to a Canadian buyer are 2, 3, 4, 5, 6, 8, 9, 10, 12, 13, 15, and 18 (which incorporates the Standards). The Riders sit in Paragraph 19.
Paragraph 1: Property description
Verify the legal description, the county, and the Property Tax ID with the listing or the title commitment, not from the listing photos. The contract treats range, refrigerator, dishwasher, disposal, ceiling fans, light fixtures, drapery rods, blinds, smoke detectors, garage door openers, thermostats, doorbells, TV wall mounts, security gate devices, mailbox keys, and storm shutters/storm protection items as included by default. If you want anything outside that list (free-standing furniture, pool equipment, art on the walls), you must add it explicitly to Paragraph 1(d). If you want anything off the default list excluded, you must list it in Paragraph 1(e).
For Canadian snowbirds buying turnkey, the most common gap here is artwork, free-standing furniture, and outdoor furniture, none of which is included by default.
Paragraph 2: Purchase price and deposits
This paragraph contains four blanks that decide your cash exposure: the purchase price, the initial deposit, the additional deposit, and the financing amount.
Verified fact (FloridaBar-7 Rev. 12/24, Paragraph 2): if the initial deposit timing field is blank, the contract defaults to 3 days after Effective Date. If the additional deposit timing field is blank, it defaults to 10 days.
The deposit is held by an Escrow Agent named in the same paragraph. In practice, the Escrow Agent is either the closing attorney's title firm or the listing brokerage's escrow account. If you have a choice, the closing attorney's trust account is the cleaner choice for a Canadian buyer because it is regulated under Florida Bar trust accounting rules and does not co-mingle with brokerage operating funds.
Typical range: initial deposits in 2026 Florida resale transactions tend to fall between 1% and 5% of the purchase price for primary residence and snowbird purchases, and between 5% and 10% for investor or off-MLS deals where the seller wants stronger commitment. This is market practice, not contract default. Confirm the local norm with your Florida realtor.
Paragraph 3: Time for acceptance, Effective Date
Two distinct concepts. The time for acceptance is the deadline by which all parties must have signed and delivered the executed copy, failing which the offer is withdrawn. The Effective Date is the date on which the last of buyer or seller signs or initials and delivers. Every clock in the contract runs from the Effective Date.
Verified fact (Paragraph 3(a), Rev. 12/24): the default time for acceptance of any counter-offer is 2 days after the day the counter-offer is delivered.
For a Canadian buyer signing from Quebec or Ontario time zones, "delivery" is now usually electronic via DocuSign or similar. Ensure the executed final copy reaches you and that you can timestamp it, because that timestamp anchors every later deadline.
Paragraph 4 and 5: Closing Date and extension
Paragraph 4 fixes the Closing Date. Paragraph 5 lets it extend automatically in two cases.
Verified fact (Paragraph 5(a), Rev. 12/24): if Closing funds from the buyer's lender are not available on Closing Date due to CFPB Closing Disclosure delivery requirements, and Loan Approval has been obtained, and the lender's underwriting is complete, the Closing Date extends for the period needed to satisfy CFPB requirements, capped at 7 days.
Verified fact (Paragraph 5(b)): an event constituting Force Majeure that causes services essential for closing to be unavailable, including hazard, wind, flood, or homeowners' insurance issuance, also extends Closing Date as provided in Standard G.
The wind and hazard insurance trigger is significant in coastal Florida. In recent hurricane seasons, multiple closings have been pushed by binder-issuance delays after named storms entered the basin. The contract anticipates this; you do not need a separate insurance contingency for it, but you do need active wind and flood insurance bound at least 5 to 10 days before closing.
Paragraph 6: Occupancy and possession
If Paragraph 6(b) is not checked, the seller delivers the property at closing free of tenants, occupants, future tenancies, and personal items. If 6(b) is checked, the property is subject to a lease or other occupancy after closing, and the seller has 5 days after Effective Date to deliver the lease(s) and disclosures. The buyer then has 5 days after receipt to terminate the contract if the lease terms are not acceptable, with the deposit refunded.
For a Canadian buyer purchasing a tenanted Florida investment property, this 5-plus-5-day window is your one structured chance to read the actual lease before being locked in. Use it.
If the property is intended to be occupied by the seller after closing (a sell-and-lease-back), you need Rider U (Post-Closing Occupancy by Seller). If the buyer wants pre-closing occupancy, Rider T applies.
Paragraph 7: Assignability
Three checkboxes: assign and be released, assign without release, or no assignment. If no box is checked, the buyer may not assign. A Canadian buyer planning to take title in a holding entity (LLC, cross-border trust) and not yet incorporated when the offer is made should select "may assign and be released" and add the entity name to the closing instructions before the closing date. If you forget to check this box, you cannot retitle without the seller's consent, which may or may not be free.
Opinion (editorial judgment): for any Canadian buyer who is even considering an LLC or cross-border trust at any future stage, the safest path is to elect assignability now and document the structure later. The cost is zero. The cost of being unable to assign at closing can be a non-trivial reorganization later.
Paragraph 8: Financing (the most consequential paragraph for financed buyers)
If you are paying cash, Paragraph 8(a) is checked and there is no financing contingency. You forfeit the deposit if you fail to close for any non-property-related reason.
If you are financing, 8(b) is checked and the contract is contingent upon obtaining "Loan Approval" within the "Loan Approval Period" and the buyer's lender having received a satisfactory appraisal.
Verified fact (Paragraph 8(b), Rev. 12/24): the Loan Approval Period defaults to 30 days after Effective Date if the field is blank. The buyer must apply for Financing within 5 days after Effective Date if that field is blank.
"Loan Approval" is defined narrowly. It means approval of a loan meeting the Financing terms (rate, term, loan amount type), and the lender's receipt of a satisfactory appraisal. A conditional approval that still depends on an appraisal not yet ordered is not Loan Approval. This was the central change from the 2017 reform that survived through Versions 6 and 7: appraisal is part of the contingency, not separate from it.
A Canadian buyer using a non-resident foreign-national mortgage product needs to read this paragraph carefully. Foreign-national lending in Florida typically requires 30% to 35% down, full debt-service documentation, and an appraisal that often takes 14 to 21 days to schedule. Thirty days from Effective Date to full Loan Approval is tight. If your lender or your in-country documentation is not pre-positioned before the offer, ask for 45 days in the Loan Approval Period blank.
What happens if Loan Approval is not delivered on time:
- Buyer notifies seller in writing of approval before the period expires: the deal proceeds toward closing.
- Buyer notifies seller of inability to obtain Loan Approval before the period expires: the contract terminates, deposit refunded.
- Buyer says nothing before the period expires: financing contingency is deemed waived, and the seller has a 3-day window to either let the deal continue cash-style or terminate and refund the deposit.
The silent waiver is the single most expensive mistake a financed Canadian buyer can make in this contract.
Paragraph 9: Closing costs, title insurance, survey, home warranty, special assessments
A long paragraph that allocates dozens of line-item costs. The headline points for a Canadian buyer:
- Documentary stamps on the deed are seller-paid by default. Doc stamps and intangible tax on a buyer's mortgage are buyer-paid. Florida's doc stamps run at $0.70 per $100 of consideration in most counties (different in Miami-Dade for single-family). See the dedicated guide on doc stamps.
- FIRPTA withholding and reporting costs are seller-paid. (Verified fact, Paragraph 9(a) bullet list.) This is purely a seller-side cost when the seller is a foreign person.
- Title insurance allocation is one of three checkboxes. In most of Florida, the seller designates the closing agent and pays for the owner's policy (option (i)). In Miami-Dade and Broward counties, the regional convention is option (iii), where the buyer designates the closing agent and the seller funds title evidence with a per-line cap.
- General Repair, WDO Repair, and Permit Limits default to 1.5% each of the purchase price if blank. These three numbers exist on the Standard contract. They do not exist on the AS IS contract.
- Survey is buyer-paid and optional.
- Home Warranty is opt-in and capped at a stated dollar figure.
- Special assessments: certified, confirmed, ratified before closing are seller-paid. CDD and Chapter 189 special-district assessments are pro-rated under Standard K.
For a condo, the post-Surfside legislation has made Paragraph 9(f) and the related Condo Rider critical. Pending special assessments tied to Milestone Inspections or Structural Integrity Reserve Studies (SIRS) can run into five-figure or six-figure numbers and are now disclosable. See the dedicated guide on SB-4D and the Surfside reforms (chapter index).
Paragraph 10: Disclosures (where FIRPTA, FinCEN, and the property tax warning live)
Eleven enumerated disclosures, including:
- (d) Flood zone, elevation certification. If the property is in a Special Flood Hazard Area, a Coastal Barrier Resources Act area, or below minimum flood elevation, the buyer can terminate within 20 days after Effective Date if the field is blank.
- (h) Property tax disclosure summary. Critical for Canadians: the seller's current property tax is not what you will pay. A change of ownership triggers reassessment. If the seller has homestead, the taxable value may have been capped under Save Our Homes; you, as a Canadian non-resident, are not eligible for homestead and your post-closing assessment will reset to fair market value. See the dedicated guide on Florida property tax for Canadians (chapter index).
- (i) FIRPTA. The contract requires the seller to inform the buyer in writing if the seller is a foreign person. If the seller is not a foreign person, they typically deliver a non-foreign affidavit (Standard V). If the seller is a foreign person, the buyer is the statutory withholding agent under IRC § 1445 and CFR § 1.1445-2 and must withhold up to 15% of gross sales price unless an exemption applies. For the seller-side mechanics, see the FIRPTA reference at /en/sale/firpta-15-percent-withholding. For Canadian buyers, the practical takeaway is that buying from a foreign seller adds an IRS withholding step that your US closing agent must execute, and if they botch it the buyer is on the hook to the IRS.
Verified fact (IRC § 1445(a) and 26 CFR § 1.1445-2): the buyer of US real property from a foreign seller is liable, as withholding agent, for 15% of the amount realized unless an exception applies (sales price under USD 300,000 with buyer-occupant exemption, sales price USD 300,001 to USD 1,000,000 at 10% with same exemption, withholding certificate issued by IRS, or non-foreign affidavit).
The FAR/BAR also references FinCEN in a paragraph revised across Version 7. Beyond the contract, FinCEN's Residential Real Estate Final Rule, originally scheduled for March 1, 2026, applies to certain non-financed (cash) transfers of residential real property to legal entities or trusts. Compliance falls primarily on the closing professional, not the buyer.
Opinion (editorial judgment): the FinCEN rule has been the subject of litigation and exemptive orders. As of late April 2026, treat the rule as in force but expect the closing agent to manage the filing. Confirm with your closing attorney that they will file the Real Estate Report when applicable. This avoids a Canadian buyer assuming the obligation by default.
Paragraph 11: Property maintenance
The seller must maintain the property, including lawn, shrubbery, and pool, in the condition existing as of the Effective Date, allowing for ordinary wear and tear. If the property degrades meaningfully between contract and closing, this paragraph gives you a remedy. Document condition at the inspection with photos.
Paragraph 12: Property inspection and repair (the AS IS escape hatch)
Verified fact (FloridaBar-7 and ASIS-7 Rev. 12/24, Paragraph 12(a)): the Inspection Period defaults to 15 days after Effective Date if blank.
On the Standard contract, Paragraph 12 walks through three inspection types (General, WDO, Permit), defines "Working Condition" and "Cosmetic Conditions," and obligates the seller to repair items not in Working Condition up to the limits in Paragraph 9. The buyer must deliver a written notice and, on request, the relevant portion of the inspection report.
On the AS IS contract, Paragraph 12 is materially different: the seller has no repair obligation, and the buyer has the right to terminate at sole discretion at any time before the Inspection Period expires by delivering written notice and receiving a full deposit refund. After the Inspection Period expires, the buyer's only outs are seller default, financing contingency (if 8(b) applies), and a few specific contract carve-outs.
For Canadian buyers, the practical layer that gets missed: the inspection itself takes a real chunk of those 15 days. Travel to Florida, schedule a licensed Florida home inspector, schedule a Wind Mitigation inspection (often required for insurance), schedule a 4-Point inspection (often required for older homes), and review reports. Fifteen days is tight if you are not already in Florida. Asking for 20 to 25 days is normal and rarely refused on AS IS contracts.
Typical range: Florida home inspections in 2026 cost USD 350 to USD 750 for a single-family home, USD 250 to USD 500 for a condo, plus USD 100 to USD 250 for a Wind Mitigation inspection and USD 100 to USD 200 for a 4-Point. These are not contract figures, just observed market rates. Adjust upward for older homes, larger square footage, or additional pool/dock components. See the dedicated guides on home inspection, 4-Point inspection, and Wind Mitigation inspection.
Paragraph 13: Escrow Agent
This paragraph governs how the deposit is held and disbursed in case of dispute. The Escrow Agent acts as a neutral, with detailed conflict-resolution language. If conflicting demands arrive after termination, the Escrow Agent may hold the funds, deposit them with the clerk of the circuit court, or seek instructions. Disputes over the deposit do not get resolved overnight.
Paragraph 14: Professional advice, Broker liability
The contract recites that brokers are not lawyers, accountants, tax advisors, or environmental, zoning, or insurance professionals. It expressly disclaims broker responsibility for many things outside the brokers' professional remit. For Canadian buyers, do not rely on the realtor for any cross-border tax, US tax, immigration, or estate-planning advice. Use a US tax CPA or cross-border attorney.
Paragraph 15: Default
Two scenarios:
- Buyer default (in either Version 6 or Version 7): seller's options are to retain the deposit, or sue for specific performance. The Version 7 change here was internal to brokers: the cooperating broker no longer gets to claim half of any retained deposit.
- Seller default: buyer's options are to seek specific performance, or accept return of the deposit and terminate.
Specific performance in Florida is a real remedy. Florida courts will order a defaulting seller to convey title under appropriate circumstances. This is one of the differences from Quebec, where the analogous remedy under the Civil Code is a judgment in lieu of deed (jugement tenant lieu de titre).
Paragraph 16: Dispute resolution
Disputes go to mediation under Florida Rules for Certified and Court-Appointed Mediators and Chapter 44, Florida Statutes. Mediation is mandatory before litigation. If mediation fails, the parties proceed to court (or, if elected, to arbitration through a separately checked rider). Note that the FAR/BAR routes disputes to court by default; the Florida Realtors-only CRSP form routes disputes to arbitration. This is a meaningful structural difference between contracts.
Paragraph 17: Attorneys' fees and costs
Prevailing party recovers reasonable attorneys' fees and costs in any litigation arising from the contract. This cuts both ways. A Canadian buyer who chooses to litigate a USD 25,000 deposit dispute can be liable for the seller's lawyer fees if the suit fails. Almost always, the math points toward mediation first.
Paragraph 18: Standards
The "Standards" are 18 lettered subsections (A through V) that define how every previously named mechanic actually operates. Among these, three matter to Canadian buyers in particular:
- Standard A: Title. The seller's deliverable, the title commitment, the cure period, the marketability test, the legal right to terminate if title is not marketable.
- Standard F: Time. Calendar days. Time is of the essence. Saturdays, Sundays, and US national legal holidays extend deadlines forward to the next non-holiday day. The "national holidays" enumerated include New Year's, Birthday of Martin Luther King Jr., Presidents' Day, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, and Christmas.
- Standard V: FIRPTA. Detailed mechanics for the foreign-seller withholding regime, including what affidavits the seller must produce.
Quebec and Ontario use business days for most contract clocks; FAR/BAR uses calendar days with holiday rollover. This is the single most common Canadian miscount. A 15-day inspection that starts on Wednesday, December 17 includes Christmas, falls on Thursday January 1 (New Year's), and rolls to Friday January 2.
Paragraph 19: Riders
Forty-plus optional riders that, once checked, become part of the contract. The riders most often relevant to Canadian buyers:
- Rider A: Condominium. Mandatory if the property is a condo. Updated in 2025 for Florida Statutes §718.503 changes that extended the buyer's document review right to 7 days excluding weekends and holidays.
- Rider B: Homeowner's Association. Mandatory if the property is in an HOA.
- Rider E: FHA / VA Financing. Not relevant for Canadian buyers using foreign-national mortgage products.
- Rider F: Appraisal Contingency. Optional. Adds a separate appraisal contingency on top of the financing-paragraph appraisal piece.
- Rider G: Short Sale. If the seller is short-selling.
- Rider P: PACE. Renamed Qualifying Improvements Addendum in recent updates. Discloses certain energy-related liens.
- Rider T: Pre-Closing Occupancy by Buyer. When you take possession before closing.
- Rider U: Post-Closing Occupancy by Seller. When the seller stays in the property after closing.
- Rider V: Sale of Buyer's Property. If your offer is contingent on selling another home (rarely accepted on attractive Florida properties in a tight market).
- Rider FF and GG. New checkboxes added in Version 7 for buyer-broker compensation arrangements following the 2024 NAR settlement.
How time is counted under the contract
Worth restating because this is where Canadians lose deposits.
| Concept | Rule |
|---|---|
| Day count | Calendar days |
| Day 0 | The Effective Date itself does not count |
| Time of essence | Yes, by Standard F |
| Holiday rollover | Saturday, Sunday, or US federal/national legal holiday extends the deadline forward to the next non-holiday day |
| End of day | 11:59 PM local time of the property's location, in the current Version 7 |
| Counting backwards | Some deadlines count back from Closing Date (e.g., Title Evidence Deadline at 15 days prior); the Closing Date is treated as day 0 for backwards counts |
Verified fact (Standard F, Rev. 12/24): time periods run on calendar days based on where the Property is located. A period ending on a Saturday, Sunday, or national legal holiday extends to the next calendar day that is not one of those.
Comparison: FAR/BAR contract versus the Quebec promesse d'achat
This comparison uses Quebec as the Canadian reference. Equivalent comparisons for Ontario, BC, and Alberta are forthcoming.
| Topic | Quebec promesse d'achat | Florida FAR/BAR |
|---|---|---|
| Issuing body | Provincial CA: OACIQ (Organisme d'autoréglementation du courtage immobilier du Québec) | State (FL): Joint Florida Realtors / Florida Bar committee |
| Form mandatory? | Yes, when a real-estate broker is involved (since June 10, 2022 amendments to REBA, double agency banned, verbal contracts banned) | Functionally yes, but technically the parties can use any contract; FAR/BAR is the dominant form |
| Number of pages | Around 6 to 8, plus annexes | 14 pages, plus riders |
| Variants | PA (single-family), PAC (divided co-ownership), PAI (undivided co-ownership), preliminary contract for new construction | Standard (FloridaBar-7) and AS IS (ASIS-7), each with 40+ riders |
| Deposit handling | Earnest money less common; if used, held in trust by broker | Standard 1% to 5% earnest money, held by Escrow Agent (closing attorney's trust or brokerage escrow) |
| Inspection period | Negotiated, typically 7 to 10 days | Default 15 days; AS IS allows termination at sole discretion |
| Financing condition | Negotiated, no statutory default; ranges 7 to 14 days commonly | Default 30 days (Loan Approval Period), with 5-day loan application deadline |
| Closing mechanism | Notarial deed (acte de vente) signed before a Quebec notary; notary acts as legal officer for both parties | Closing by closing agent (often a title company or attorney); deed recorded at the county recorder, no notary in the Quebec sense |
| Title evidence | Notary's title examination; certificate of location from a Quebec land surveyor (arpenteur-géomètre) | Title insurance commitment delivered at least 15 days before closing (5 if cash) |
| Day counting | Civil Code: business days for many statutory periods; the form itself uses calendar days but practice varies | Calendar days throughout, with national holiday rollover |
| Default remedy | Civil Code: judgment in lieu of deed (jugement tenant lieu de titre) | Specific performance available; otherwise deposit forfeit or refund per Paragraph 15 |
| Withdrawal of unaccepted offer | Civil Code permits buyer to withdraw any time before the offer reaches the seller | No equivalent right; offer is governed by Paragraph 3 acceptance window |
The structural takeaways:
- The FAR/BAR is a fillable form, not a notarial instrument. There is no civil-law notary function in Florida. The closing agent's role is administrative and escrow-based, not testamentary.
- Florida's title insurance system replaces the Quebec notary's title examination. Title insurance is issued post-closing and protects against title defects discovered later. See the dedicated guide on Florida title insurance.
- The 30-day default Loan Approval Period assumes a US borrower with US credit, US tax returns, and a domestic lender. For a Canadian buyer using a non-resident mortgage, that timeline is structurally tight. Plan for 45 days as the working baseline.
Common mistakes Canadian buyers make on the FAR/BAR
- Treating "Loan Approval" as a soft deadline. The Loan Approval Period is hard. Silence past day 30 deems the contingency waived. The deposit is then at risk for any subsequent failure to close that is not strictly seller-caused or property-condition-related.
- Letting the inspection field default to 15 days. Fifteen calendar days from Effective Date often means 10 working days, less the time to fly in, less weekends. Negotiate 20 to 25 days on AS IS where you can.
- Skipping the assignability box. Canadian buyers planning to take title in an LLC or cross-border trust who leave Paragraph 7 blank cannot reassign without seller consent. Check "may assign and be released."
- Reading the Effective Date wrong. The Effective Date is when the last party signs and delivers, not the date the buyer signs. If the seller counters and you accept on a Tuesday in Quebec, it is the Tuesday Effective Date that anchors all clocks.
- Forgetting holiday rollover. A 15-day inspection beginning December 17 ends in early January, not on December 31. Canadian buyers tend to map calendar days to Quebec holidays (Saint-Jean, Fête du Canada) which are irrelevant; only US national legal holidays extend.
- Using an outdated contract version. A
Rev.8/24or earlier is no longer current. Insist onRev.12/24and confirm Riders FF and GG checkboxes are present in Paragraph 19 if applicable. - Assuming the listing brokerage's escrow account is automatic. The Escrow Agent identity is a negotiable line in Paragraph 2. A Canadian buyer is usually better protected with the closing attorney's trust account.
Worked example: a Canadian buyer financing a Boca Raton condo
Scenario:
- Single-family condo, Boca Raton, listed at USD 565,000.
- Buyer is a Canadian resident, financing through a US foreign-national mortgage lender at 35% down.
- Loan amount: USD 367,250; down payment: USD 197,750; estimated closing costs: USD 12,000.
- Earnest money: 2% of price, structured as USD 5,000 initial plus USD 6,300 additional at 10 days.
- Inspection Period: 20 days (negotiated up from default).
- Loan Approval Period: 45 days (negotiated up from default 30).
- Closing: 60 days from Effective Date.
- Effective Date: Monday, March 9, 2026.
Resulting timeline:
- March 9, 2026: Effective Date. Day 0.
- March 12, 2026: initial USD 5,000 deposit due (3 days from Effective Date, default).
- March 14, 2026 (Saturday): loan application 5-day deadline rolls to Monday March 16.
- March 19, 2026: additional USD 6,300 deposit due (10 days from Effective Date).
- March 29, 2026 (Sunday): Inspection Period 20-day deadline rolls to Monday March 30, 11:59 PM local time. Buyer either terminates at sole discretion (AS IS) or proceeds.
- April 23, 2026: Loan Approval Period 45-day deadline. Buyer must notify seller in writing of Loan Approval, or notify of inability to obtain Loan Approval, or terminate.
- April 23 to April 26, 2026: if buyer is silent, seller's 3-day window to elect termination opens.
- April 23, 2026 (or earlier): Title Commitment delivered at least 15 days before closing.
- May 8, 2026: Closing Date (60 days from Effective Date). May extend up to 7 days under CFPB Closing Disclosure timing if Loan Approval is in hand.
Total cash exposure if everything proceeds: USD 197,750 + USD 12,000 = USD 209,750. The earnest money of USD 11,300 is the at-risk portion if the buyer goes silent on day 45 and then fails to close.
Actionable checklist before signing
- Confirm the form footer says
Rev.12/24or later. If not, request the current version. - Choose AS IS or Standard. If you are not getting price compensation for repair-limit obligations on the Standard, default to AS IS.
- Read Paragraph 1 carefully and list every personal-property item you want included or excluded.
- Set the initial deposit, additional deposit, and financing line in Paragraph 2 with the Florida realtor and your bank.
- Designate a closing attorney's trust as the Escrow Agent in Paragraph 2 if possible.
- Set a reasonable acceptance deadline in Paragraph 3 (24 to 48 hours is typical).
- If you are or might be financing in an LLC or trust, check "may assign and be released" in Paragraph 7.
- Negotiate the Loan Approval Period in Paragraph 8 to 45 days for foreign-national mortgages.
- Verify the Closing Costs allocation in Paragraph 9 matches local convention (option (i) statewide except option (iii) in Miami-Dade and Broward).
- Read Paragraphs 10(d) and 10(h) on flood and property tax. Get a separate flood-zone determination if the listing is anywhere coastal.
- Negotiate the Inspection Period in Paragraph 12 to 20 to 25 days if you cannot be in Florida within 7 days of Effective Date.
- Identify and check the right Riders in Paragraph 19 (Condo, HOA, FF and GG for compensation, Appraisal if you want belt-and-suspenders).
- Confirm assignment of property tax disclosure (10(h)) in writing with your closing agent and confirm you understand homestead does not apply.
- Confirm the wind, flood, and homeowners insurance binder is being arranged at least 5 days before Closing Date.
- Have a US-licensed Florida real-estate attorney review the executed contract within the first 72 hours after Effective Date. The cost (typically USD 350 to USD 750 for a contract review) is rounding error against the deposit at risk.
Frequently asked questions
Is the FAR/BAR negotiable? The form itself is not modifiable line-by-line in any meaningful way. What is negotiable: the dollar amounts, the days in every timing blank, which boxes are checked, which riders are added, and whatever language goes in the Special Clauses (Paragraph 19) section. Counter-offers can also adjust price, deposits, and dates without rewriting the form.
Do I need a Florida lawyer? Florida does not require an attorney to be at a real-estate closing. Many closings are handled by title companies. For a Canadian buyer, the marginal cost of a single attorney review (USD 350 to USD 750) versus the asymmetry of getting the contract wrong (deposit forfeit, mistitled property, FIRPTA exposure on resale, lost homestead expectations) is a clear "yes, get the lawyer". Opinion, but heavily weighted.
Can I sign electronically from Quebec or Ontario? Yes. Electronic signature platforms (DocuSign, Authentisign) are standard in Florida real estate. The Effective Date is the date the last party delivers an executed copy. You do not need to be physically in Florida to sign.
What happens if the property fails to appraise? On the Standard contract and the AS IS contract, the appraisal is part of the Loan Approval definition under Paragraph 8(b). If the appraisal comes in low and the lender refuses to fund at the contract price, the buyer can terminate within the Loan Approval Period. If the buyer waits past the Loan Approval Period, the contingency is deemed waived even if the appraisal later comes in low. Some buyers add Rider F (Appraisal Contingency) for an additional standalone appraisal contingency, but it is rare in 2026's tighter Florida market.
Can the seller back out? Only on specific grounds enumerated in the contract (mostly title defects the seller cannot cure, force majeure, buyer default). A seller who simply changes their mind faces specific performance and is materially exposed.
Does the FAR/BAR address FinCEN reporting? Version 7 includes language addressing FinCEN. The substantive obligation under the 2026 Residential Real Estate Final Rule sits with the closing professional, not the buyer. Confirm in writing with the closing agent that they will handle the Real Estate Report when applicable.
What happens if I change my mind in the first three days, like in Quebec for some consumer contracts? There is no statutory three-day buyer rescission right under Florida real-estate law unless the contract specifically provides for it. Once the contract is effective, it is binding. The Inspection Period (Paragraph 12) is the closest functional analogue.
What is out of scope of this guide
This guide focuses on the residential FAR/BAR Versions 7 (Standard) and ASIS-7. Specifically not covered here, by design:
- The CRSP-17 form (Florida Realtors-only contract). It overlaps with the FAR/BAR but routes disputes to arbitration and treats certain timing differently. A dedicated guide is forthcoming.
- The Vacant Land Contract (VAC) and the Commercial Contract (CC). These are different forms with different mechanics.
- Province-by-province comparisons beyond Quebec. Equivalent comparisons for Ontario (Agreement of Purchase and Sale, OREA Form 100), BC (Contract of Purchase and Sale, BCREA), and Alberta (AREA Residential Real Estate Purchase Contract) are forthcoming.
- New construction in Florida via builder contracts. These are not FAR/BAR. Builders use their own (heavily seller-favorable) contracts. See the preconstruction guide.
- Cross-border tax planning at acquisition (LLC vs. personal name vs. cross-border trust). See the dedicated guides on LLC for Canadians, personal name vs LLC, and cross-border trust.
Editorial team and Essential disclaimer
This guide was drafted with the involvement of the canadaflorida.com editorial team, drawing on Florida Realtors and Florida Bar published sources, Florida Statutes, the IRS, FinCEN, and OACIQ.
Essential disclaimer: the Florida real-estate contract is a binding legal instrument. The version, the riders, the local practice (especially in Miami-Dade and Broward counties), and the tax structure of your acquisition can each materially change what is right for your situation. Use this guide to read the contract better. Do not use it to draft, sign, or accept a contract without a Florida-licensed real-estate attorney involved.