Miami Condo Short Sale Contract is Binding

A real estate contract signed and accepted by the Seller and the Buyer, whether for a Miami condo or home, is a binding and fully enforceable contract, regardless if the contract is “subject to short sale lender approval” or not.  If such real estate contract is subject to Seller’s lender approval it does not necessarily mean that if the lender requires any alteration the Seller or Buyer can immediately cancel the contract.  It is important to clearly include contract terms, usually in the “Additional Terms” section of the contract, stating, either on behalf of the Buyer, Seller, or both, that if particular terms are not approved by the Seller’s lender, that the party in question may cancel the contract, usually with full release of all deposits.  Also, an executed contract should be marked as “Pending” in the MLS, per your local MLS rules. 

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