Elements of a valid contract
A valid contract needs competent parties, offer and acceptance (mutual assent), consideration, and a lawful purpose. Contracts for the sale of land must also be in writing.
Statute of frauds
Under § 725.01, Fla. Stat., no action may be brought on a contract for the sale of land, or on a lease for longer than one year, unless the agreement (or a memorandum of it) is in writing and signed by the party to be charged.
Contract vocabulary
- Bilateral (promise for a promise) vs. unilateral (promise for an act).
- Executory (not yet performed) vs. executed (fully performed).
- Void (no legal effect), voidable (valid until one party elects to avoid it), and unenforceable.
- Remedies: specific performance, damages, rescission, and liquidated damages such as forfeiture of a deposit when the contract provides for it.
Florida disclosures to know
| Disclosure | When | Authority |
|---|---|---|
| Property tax disclosure summary: the buyer shouldn't rely on the seller's current taxes | Residential sale contracts | § 689.261, Fla. Stat. |
| Radon gas notification | At the time of, or before, the contract for sale or lease of a building | § 404.056, Fla. Stat.(5) |
| Energy-efficiency rating information brochure | At the time of, or before, the contract for sale of a building | § 553.996, Fla. Stat. |
| Community Development District disclosure | Initial sale in a CDD | § 190.048, Fla. Stat. |
| HOA disclosure summary | Before the buyer signs a contract in a mandatory HOA community | § 720.401, Fla. Stat. |
| Condominium resale documents and voidability period | Resale of a condo unit | § 718.503, Fla. Stat.(2) |
| Transaction broker, single agent or no brokerage relationship notices | As set by statute | § 475.278, Fla. Stat. |
Material facts
Licensees who are transaction brokers, single agents, or have no brokerage relationship must all disclose known facts that materially affect the value of residential real property and aren't readily observable to the buyer (§ 475.278, Fla. Stat.).
Federal and state laws (Area VII)
Expect questions on fair housing, the Americans with Disabilities Act, RESPA (including Section 8's prohibition on kickbacks for referrals), and lead-based paint disclosure for pre-1978 housing.
- § 725.01, Fla. Stat.
- § 689.261, Fla. Stat.
- § 404.056, Fla. Stat.
- § 553.996, Fla. Stat.
- § 190.048, Fla. Stat.
- § 720.401, Fla. Stat.
- § 718.503, Fla. Stat.
- § 475.278, Fla. Stat.
- 12 C.F.R. § 1024.14 (RESPA Section 8)
Last reviewed October 2026. Laws change; confirm current law before relying on this page.