Luxury Homes and Estates of Florida Magazine
by Houston E. Short
There appears to be a misconception that a deposit must be made by a buyer of real estate to seal the deal. The Standard Contract for Sale and Purchase often requires a deposit be paid, however, the failure of the buyer to deliver the deposit does not render the contract unenforceable.
On the contrary, in the case of Peterson Homes, Inc. v. Johnson, 691 So.2d 563 (Fla. 5th DCA 1997) the court ruled that the promise to purchase property creates a binding contract even though the purchaser has paid no earnest money deposit. More.....
