The first thing we must understand is that a real estate contract must be in writing to be enforceable. Some oral contracts are enforceable in Florida, however, real estate contracts are not among them. It is imperative that you have your attorney review a real estate contract before you sign it. It s too late to do any good if you wait until after it s signed. That contract will govern your relationship with the other party until closing, in addition to setting out all of the terms of your agreement.
Closing is the finalizing of the transaction.
It is the terminating event of the contract. Usually that is the date that the last necessary signature was placed on the contract. The sale and purchase is actually taking place at that time. Contract negotiations are customarily done with several original counterparts of one document. By the way, during contract negotiations, the papers may go back and forth several times between the prospective parties.