The Florida Bar and the Florida Association of Realtors® established a Realtor®-Attorney Joint Committee in 1973, comprised of 10 attorneys and 10 Realtors® appointed by their respective organizations. The FAR/BAR Residential Contract for Sale and Purchase and Comprehensive Riders (collectively, the "Contract") was created by the committee and, according the Florida Supreme Court, use of the FAR/BAR Contract and Riders allows real estate licensees to avoid the unauthorized practice of law by simply filling in the blanks. Keyes Co. v. Dade County Bar Ass'n., 46 So.2d 605 (Fla. 1950).
When the bank takes the property back and pays the twelve months to the association. What happens to the balance, in essense? Good question. The statute says that the owner is jointly and severely liable with the previous owners.
Florida Statute, Section 95.11(2) imposes a five-year statute of limitations to sue for default on: "(b) A legal ... action on a contract, obligation, or liability founded on a written instrument ..." and "(c) An action to foreclose a mortgage." Most people read this statute to mean that if a homeowner defaults on a promissory note and mortgage, the lender has 5 years to file its foreclosure action. If the bank fails to file within the five-year period, it is forever barred from seeking foreclosure. Some argue the date of default is irrelevant because each month's missed payment is a new default, thus setting a new limitations date. Other interpretations provide that the statute of limitations expires five years after the maturity date of the loan, rather than the date of default.