This post is part of a full breakdown of the Florida CRSP-17 Contract. Today we’re covering Section 2 – Purchase Price. Scroll to the bottom for the full series list and what’s coming next.Subscribe now so you don’t miss the next drop. This is free—but it’s built to raise the bar. Please like if indeed you appreciate the effort.
🧾 Section 2: The Purchase Price Section
Is Simple — Until It’s Not
Let’s point out the obvious: Section 2 of the Florida CRSP-17 contract isn’t complicated. It looks like basic arithmetic — purchase price, deposits, financing, done.
But here’s the problem: a lot of agents gloss over this section, and in doing so, they set their clients up for serious risk. Especially when financing is involved.
Because while this section may look like just a bunch of blanks to fill in, it contains a binding legal commitment that can determine whether or not a buyer gets to walk away with their deposit intact.
💡 What This Section Actually Covers
Section 2 breaks down the Purchase Price like this:
Initial Deposit
Additional Deposit
Total Financing (how much the buyer will borrow)
Other Payments
Balance to Close (cash due at closing, excluding costs and prorations)
The numbers must add up to the full purchase price. Simple, right?
But now let’s zoom in on where this goes wrong — and why a good agent doesn’t just fill in these blanks and move on.
⚠️ The Financing Line Is a LEGAL Commitment
Here’s the scenario:
Your buyer writes a contract for $1,000,000. They put $100,000 as an initial deposit, another $100,000 as additional deposit, and indicate $600,000 in financing.
That’s 40% down. So far, so good.
But what happens next?
They apply for a 90% loan instead — because their lender says they might qualify with less down. Then they get denied. Then they send over a cancellation and try to walk away based on the financing contingency.
That is a problem.
Why?
Because they never even applied for the financing structure they contractually agreed to. They didn’t attempt to qualify for the 60% loan (40% down) they wrote into the contract.
❌ That’s not a failed contingency. That’s a failure to perform. And that’s the kind of mistake that gets a buyer’s deposit challenged — or lost entirely.
✅ More Down = OK. Less Down = Risky (If You Don’t Qualify Per Contract)
Let’s be clear:
If the buyer gets qualified for 60% financing — and then ends up putting less down and closing with 90% financing — that’s not a breach. If they qualify, the seller is likely just glad the deal’s closing.
The breach comes when:
The buyer applies for a loan different than what’s written in Section 2,
They fail to qualify, and
They attempt to cancel based on that denial — without ever attempting to qualify for the loan terms they agreed to.
This is where agents get into trouble.
Because most don’t explain this. They write in numbers that “sound good.” Or they defer to the lender without ensuring the contract terms match what the buyer actually intends to pursue.
And when the financing contingency falls apart later — the buyer finds out the hard way that Section 2 wasn’t just for show.
🧠 Counsel Your Buyer. Don’t Just Fill in the Blank.
When we represent financing buyers, we sit down and explain this line item before signing anything:
“You can always bring more cash to closing than you disclose here. But you cannot commit to a bigger down payment and then cancel because you didn’t qualify for a lower one — unless you actually applied for the loan you promised to.”
It’s about protecting the buyer’s deposit. It’s about acting in good faith. And it’s about making sure the financing contingency actually covers what the client is trying to do.
☕️ Our Approach
We’re not checkbox realtors. We don’t skim contract sections and hope the lender figures it out later.
We make sure the buyer knows:
What’s being promised in the contract
What they’re allowed to do — and not do — under the contingency
And where the deposit is protected — or exposed
That’s how we build trust and protect people. And that’s why this section matters more than most agents realize.
📌 What You Need to Know
Section 2 looks simple, but it defines the financing structure the buyer is committing to — in legally binding terms.
Buyers can always put more down than they state in the contract.
They cannot put less down and cancel, unless they actually applied for the financing terms they promised.
Applying for a different loan, getting denied, and trying to walk away without ever trying to qualify under the contract terms is a fast track to losing the deposit.
If you’re an agent who skips over this with your buyer, you’re not protecting them — and you’re exposing both of you to unnecessary risk.
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🔗 The Series So Far – Learn the Florida Contract for Sale and Purchase (CRSP-17 Sections 1–20)
