The real estate laws allow such craziness. We may complain about too much regulation in this part of the country, but at times like this, I'm grateful. There were people during the 2002-2006 time period that made a LOT of money down there, by doing absolutely nothing. They would buy a pre-construction home, hang on to the contract a few months, and then sell it to someone at a profit. Sometimes that contract would be flipped several times. And guess what?? The builder goes bankrupt, the place NEVER gets built, and the last guy holding it is the one who gets screwed.

When you sign off on a purchase offer down in Florida, that's considered your purchase contract. Around here, that would just be considered a "meeting of the minds" and then it would go to the lawyer. Not in Florida. Also, the closing is handled by a title company! It's definitely different from what I'm used to in real estate.