Spec Home
Purchase Contract

Revision 07.2026

Parties

Contract for new construction between the following, hereafter referred to as “Buyer” whose contact information is as follows:

and Gibraltar Development LLC, hereafter referred to as “Seller,” located at 1370 Sarno Rd Unit E, Melbourne, FL 32935, agree that Seller shall sell, and Buyer shall buy, the following described Real Property and Personal Property (collectively “Property”) pursuant to the terms and conditions of this Spec Home Purchase Contract for a Single-Family Residence being built on the property located at:

WHEREAS the Seller is the owner in fee simple of certain premises described above and hereinafter called the “Property,” and Buyer desires to purchase from Seller the Property, check one:

NOW THEREFORE, for and in consideration of the mutual promises herein contained, the parties agree as follows:

Terms of Purchase

1. Seller shall complete and/or construct upon the building site a building and related improvements, and the Buyer shall purchase the Property which is the following Model with specifications as defined in Exhibit “A”. Model name:

2. Deposit: $ Paid at Contract Signing or Paid within Days of Contract signing. This deposit will become non-refundable upon the earlier of (i) [insert date, if any], or (ii) expiration or waiver of the financing contingency under Paragraph 45. Buyer’s right to have deposit funds held in escrow is described in Paragraph 38.
Additional Deposit due by

3. Deposit funds will be held as follows (check one):

See Paragraph 38 regarding Buyer’s statutory right to have deposit funds up to ten percent (10%) of the Purchase Price held in an escrow account.

4. Purchase Price (U.S. currency): $

5. Additional Cost or concessions:

6. Amount to be financed $ or %

7. Remaining balance due at Closing $ (not including closing costs, prepaids and prorations).

8. COMPLETION OF CONSTRUCTION. The Seller agrees to use its best effort to deliver the completed Property by , the Closing Date, subject to issuance of a Certificate of Occupancy, availability of proper materials and labor, and other reasonable construction delays. Without guaranteeing a completion date, it is estimated that completion of the Home will occur within approximately days after the Effective Date. Buyer acknowledges that any stated completion date is a projection only.

In any and every event, Seller shall complete construction of the Home within two (2) years after the Effective Date, plus such additional period equal to any period of delay caused by matters that qualify under impossibility of performance principles recognized under the laws of the State of Florida, including strikes, acts of God, declared states of emergency, material or labor shortages, and governmental action or delay. If Seller fails to complete construction within that period as extended, Buyer may terminate this Contract by written notice and receive a full refund of the Deposit and all other sums paid to Seller, whereupon the parties shall have no further obligation to each other.

The Property shall be deemed “Completed” on the date Seller gives Buyer notice that the dwelling is complete and a Certificate of Occupancy, temporary or permanent, has been obtained, even if Punch List items or common area, amenity or development items are not then completely finished. Buyer agrees to close promptly following completion, whether earlier or later than any projected completion date. Buyer acknowledges that an actual closing date cannot be determined until final issuance of a Certificate of Occupancy and full loan approval, that Buyer will not rely on any representation from Seller’s representatives regarding estimated closing dates, and that Seller shall not be responsible for losses incurred by Buyer arising from a delay in Closing, including interest rate changes, rate lock extension fees, additional or higher rent payments or penalties, or moving and storage expenses. This limitation does not apply to losses caused by Seller’s gross negligence or willful misconduct. Seller shall deliver the completed Home to Buyer at Closing in broom-swept condition, free of all trash and debris.

Closing and settlement of the Contract shall be either at the Closing Date as set above or within seven (7) days of notice by the Seller to Buyer that the premises are ready for occupancy and the Certificate of Occupancy has been obtained and Contractor has given to Buyer a Contractor’s Affidavit of “No Liens” and other documents and releases as required by Florida Construction Lien Law. Refer to Exhibit “E” for Florida Lien Disclosure.

9. CLOSING AGENT; BUYER’S RIGHT TO SELECT TITLE INSURER. Seller has designated as closing agent for this transaction: Ashlyn Reibel, Dockside Title, 2300 S Babcock St., Melbourne, Florida 32901, 321-349-3777, Fax 321-329-0556, Ashlyn@docksidetitle.com. Dockside Title is not affiliated with, and is not owned in whole or in part by, Seller.

Buyer has the right to choose Buyer’s own title insurance provider and closing agent. Buyer is NOT required, as a condition of purchasing the Property, to purchase title insurance from Dockside Title or from any other particular title company, and Seller does not condition the sale of the Property, directly or indirectly, on Buyer’s use of any particular title company. If Buyer elects to use a different closing agent or title insurer, Buyer shall notify Seller in writing within ten (10) days after the Effective Date, and Buyer’s selected agent must be able to close within the time frames required by this Contract.

10. The Seller is to remain in exclusive possession of the Property during the course of construction and until Seller is paid in full in accordance with the terms of this Contract. Seller shall deliver possession to the Buyer when the construction is completed at the Closing Date. Buyer shall not occupy or permit others to occupy the Property until the sale has Closed unless Seller agrees otherwise.

11. Site meetings and inspections. All site meetings and inspections must be scheduled through the Construction Superintendent. These site meetings and inspections must be scheduled at least three (3) days in advance, must take place during normal working hours (Monday–Friday 8:00AM to 5:00PM) and must be in accordance with the Construction Superintendent’s production schedule. The Seller may request the Buyer to attend the following meetings and will give the Buyers 3 days’ notice: Pre-Construction Meeting, Framing Walk-Through, and Final Walk-Through. Seller will not delay construction or closing to accommodate site meeting or inspection appointments.

12. Failure by Buyer to follow the procedures set forth in Paragraph 11 shall constitute a material breach of this Contract. Unauthorized entry onto the Lot by Buyer, its agents or contractors shall constitute a material breach of this Contract.

13. WALK-THROUGH INSPECTION/RE-INSPECTION: Ten days prior to Closing Date, Buyer or Buyer’s representative may perform a walk-through (and follow-up walk-through, if necessary) inspection of the Property to verify that Seller has completed the Property as required and has met all other contractual obligations. Items identified at that time that need to be corrected or completed shall be recorded on the Punch List described in Paragraph 21.

14. Financing

This contract is is not contingent upon the Buyer’s lender obtaining a satisfactory appraisal in an amount equal to or greater than the contract price. If Buyer’s lender is unable to obtain a satisfactory appraisal within five (5) days of notice of issuance of CO, the Buyer shall pay the difference at closing or forfeit the earnest money deposit, and any other monies collected in advance are released to the Seller within ten (10) days of notice of issuance of CO, by way of this document.

The Seller does does not reserve the right to continue actively marketing the property while it is under contract. If a competing offer is received, the Seller may invoke a 48-hour Kick-Out Clause.

15. Closing Costs

There are certain fees and costs (collectively, the “Closing Costs”) incurred by the buyer and the seller in closing a real estate transaction. Closing Costs shall be paid as follows:

a. COSTS TO BE PAID BY SELLER:

1. Recording and other fees needed to cure title
2. Seller’s attorneys’ fees
3. Any Closing Costs Seller has expressly agreed to pay in Paragraph 5 or Paragraph 47

b. COSTS TO BE PAID BY BUYER:

1. The cost of preparing and officially recording the Deed
2. Documentary stamp taxes and surtax on the Deed, if any
3. Taxes and recording fees on notes and mortgages, and recording fees for financing statements
4. Buyer’s share of taxes, solid waste fees, governmental assessments and Association dues and assessments, which will be prorated through the Closing Date
5. Any prepayment of Association dues and assessments required by the Associations, and any transfer fees or resale certificate fees charged by the Associations
6. Any initial, capital or similar contribution required to be paid to the Associations under the applicable Community Documents
7. HOA/Condominium Association application and transfer fees, if applicable
8. Loan expenses, and any costs, fees, charges, points or prepaid items imposed by Buyer’s lender, including the cost of any title insurance required by Buyer’s lender
9. Appraisal fees
10. The premium on the Owner’s Title Policy and the Lender’s Title Policy (if any), the cost of the title search and title examination, and any endorsements
11. Buyer’s inspections
12. The cost of an as-built survey and elevation certification, if required
13. Capacity and hookup fees for water and sewer utility service
14. All property related insurance
15. Buyer’s attorneys’ fees
16. Any late fees, costs, charges or expenses provided for elsewhere in this Contract
17. Any commission to a real estate broker other than Seller’s broker and the Outside Broker named in this Contract, if any
18. Maverick Express Builder Warranty
19. Other fees and costs normally paid by the buyer of a residence in Brevard County
20. All other costs necessary in connection with the transaction contemplated by this Contract other than the Closing Costs expressly to be paid by Seller

Construction, Warranties & Administration

16. Seller shall provide general administration of construction. Seller shall be responsible for arranging and coordinating the work and supervision and inspection of progress. Sellers may perform the work with their own force and may subcontract portions or all of the work at their sole discretion.

17. Seller warrants and represents to the Buyer as follows:

1. The Property is properly zoned for construction of the building and related improvements.
2. That there is adequate legal access to the Property from public roads.
3. That the intended building and improvements will not violate the restrictions concerning the Property and Seller has obtained all required approvals of Architectural Review Boards and similar entities.
4. That the Property is free of all liens and encumbrances which might affect construction.

18. That Seller is or has contracted a properly licensed building contractor for the construction of the Property. That Seller will engage only subcontractors that are properly licensed.

19. That Seller is a Florida Corporation in good standing.

20. That Seller will complete construction in a good workmanlike manner. Seller shall guarantee for a period of one year from issue of the Certificate of Occupancy against defective materials and workmanship. This guarantee includes, without limitation, the building, roof, plumbing, electrical systems and the heating, ventilation, and air conditioning system. Refer to Exhibit “D” for Florida Homeowners’ Construction Recovery Fund Information Sheet.

The foregoing warranties and guarantees do not cover settlement cracks, fading, discoloration of paint or wood, or pitting or imperfections that may result from normal settling, normal shrinkage or drying out, or which may result from the negligence, abuse, or lack of normal maintenance by Buyer. The foregoing warranties and guarantees also exclude consequential damages.

Seller shall assign to Buyer all warranties applicable to the premises received from suppliers, subcontractors and material men, and any other warranties pertaining to the premises, appliances, fixtures, and systems.

21. PUNCH LIST; NO HOLDBACK. Prior to Closing, Buyer shall inspect the Property with an authorized representative of Seller to determine the items remaining to be completed, repaired or replaced in order to cause the Property to substantially conform to the Plans and Specifications. Buyer and Seller shall agree upon those items and record them on a list provided by Seller (the “Punch List”). Buyer shall not unreasonably delay Closing due to minor corrections or touch-up work that does not interfere with occupancy.

Seller shall complete the Punch List items within thirty (30) days after the date of the Punch List, or as soon as reasonably practicable thereafter taking into account weather, material availability and Buyer’s provision of access to the Property during normal working hours. Seller’s obligation to complete the Punch List shall survive Closing. Upon completion, Buyer shall execute a Final Acceptance Certificate certifying completion of the Punch List. Punch List items not completed at Closing shall be promptly and responsibly handled by Seller as a warranty item under Paragraph 20.

The existence of a Punch List shall not entitle Buyer to delay Closing or to hold back or escrow any portion of the Purchase Price at Closing, except where a condition prevents issuance of a Certificate of Occupancy or renders the Home unfit for occupancy. NO ESCROWS OR HOLDBACKS OF CLOSING FUNDS WILL OTHERWISE BE PERMITTED. Buyer acknowledges that at the time of Closing Seller may still be completing finishing details and landscaping on the Property or on other property in the community, and that this shall not be a reason to postpone Closing.

If the parties cannot agree upon a Punch List, or if after agreeing Buyer fails or refuses to execute it, either party may submit the disagreement to the dispute resolution procedure in Paragraph 28, and Seller may terminate this Contract by written notice if the disagreement is not resolved within thirty (30) days.

ANY CLAIMS FOR CONSTRUCTION DEFECTS ARE SUBJECT TO THE NOTICE AND CURE PROVISIONS OF CHAPTER 558, FLORIDA STATUTES. See Paragraph 48 for the procedure applicable to claimed construction defects.

22. Changes in the plans and specifications shall be by “CHANGE ORDER” forms only, signed by both Buyer and Seller. The “CHANGE ORDER” shall specify the nature of the change and the amount to be added or subtracted from the total contract price occasioned by the change and shall be substantially in the form as reflected in Exhibit “F” attached. Each change requested by the Buyer subsequent to said customer approval of plans is subject to builder approval and shall carry a surcharge of $750 per change in addition to the regular charge or credit attendant to the change requested.

23. Material Cost/Inflation/Shortages: Should building materials prices increase by more than 5% in any 60-day period, the Seller has the right to increase price to reflect such increases with a 15-calendar-day written notice, prior to Closing. If an increase in price is exercised by the Seller, the Buyer has the right to cancel the contract with a 7-calendar-day written notice from receipt of price increase from Seller and receive a refund of the initial deposit.

Seller/Builder may use and install materials other than those specified on the plans and specifications if those so specified are not readily available when needed. Replacement material shall be only of similar or superior quality. Builder reserves the right, at Builder’s sole discretion, to substitute or delete items as needed based on availability.

24. Any additional expenses caused by rock or other adverse subsoil conditions which are unknown and cannot reasonably be discovered by the Seller prior to entering into this Contract shall be borne by the Buyer. Seller shall give Buyer timely written notice of the same and shall specify any additional expenses.

25. Expenses of temporary electric service during construction will be borne by Seller.

26. This Agreement shall be binding upon the heirs, executors, administrators and assigns of the parties. Neither party shall assign this Contract without the prior written consent of the other party.

27–29. Default, Dispute Resolution & Fees

27. DEFAULT:

a. Buyer Default: If Buyer fails, neglects or refuses to perform Buyer’s obligations under this Contract, including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit for the account of Seller as agreed-upon liquidated damages, consideration for execution of this Contract, and full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under this Contract; or Seller, at Seller’s option, may proceed in equity to enforce Seller’s rights under this Contract, subject to Paragraph 28. Seller’s retention of the Deposit as liquidated damages is the parties’ reasonable estimate of Seller’s damages, which would be difficult or impossible to determine precisely, and is not intended as a penalty. Seller may elect either remedy but not both.

b. Seller Default: If for any reason other than failure of Seller to make Seller’s title marketable after reasonable diligent effort, Seller fails, neglects, or refuses to perform Seller’s obligations under this Contract, Buyer may elect to receive return of Buyer’s Deposit thereby waiving any action for damages resulting from Seller’s breach.

This Paragraph 27 shall survive Closing or termination of this Contract.

28. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and Seller arising out of, or relating to, this Contract or its breach, enforcement, or interpretation (“Dispute”) will be settled as follows:

(a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph 28(b).

(b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the “Mediation Rules”). The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be sought without first complying with this Paragraph 28(b). Disputes not settled pursuant to this Paragraph 28 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 28 does not apply to, and does not modify, the notice and cure procedure required by Chapter 558, Florida Statutes, for construction defect claims. This Paragraph 28 shall survive Closing or termination of this Contract.

29. ATTORNEY’S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted by this Contract, and each party will pay their own costs, expenses, and fees, including attorney’s fees, incurred in conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to recover from the non-prevailing party costs and fees, including reasonable attorney’s fees, incurred in conducting the litigation. This Paragraph 29 shall survive Closing or termination of this Contract.

30. The price set forth above is based upon Seller having immediate access to the property. It is further based upon Seller being authorized to commence construction within ninety (90) days from the date hereof and hereafter being able to prosecute the work continuously until completion. The price and time of performance shall be subject to adjustment if the Seller is not authorized to begin construction within 90 days. If Seller is prevented from prosecuting the work continuously, or if unforeseen site conditions, including subsurface conditions or the absence of temporary utilities, delay commencement and prosecution of the work, or if any Governmental authority requires additions or changes to the plan or specification, Buyer agrees to promptly make selection of material and finishes upon request by Seller. In the event Buyer unreasonably delays in making such selections, the price and time of performance shall be subject to adjustments.

31. A waiver of a breach of any of the terms or conditions hereof shall not be construed as a waiver of any subsequent breach. Any consent to delay in the performance by the Seller of any obligations shall be applicable only to the particular transactions to which it relates, and it shall not be applicable to any other obligations or transaction. Delay in the enforcement of any remedy in the event of a breach of any term or condition hereof, or in the exercise by either party of the right hereunder, shall not be construed as a waiver.

32. ALLOWANCES: Allowances have been set for specific items. The Seller is not bound to the costs specified in the allowances; however, Seller will use its best efforts to obtain the items specified at a cost that does not exceed the allowance cost. If the item(s) exceed the allowance cost, the Seller will notify the Buyer, and if the Buyer approves the purchase of the item(s) at the increased cost, then Buyer agrees to pay the excess amount. Overages will be paid when the order is placed.

33. The Buyer may terminate this Contract prior to its completion in the event the Seller files bankruptcy, becomes insolvent, or defaults in performance of any provision herein or fails to carry out the construction in accordance with the provisions of this Contract and the plans and specifications, after receipt of five (5) days’ written notice of same from Buyer and a reasonable opportunity to cure. Upon such termination Buyer shall receive a full refund of the Deposit and all other sums paid to Seller. Buyer’s remedies upon Seller’s default are as stated in Paragraph 27(b) and this Paragraph 33.

34. This Contract constitutes the entire agreement between the parties and supersedes any prior oral negotiations or representations. This Contract may only be modified or amended in writing signed by both parties.

35. Any notices or other communications required or permitted hereunder shall be sufficiently given if sent by registered or certified mail, postage prepaid, return receipt requested, addressed to the parties at the address shown herein or at such other address as may be furnished in writing by either party to the other, and shall be deemed to have been given as of the date so deposited in the United States mail.

36. This agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument.

37. Bahia Sod is the preferred grass installed on all Gibraltar Built homes. Note during seasons of Winter & Spring, Bahia may at the time of installation be dormant between those months.

38. Deposit Escrow; Buyer’s Right to Escrow of Deposit Funds

The foregoing notice is given pursuant to Section 501.1375, Florida Statutes. Seller sells or constructs ten (10) or more residential units per year statewide and is therefore subject to that section. Buyer elects as follows (check one):

Deposit funds in excess of ten percent (10%) of the Purchase Price may be used by Seller for the construction of the Home. If Seller withdraws or uses any escrowed deposit funds for construction purposes as permitted by Section 501.1375(4), Florida Statutes, Seller shall first give Buyer written notice and shall comply with the surety bond, irrevocable letter of credit, or other alternative assurance requirements of that section. Failure by Seller to place deposit funds in escrow when required is a violation of Section 501.1375, Florida Statutes.

39–44. Statutory Disclosures

39. PROPERTY TAX DISCLOSURE SUMMARY.

This summary is provided pursuant to Section 689.261, Florida Statutes. Buyer acknowledges that the Property is newly constructed and that the taxes assessed during construction reflect unimproved or partially improved land, and will increase after the improvements are assessed.

40. RADON GAS. The following disclosure is required by Section 404.056(5), Florida Statutes:

Seller has not conducted radon testing on the Property and makes no representation as to radon levels. Buyer may obtain radon testing at Buyer’s expense. Except for any obligation arising under the applicable building code, Seller assumes no liability for the presence of radon, and Buyer waives all warranties, express or implied, that could be construed to cover the presence of radon. Nothing in this Paragraph waives or limits any right or remedy of Buyer under Chapter 558, Florida Statutes, or any implied warranty that Florida law does not permit to be disclaimed.

41. FLOOD DISCLOSURE. Section 689.302, Florida Statutes, requires Seller to complete and provide the following flood disclosure to Buyer at or before the time this Contract is executed:

Flood Insurance: Homeowners’ insurance policies do not include coverage for damage resulting from floods. Buyer is encouraged to discuss the need to purchase separate flood insurance coverage with Buyer’s insurance agent.

(1) Seller has has no knowledge of any flooding that has damaged the property during Seller’s ownership of the property.

(2) Seller has has not filed a claim with an insurance provider relating to flood damage on the property, including, but not limited to, a claim with the National Flood Insurance Program.

(3) Seller has has not received assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency.

(4) For the purposes of this disclosure, the term “flooding” means a general or temporary condition of partial or complete inundation of the property caused by any of the following: a. the overflow of inland or tidal waters; b. the unusual and rapid accumulation of runoff or surface waters from any established water source, such as a river, stream, or drainage ditch; c. sustained periods of standing water resulting from rainfall.

Buyer is advised to independently verify the flood zone designation of the Property and the availability and cost of flood insurance before Closing.

42. ENERGY-EFFICIENCY RATING. Pursuant to Section 553.996, Florida Statutes, Buyer is hereby notified of the option for an energy-efficiency rating on the Home. Buyer acknowledges receipt of the Florida Building Energy-Efficiency Rating System information brochure, attached as Exhibit “J.” Buyer may have the Home rated by a certified rater at Buyer’s expense. Buyer’s election to obtain, or not to obtain, such a rating shall not delay Closing.

43. HOMEOWNERS’ ASSOCIATION. Check one:

If the Property is subject to a mandatory homeowners’ association, then upon taking title Buyer will automatically become a member of one or more not-for-profit associations (the “Associations”) that administer and enforce the recorded covenants, conditions and restrictions encumbering the subdivision, and Buyer will be responsible for all assessments, costs, obligations and liabilities of membership. The Disclosure Summary required by Section 720.401, Florida Statutes, is attached as Exhibit “H” and is incorporated into this Contract by reference.

Buyer further acknowledges receipt, before signing this Contract, of the declaration of covenants and restrictions, the articles of incorporation, the bylaws, and the rules and regulations of each Association in which Buyer will hold membership.

44. CONVEYANCES TO FOREIGN PRINCIPALS. Part III of Chapter 692, Sections 692.201–692.205, Florida Statutes, restricts the purchase and ownership of certain Florida real property by “foreign principals” associated with a foreign country of concern, which the statute identifies as the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolas Maduro, and the Syrian Arab Republic. The statute imposes additional restrictions on property located within ten (10) miles of a military installation or critical infrastructure facility. Buyer is notified that it is a crime to knowingly buy or sell real property in violation of Part III of Chapter 692.

Buyer represents and warrants to Seller that Buyer has reviewed Part III of Chapter 692, Florida Statutes, and that Buyer’s purchase of the Property is permitted by and in compliance with it. At or before Closing, and in any event within three (3) calendar days after Seller’s or the Closing Agent’s written request, Buyer shall execute and deliver the affidavit required by Section 692.203 or 692.204, Florida Statutes, in the form attached as Exhibit “L.”

Failure to execute and deliver the affidavit as required shall constitute a default by Buyer, and the remedies available to Seller under Paragraph 27 shall apply. Buyer acknowledges that Seller has no obligation or duty to investigate whether Buyer is a foreign principal.

45. Financing Contingency

This Paragraph 45 governs Buyer’s financing and controls over any conflicting provision of Paragraph 14. All references to days in this Paragraph 45 are calendar days unless stated otherwise.

45.1 Loan Application. If Buyer is financing any portion of the Purchase Price, Buyer shall apply for a loan (the “Loan”) with a lender within five (5) business days after the Effective Date (the “Loan Application Date”) and shall provide Seller with written proof of that application. Buyer shall promptly provide the lender with all documents and information the lender requires to evaluate the Loan.

45.2 Loan Approval Letter. On or before 5:00 p.m. on the twentieth (20th) day after the Effective Date (the “Loan Approval Date”), Buyer shall deliver to Seller a written statement from a lender reasonably acceptable to Seller stating that the lender has approved a loan to Buyer in the amount applied for, and listing all conditions to the lender’s willingness to fund (a “Loan Approval Letter”). A conditional or preliminary approval satisfies this requirement so long as it states the amount approved and lists the outstanding conditions.

45.3 Best Efforts. Buyer shall use Buyer’s best efforts to obtain a Loan Approval Letter and to satisfy all conditions contained in it, and shall not do, or fail to do, anything that would reasonably be expected to adversely affect Buyer’s ability to obtain or maintain the Loan Approval Letter, including incurring new debt, changing employment, or making large deposits or withdrawals without lender approval.

45.4 Expiration of the Contingency. This financing contingency expires, and the Deposit becomes non-refundable, upon the earlier of (i) Buyer’s delivery of a Loan Approval Letter to Seller, or (ii) 5:00 p.m. on the fifth (5th) day after the Loan Approval Date if neither party has terminated under Paragraph 45.6. After the contingency expires, Buyer assumes all responsibility for closing the Loan, and Buyer’s ability to obtain financing shall no longer be a contingency to Buyer’s obligation to close. Buyer shall not be excused from closing because of (a) an adverse change in Buyer’s personal or financial condition, (b) Buyer’s inability to satisfy a lender condition, (c) a change in the amount, interest rate or terms of the Loan, or (d) Buyer’s decision that the Loan terms are unacceptable.

45.5 Failure to Apply. If Buyer fails to apply for the Loan by the Loan Application Date or fails to provide the lender with the documents and information necessary to evaluate the Loan, Seller may terminate this Contract by written notice to Buyer. Upon such termination Seller shall refund the Deposit less Seller’s documented out-of-pocket costs already incurred, conditioned upon Buyer’s execution of a termination and mutual release in a commercially reasonable form, and the parties shall have no further obligation to each other.

45.6 Failure to Deliver Loan Approval Letter. If Buyer does not deliver a Loan Approval Letter by the Loan Approval Date, then either party may terminate this Contract by written notice delivered within five (5) days after the Loan Approval Date. If Buyer terminates under this Paragraph 45.6 after having timely applied for the Loan and used best efforts, the Deposit shall be refunded to Buyer less Seller’s documented out-of-pocket costs already incurred. If neither party delivers a termination notice within that period, this contingency expires as provided in Paragraph 45.4.

45.7 Cash Purchase. If Buyer does not intend to finance any portion of the Purchase Price, Buyer shall so notify Seller in writing within five (5) business days after the Effective Date and shall provide Seller, within ten (10) days after the Effective Date, with reasonably satisfactory written evidence of available and sufficient funds to close. In that event there is no financing contingency and Paragraph 14(a) applies.

45.8 Change of Lender or Loan Program. Buyer may change lenders or loan programs at any time. A change of lender or loan program shall not extend the Loan Approval Date, delay Closing, or excuse Buyer’s performance. Buyer shall give Seller prompt written notice of any change of lender or loan program. Seller shall not increase the Deposit or the Purchase Price, and shall not withdraw or reduce any concession, incentive or discount, because Buyer changes lenders or loan programs.

45.9 Appraisal. The appraisal election made by the parties in Paragraph 14 remains in effect and is not modified by this Paragraph 45.

45.10 Permits and Construction. Seller shall not be obligated to apply for a building permit or to commence construction until this financing contingency has expired in accordance with Paragraph 45.4.

46. FHA/VA Financing; Amendatory Clause and Escape Clause

This Paragraph 46 applies only if Buyer has elected FHA or VA financing in Paragraph 14(b), and controls over any conflicting provision of this Contract.

46.1 FHA Amendatory Clause. If Buyer applies for and obtains a commitment for an FHA-insured loan, then notwithstanding any other provision of this Contract, Buyer shall not be obligated to complete the purchase of the Property, or to incur any penalty by forfeiture of the Deposit, earnest money or otherwise, unless Buyer has been given, in accordance with HUD/FHA requirements, a written statement by the Federal Housing Commissioner, the Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the appraised value of the Property of not less than $. Buyer shall have the privilege and option of proceeding with consummation of this Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the Property. Buyer should satisfy Buyer that the price and condition of the Property are acceptable.

46.2 VA Escape Clause. It is expressly agreed that, notwithstanding any other provision of this Contract, Buyer shall not incur any penalty by forfeiture of earnest money or otherwise, or be obligated to complete the purchase of the Property, if the Purchase Price or cost exceeds the reasonable value of the Property established by the Department of Veterans Affairs. Buyer shall, however, have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. (Authority: 38 U.S.C. 501, 3703(c)(1).)

47. Preferred Lenders; Settlement Service Providers

47.1 No Affiliated Business Arrangement; No Referral Fees. Seller has no ownership interest in, and no affiliate relationship with, any mortgage lender, any title insurance agency or underwriter, or the closing agent named in Paragraph 9. Accordingly, no Affiliated Business Arrangement Disclosure under Section 8(c)(4) of the Real Estate Settlement Procedures Act and 12 C.F.R. 1024.15 is required for this transaction. Seller has not given and will not give, and has not received and will not receive, any fee, kickback, commission or thing of value in exchange for the referral of settlement service business in connection with this transaction.

47.2 Preferred Lenders. Seller has designated the following lenders as “Preferred Lenders” based on Seller’s experience with their service: Fluent Mortgage, Morgan Financial, and NewRez. Seller makes no representation concerning the performance of any Preferred Lender and is not responsible for the acts or omissions of any lender. It is Buyer’s responsibility to require that Buyer’s lender comply with the deadlines in Paragraph 45.

Buyer’s decision not to use a Preferred Lender shall not affect the Purchase Price, the Deposit, Seller’s obligation to construct and convey the Property, the construction schedule, or any concession, incentive, allowance or discount offered by Seller other than the closing cost contribution described in Paragraph 47.4.

47.4 Closing Cost Contribution. As a genuine discount, and not as a charge or penalty imposed for declining to use a Preferred Lender, Seller will contribute up to $ toward Buyer’s allowable closing costs if Buyer finances the purchase of the Property through a Preferred Lender and Closing actually occurs. This contribution reflects a true reduction below the price otherwise generally available and is not made up by higher charges elsewhere in the transaction.

47.5 Application of the Contribution. Any contribution is subject to Buyer’s loan program and applicable lender guidelines and restrictions. The contribution shall be applied against closing fees and costs actually charged to Buyer and shown as charges to Buyer on the Closing Disclosure, in the following order to the extent applicable: temporary buydown, origination charge, origination fee, processing fee, upfront unfinanced mortgage insurance (conventional financing only), discount points, and then other usual and customary closing costs. No portion of the contribution may be applied as a credit against the Purchase Price or disbursed to Buyer, and any unapplied portion is forfeited.

47.6 No Penalty. Nothing in this Contract requires Buyer to use any particular settlement service provider, and Seller shall not increase the Purchase Price or the Deposit, withdraw any other incentive, or otherwise penalize Buyer because Buyer selects a lender, title insurer or closing agent other than one designated by Seller.

47.7 Seller Makes No Representation as to Lenders. This Contract is not a loan application. A separate application must be made with any lender. Seller disclaims any representation regarding the availability of financing, the terms of any financing, whether Buyer will qualify, or the performance of any lender, and Seller is not responsible for the acts or omissions of any lender, including a Preferred Lender.

48. Construction Defect Claims; Chapter 558 Notice and Cure

48.1 Statutory Procedure Controls. The notice, inspection, response and cure procedure set forth in Chapter 558, Florida Statutes, governs any claim by Buyer for an alleged construction defect. This Paragraph 48 supplements and implements that procedure and does not replace, shorten, or waive it. To the extent any provision of this Contract conflicts with Chapter 558, Chapter 558 controls.

48.2 Notice of Claim. Before filing any action for an alleged construction defect, Buyer shall serve Seller with a written notice of claim complying with Section 558.004, Florida Statutes, at least sixty (60) days before filing the action. The notice shall describe in reasonable detail each alleged defect and the location of each alleged defect, and shall be accompanied by a true and complete copy of any inspection report on which Buyer relies.

48.3 Seller’s Right to Inspect. Within thirty (30) days after service of the notice of claim, Seller and its contractors, subcontractors and consultants may inspect the Property to determine the nature and cause of each alleged defect and the nature and extent of any repairs or replacements necessary to remedy it. Buyer shall provide reasonable access to the Property for that purpose, and may be required to permit destructive testing as provided in Section 558.004(2), Florida Statutes.

48.4 Seller’s Written Response. Within forty-five (45) days after service of the notice of claim, Seller shall serve a written response as required by Section 558.004(5), Florida Statutes, which may include an offer to remedy the alleged defect at no cost to Buyer, an offer to compromise and settle by monetary payment, an offer to compromise and settle by a combination of repairs and monetary payment, a statement disputing the claim, or a statement that any monetary payment will be determined by Seller’s insurer.

48.5 Standard for Determining a Defect. For purposes of Seller’s obligation to repair, a condition constitutes a defect if it (a) violates the building code applicable to the Property at the time of permitting, (b) materially deviates from the Plans and Specifications or from any executed change order, (c) breaches Seller’s express warranty under Paragraph 20, or (d) breaches any implied warranty that Florida law does not permit to be disclaimed. Seller’s determination as to whether a condition is a defect is not final or binding on Buyer, and any dispute is subject to Paragraph 28.

48.6 Pre-Closing Claims. If an inspection performed before Closing identifies a condition Buyer contends is a defect, Buyer shall give Seller prompt written notice together with a copy of any inspection report. Seller shall respond in writing within ten (10) business days. Seller shall correct any condition meeting the standard in Paragraph 48.5. A claimed defect shall not entitle Buyer to delay Closing or to hold back or escrow funds unless the condition prevents issuance of a Certificate of Occupancy or renders the Home unfit for occupancy; all other items shall be handled through the Punch List under Paragraph 21 or as a warranty item under Paragraph 20.

48.7 No Waiver. Nothing in this Contract shall be construed to waive, shorten, or otherwise limit any right or remedy available to Buyer under Chapter 558, Florida Statutes, or under Section 553.84, Florida Statutes.

49. Mold, Mildew, Fungus and Spores

Mold is a type of fungus that occurs naturally in the environment and is present essentially everywhere. It spreads by microscopic airborne spores. Residential construction is not, and cannot be, designed to exclude mold spores. Mold requires a food source, a temperate climate, and moisture in order to grow. Food sources include many ordinary construction materials, such as wood, drywall, insulation and carpet fiber. Given Florida’s climate and humidity, moisture is the only one of these factors that can meaningfully be controlled in a residence. Spills, leaks, overflows, condensation and high indoor humidity are common sources of moisture. Good housekeeping, prompt repair of leaks, adequate ventilation, and consistent operation of the air conditioning system are essential to preventing mold growth.

Buyer acknowledges that mold, mildew, fungus and spores may exist or develop in the Home after Closing and that, if allowed to remain, may present health risks to occupants. Buyer assumes responsibility for the maintenance and moisture control practices described above from and after Closing, and releases Seller from claims arising out of mold, mildew, fungus or spores that result from Buyer’s failure to maintain the Home, from Buyer’s alterations, or from naturally occurring conditions not caused by Seller.

49.1 Carve-Out; Limits of This Release. The release in this Paragraph 49 does NOT apply to, and Buyer does not waive, any claim arising out of mold, mildew, fungus or spores to the extent caused by (a) a defect in Seller’s workmanship or materials, (b) a violation of the building code applicable to the Property, (c) a material deviation from the Plans and Specifications, or (d) a breach of Seller’s express warranty under Paragraph 20. Nothing in this Paragraph 49 waives or limits any right or remedy of Buyer under Chapter 558, Florida Statutes, or any implied warranty of habitability, fitness or merchantability that Florida law does not permit to be disclaimed. If any portion of this Paragraph 49 is held unenforceable, the remainder shall continue in full force and effect.

Buyer certifies that Buyer has read and understands this Paragraph 49 and has had the opportunity to consult an independent advisor of Buyer’s choosing.

50. On-Site Wastewater Treatment (Septic) System

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If the Property is served by an on-site wastewater treatment system (the “Septic System”), the Septic System consists of a holding tank, distribution pipes and a drain field designed to operate under normal local conditions and as approved by the health department at the time of permitting. The frequency of required pumping and cleaning varies with tank size, daily usage, the number of occupants, and manufacturer specifications. Buyer acknowledges that pumping the holding tank and all other routine maintenance and inspection of the Septic System are Buyer’s sole responsibility from and after Closing and must be performed by a licensed professional.

Disposal of materials not normally found in household sewage, including personal or baby wipes, petroleum products, disposable diapers, glass, metal, wood, tampons, plastic, fabric, flammable materials, corrosive chemicals, paint products and abrasive materials, will damage the Septic System. Any damage caused by Buyer’s misuse of the Septic System is not Seller’s responsibility. This Paragraph does not relieve Seller of responsibility for defects in the design, permitting or installation of the Septic System.

50.1 Aerobic and Nitrogen-Reduction Systems. The homesite may require an aerobic (Class I) and/or nitrogen-reduction septic system mandated by the State of Florida and subject to mandatory inspection. Both system types include a two (2) year maintenance agreement through the installing company at no charge to Buyer. After the first two years, Section 381.0065(4)(u), Florida Statutes, requires the homeowner to maintain a current maintenance service agreement with a maintenance entity approved by the Florida Department of Health. Section 381.0065(4), Florida Statutes, further requires the owner of an aerobic or performance-based treatment unit to obtain an operating permit before use of the unit; the permit is valid for two (2) years and must be renewed every two (2) years, at Buyer’s expense after the initial term. The installing company will contact Buyer after Closing to obtain the initial operating permit, at no charge, as the permit must be issued in the original purchaser’s name. Any subsequent change of ownership or change of the operating permit is Buyer’s responsibility. Buyer must allow the Department of Health to inspect the unit during reasonable business hours. Aerobic septic tanks have an access lid approximately fifteen (15) inches above finished grade and require an alarm located on the exterior wall near the tank. Additional information is set forth in Exhibit “I.”

51. Private Well

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If the Property is served by a private well, the water supply is drawn from groundwater and may contain naturally occurring minerals, sulfur, iron or other contaminants that can affect taste, odor, staining, plumbing fixtures or health. Seller’s responsibility is limited to constructing and permitting the well in compliance with all applicable city, county and state requirements, including required chlorination and bacteriological testing. Seller does not guarantee and disclaims any liability for the ongoing quality, content or quantity of the water. Buyer acknowledges that Buyer may need to install and maintain water treatment or softening equipment and to maintain the well equipment, all at Buyer’s sole expense from and after Closing.

52–61. Site, Inspections & General Provisions

52. LOT GRADING, LANDSCAPING AND DRAINAGE. Before Closing, Seller will grade the Lot for proper surface water drainage in accordance with applicable subdivision and governmental requirements and the approved drainage plan. From and after Closing, Buyer is responsible for maintaining the established grade, swales, drainage structures and all landscaping. Buyer shall not alter the established grade or obstruct any swale or drainage easement. Buyer acknowledges that changes to grading, the installation of landscaping, pools, patios, fences or other improvements, and the failure to maintain swales, can cause standing water or drainage problems for which Seller is not responsible.

Unless expressly provided in an addendum or change order executed by Seller, or in an applicable home protection plan, Seller is not liable for landscaping that dies after Closing and disclaims any warranty as to landscaping. Swale and drainage maintenance information, where applicable, is attached as Exhibit “K.” This Paragraph does not limit Seller’s responsibility for defective grading or drainage work performed by Seller.

53. BUYER’S INDEPENDENT INSPECTIONS. The Home is subject to multiple detailed inspections by independent governmental agencies throughout the building process. Buyer may nevertheless elect to have an additional inspection performed at Buyer’s expense. Buyer retains the right to inspect the Property, and nothing in this Paragraph is intended to discourage or prevent Buyer from doing so.

Before any Buyer-arranged inspection is scheduled, Buyer’s inspection company shall provide to Seller: (a) a copy of an active license issued by the State of Florida; (b) a certificate of general liability insurance naming Gibraltar Builders as certificate holder; and (c) a copy of a Florida workers’ compensation policy or exemption certificate.

The inspection must be completed on the mutually agreed scheduled date so that Seller has a reasonable opportunity to review and respond to any item before Closing. Seller shall not unreasonably withhold, condition or delay scheduling of a Buyer inspection, and Seller shall not schedule Closing so as to deprive Buyer of a reasonable opportunity to inspect. This documentation is required for each home inspected and does not constitute an approval covering multiple residences purchased from Seller.

Gibraltar Builders builds with materials and practices at or above current building codes. Buyer’s inspection report is for Buyer’s information; Seller’s obligation to address any item identified in it is governed by Paragraphs 20, 21 and 48. To schedule an inspection, email the required documentation to . Upon review, the superintendent for the Home will be notified so that a date and time can be established.

54. CONSTRUCTION SITE ENTRY; ASSUMPTION OF RISK; INDEMNITY. A construction site is a dangerous place. Buyer and Buyer’s guests, agents and contractors may not enter the construction site without Seller’s permission and without a representative of Seller present, and must comply with Paragraph 11. Hard hats and closed-toe shoes are required in areas under construction. Children may not be brought onto the construction site.

Buyer acknowledges that any entry onto the construction site is at Buyer’s own risk and assumes the ordinary risks of a construction site. Buyer waives claims against Seller for personal injury or property damage sustained by Buyer or Buyer’s guests, agents or contractors arising from Seller’s ordinary negligence, and shall indemnify, defend and hold Seller harmless from claims arising out of the presence or conduct of Buyer or Buyer’s guests, agents, contractors and minor children on the construction site or the Property.

54.1 Carve-Out. The waiver and indemnity in this Paragraph 54 do NOT apply to, and Buyer does not waive, any claim arising out of Seller’s gross negligence, willful, wanton or intentional misconduct, or any violation of law by Seller. Buyer’s indemnity obligation does not extend to claims arising from Seller’s own negligence toward third parties. If any portion of this Paragraph 54 is held unenforceable, the remainder shall continue in full force and effect. Failure by Buyer to comply with this Paragraph 54 or with Paragraph 11 shall constitute a material breach of this Contract.

55. DESIGN, MODELS AND DECOR. Buyer acknowledges that any renderings, illustrations, models or model homes have been professionally designed or decorated to present ideas for personalizing a home. Items such as furnishings, draperies and other window treatments, wallpaper, custom carpet, cabinetry, coordinated paint and texture, built-in shelving, beams, certain lighting fixtures, special ceiling treatments, mirrors, landscaping and other decorations are shown for display purposes only and are NOT included in the Purchase Price unless expressly listed in Exhibit “A” or “C” or in an executed change order. Landscaping depicted in renderings and models may be greater in density and size than any landscape package offered by Seller. Models may display hardscape items such as patio slabs, patio covers, pools and spas that may not be constructed on the Property. Renderings and models are provided for marketing purposes and do not constitute representations, assurances or warranties as to the Property and are not part of this Contract. Buyer should rely only on Exhibit “A,” Exhibit “C,” and executed change orders in determining what is included in the Purchase Price.

56. SELLER SUBSTITUTIONS AND VARIATIONS. Due to governmental requirements, availability of materials, changes in product offerings or changes of suppliers, Seller reserves the right to make changes to the Home and to deviate from the plans or specifications as Seller reasonably determines to be necessary, provided that Seller substitutes materials of equivalent or superior quality and appearance. Seller shall give Buyer written notice of any material substitution. If a substitution results in a documented net increase or decrease in Seller’s cost, the Purchase Price shall be adjusted accordingly, upward or downward, by the amount of that net change, and Seller shall provide Buyer with reasonable supporting documentation. Buyer acknowledges that actual “as-built” dimensions may vary slightly from any plan or specification. This Paragraph supplements Paragraph 23.

57. UTILITIES.

57.1 Seller is not responsible for the transfer of utilities to the Home, including water, electricity, gas, cable, internet or telephone. All utility transfers must be arranged by Buyer before Closing. Utility services billed to Seller will be discontinued as of the Closing Date, and Buyer is responsible for any interruption in service resulting from Buyer’s failure to arrange timely transfer.

57.2 Certain utilities not necessary for issuance of a Certificate of Occupancy, such as telephone, cable and internet service, may not be available at the Property on the Closing Date. No portion of the Purchase Price will be held back or escrowed on that account, and Buyer shall be obligated to close notwithstanding. This Paragraph does not apply to water, sewer or electrical service necessary for issuance of a Certificate of Occupancy.

58. TIME IS OF THE ESSENCE. Time is of the essence as to all dates and time periods in this Contract. Performance of each obligation at the precise time stated is material, and failure to perform timely is a material breach of and default under this Contract. Any time period that ends on a Saturday, Sunday or national legal holiday shall extend to 5:00 p.m. of the next business day.

59. COOPERATION WITH CLOSING AGENT; FEDERAL REPORTING. Buyer shall promptly provide the Closing Agent and the title insurance underwriter with all information and documentation either is required to obtain by law, including any requirement of the U.S. Department of the Treasury and the Financial Crimes Enforcement Network under the Residential Real Estate Rule, 31 C.F.R. Part 1031, which took effect March 1, 2026, and which may require reporting of information about beneficial owners where the Property is transferred to a legal entity or trust. Buyer’s failure to cooperate with the Closing Agent, or to comply with such requirements, so as to prevent or delay Closing shall constitute a default under this Contract.

60. NO RECORDING. Neither this Contract, nor any notice, memorandum or summary of it, may be recorded in any public records by Buyer. Any such recording shall constitute a material breach of this Contract, and Buyer shall be responsible for all costs, including reasonable attorney’s fees, incurred by Seller in removing the recorded instrument from the public records.

61. GOVERNING LAW; VENUE; SEVERABILITY; ELECTRONIC NOTICE.

61.1 This Contract shall be governed by and construed in accordance with the laws of the State of Florida. Venue for any action arising out of this Contract shall lie in Brevard County, Florida.

61.2 If any provision of this Contract is held invalid or unenforceable, that provision shall be enforced to the maximum extent permitted by law, and the remaining provisions shall continue in full force and effect.

61.3 In addition to the methods permitted by Paragraph 35, notices under this Contract may be given by electronic mail to the email addresses stated in this Contract, and shall be deemed given on the date sent if sent before 5:00 p.m. on a business day, and otherwise on the next business day. Either party may change its email address by written notice. Notices of default and of termination shall also be sent by one of the methods in Paragraph 35.

61.4 This Contract may be signed and delivered electronically, and electronic signatures shall have the same effect as original signatures.

61.5 “Effective Date” means the date on which the last of Buyer and Seller signs this Contract.

62. Buyer’s Acknowledgment of Receipt of Disclosures

By signing below, Buyer acknowledges that, before signing this Contract, Buyer received and read each of the following (initial each that applies):

List of Contract Exhibits

1. Copy of MLS Listing or Floor Plan
2. Mortgage Pre-Qualification Letter or Proof of Funds
3. Builders General Specifications Sheet
4. Florida Homeowners’ Construction Recovery Fund Information Sheet
5. Florida Construction Lien Disclosure
6. Change Order Form
7. Broker/Co-Brokerage Agreement (if applicable)
8. Homeowners’ Association Disclosure Summary, Section 720.401, Florida Statutes (if applicable)
9. Aerobic and/or Nitrogen-Reduction Septic System Disclosure Addendum (if applicable)
10. Florida Building Energy-Efficiency Rating System Information Brochure
11. Swale and Drainage Maintenance Information (if applicable)
12. Foreign Principal Affidavit, Part III of Chapter 692, Florida Statutes

Exhibit “E” — Florida Construction Lien Disclosure

Per Florida Statutes section 713.05:

Signatures

Gibraltar Development LLC · 1370 Sarno Rd Unit E, Melbourne, FL 32935 · 321-401-6003 · Spec Home Purchase Contract, Revision 07.2026