There are two types of real estate contracts in Florida, including the ‘as is’ real estate contract. In a nutshell, an ‘as is’ real estate contract specifies that the person purchasing the property must do so in its existing condition without demanding the seller make any upgrades or repairs. The contract also states the purchaser has a short time period – usually 15 calendar days – to get the property inspected. Upon inspection, if the property needs repairs, the purchaser can ask the seller to lower its selling price or provide a credit at closing to cover the future repair costs. If the seller declines, the purchaser can back out of the contract within that time period.
Sellers Must Disclose Things About the Property to Prospective Buyers
If you’re debating whether to purchase a property using an ‘as in’ contract, it’s important to note a seller must disclose the following things about the property:
- Potential or actual complaints, claims or legal proceedings
- Disputes regarding boundaries
- Pest damage and infestations
- Potential or actual damage from sinkholes, whether past or present
- Environmental hazards
- Problems with HVAC, plumbing, roof, electrical, etc.
- Homeowners association rules to comply by
Although it gives you less time to inspect the property, an ‘as is’ real estate contract offers more flexibility to back out of a deal if you’re a buyer.
Stephen K. Hachey can help you wade through this difficult process to reach a positive solution. Call 866-200-4646 today!
***The opinions in this blog are those of the author whom takes full responsibility for the content. Like all other content on the site, this does not constitute legal advice and is for general information purposes only.***