Facts about the Florida As Is Real Estate Contract template
- 1 Facts about the Florida As Is Real Estate Contract template
- 2 What Is a Florida As Is Real Estate Contract Used For?
- 3 Who Would Use a Florida As Is Real Estate Contract PDF?
- 4 When Should a Florida As Is Real Estate Contract PDF Be Used?
- 5 What Are the Consequences of Not Using a Florida As Is Real Estate Contract PDF?
- 6 How to Fill Out a Florida As Is Real Estate Contract
- 7 Quick Questions
When a home or other residential property is sold in Florida, there’s a good chance the property owner will use an “as-is” contract. This type of contract includes a warranty disclaimer. When the property is sold “as-is,” the buyer agrees to release the seller from liability regarding the property’s condition. This has the potential to make maintenance and repairs handled differently during the sale. This way the seller protects them-self from liabilities or from investment requested to be done in the property from the buyers’ party or closing agent. This purchase agreement also protects the seller party from future lawsuits or claims from a real estate attorney from the buyers’ side because there were issues with the property post-purchase. The buyer agrees to buy the property in the present condition regardless of what improvements are necessary for the property. It can be used for both residential real estate and commercial real estate. In other words, this sale agreement protects mainly the seller from present or future liabilities regarding the property.
This contract can be provided by a real estate agent or you can fill and download it from PDFSimpli which has a fillable template you can edit and download or print online. This Simple Real Estate Contract Florida can be provided by the buyer’s agent, the seller’s real estate broker during the real estate transaction. We recommend everyone seek pertinent legal advice with an attorney, real estate lawyer and/or the property’s homeowner’s association prior to any transaction with a party or estate agent because every case can vary terms. Once you have had the necessary advice and feel comfortable with pursuing an agreement, then you can complete the transaction.
What Is a Florida As Is Real Estate Contract Used For?
An “as-is” contract is different from a standard real estate contract. The “as-is” clause is a way to release the seller from liability. If the buyer discovers the property has not received the proper inspections, needs repairs to be up to safety codes, or requires overdue maintenance, a normal contract would give the buyer grounds to sue. But an “as-is” contract releases the seller from responsibility for these things. The buyer takes the property exactly as it is.
The “as-is” clause does change some aspects of how repairs and inspections are handled. When a standard contract is used, the seller is legally required to have a repair limit. The buyer can require the seller to repair defective items and aspects of the property in amounts up to the repair limit. If the necessary repairs exceed this limit, the buyer can only request up to the limit.
An “as-is” contract makes the process simpler for all involved parties. The seller is under no obligation to perform any repairs on the property. However, the buyer is welcome to cancel the contract within the designated inspection period if inspections reveal that the property has unacceptable damages.
A standard contract also imposes limits regarding the number of property inspections that can be performed, along with the parties legally able to perform them. An “as-is” contract does not have any inspection limitations, either on the number of inspections or the person performing them. The standard contract requires that professional and licensed inspectors be used to complete inspections, while the “as-is” contract allows inspections to be performed by anyone. The buyer is given the explicit right to inspect the property.
Basically, an “as-is” contract does not have any enforceable guidelines regarding the inspections and repairs of a property. This has the potential to benefit both the buyer and seller.
Who Would Use a Florida As Is Real Estate Contract PDF?
An “as-is” contract should be used by any property owner who wishes to be released from liability regarding the condition of their property. Under a standard contract, the property owner would be responsible for having official inspections and repairs done. The provisions for inspections and repairs would be noted on the contract.
Under the “as-is” contract, the seller has no obligation to have official inspections or repairs done on the property. However, the buyer has the right to inspect the property as well. They can either conduct an inspection themselves or hire a licensed inspector to do so. During the inspection period, if the buyer finds that the property is too damaged to be worth the price, they have the right to cancel the contract.
When Should a Florida As Is Real Estate Contract PDF Be Used?
More and more real estate transactions are using this contract form, because it’s far simpler with regards to people’s responsibilities.
With the as-is contract, the seller has no responsibilities regarding the property’s maintenance. They are not required to perform repairs or to have inspections done. Instead, the responsibility for inspection is entirely on the buyer.
The buyer is the one who will choose what types of inspections are done. They can also choose whether to hire a licensed inspector or not. The inspection period is the time during which the buyer should gather as much information about the property as possible. When they have a better idea regarding the property’s state, they can choose whether they want to follow through with the contract or not.
This type of contract should be used in any case where a seller wishes to release their responsibilities, or a buyer wishes to have full control over the home inspections and repairs.
What Are the Consequences of Not Using a Florida As Is Real Estate Contract PDF?
The other option for a property transaction is a standard purchase contract. The standard purchase contract will list all inspections that the seller must have completed by an authorized inspector, with certification proving this was done. The seller will also need to set aside money for potential necessary repairs.
With the standard purchase contract, the buyer has very little input regarding the sale. The seller must make sure that the property is fit to live in. If they fail to do so, or they don’t provide the required documentation, the buyer can sue them for the cost of repairs and damages.
How to Fill Out a Florida As Is Real Estate Contract
You’ll need to take the personal information of all involved parties, including the seller and the buyer. A detailed description of the property will be required, along with the purchase price. The contract will go on to explain the responsibilities held or not held by all involved parties, including the date the inspection period starts, the rights of the buyer, and the liability release of the seller.
You’ll need to record your closing costs, costs of repairs, and any additional terms. This is where the buyer will note their inspection findings. At this point, the buyer has the opportunity to either reject the contract, present a counter-offer, or accept the purchase price.florida-as-is-real-estate-contract