FLORIDA – WARNING!! NEW “AS IS” SALES CONTRACT!!

Beginning October 1st,  if buying or selling a home, your Realtor may be writing your contract on the new FloridaRealtor/FloridaBar-ASIS-1 “AS IS” SALES CONTRACT.  In an “AS IS” contract, a buyer has a “stated” amount of days in which to have inspections of the Property performed.  According to the contract, “If the Buyer determines that the Property is not acceptable, he/she may terminate the Contract by delivering written notice to the Seller prior to the expiration of the inspection period.”  It also states, “If this is done in a timely manner,  the Buyer’s deposit shall be immediately returned.   Unless the Buyer exercises the right to terminate, they will accept the Property in it’s “As Is” physical condition.”  CAUTION:  The new ruling also states, the Buyer will accept violations of government, building, environmental, and safety codes, restrictions, or requirements.   So, if you are buying a home, be sure that within your inspection period, you have made sure there are no liens, violations or open permits on the house, because it’ll be too late when you get to the closing table!!