Florida Real Estate As Is Sales Contract: An Overview
Buying or selling a property in Florida can be a complicated process. One of the most important parts of the procedure is the real estate sales contract. In Florida, the sales contract is typically an “as is” contract, meaning that the property is sold in its current state and condition. This article provides an overview of the Florida real estate as is sales contract.
What is an As Is Sales Contract?
An as is sales contract is a legal document between a buyer and seller of a property, which states that the property is being sold in its current condition, and the seller is not responsible for any repairs or defects. In an as is sales contract, the buyer is agreeing to accept the property as it is, and the seller is not obligated to fix any issues that may arise during the inspection process.
Why Use an As Is Sales Contract?
The primary reason why a seller would use an as is sales contract is to avoid any liability associated with the property`s condition. If a seller were to make repairs or disclose defects, they could be held liable if the buyer later claimed to have been misled. With an as is sales contract, the seller is protected from any such claims, and the buyer knows that they are purchasing the property in its current condition.
What to Include in an As Is Sales Contract?
There are several key elements that should be included in a Florida real estate as is sales contract, including:
1. Purchase price – The agreed-upon purchase price for the property should be included in the contract.
2. Description of the property – The contract should include a detailed description of the property, including any fixtures or appliances that are included in the sale.
3. Closing date – The contract should specify the date of closing, when the ownership of the property will transfer from the seller to the buyer.
4. Inspection contingency – The contract should include a provision for an inspection contingency, which allows the buyer to inspect the property and back out of the sale if any major defects are found.
5. Seller disclosures – Although the property is being sold as is, the seller is still required to disclose any known defects or issues with the property.
In Florida, as is sales contracts are commonly used in real estate transactions. They provide protection to the seller and allow the buyer to purchase the property in its current condition. If you are buying or selling a property in Florida, it is important to consult with a real estate attorney to ensure that your sales contract is legally binding and protects your interests.