FLORIDA REAL ESTATE and TITLE ATTORNEYS
Practicing real estate law and having clients send me offers to review on a weekly basis, often I am asked whether it is a safe bet to enter into an “AS IS” contract? Will the buyers deposit be protected if there is anything that comes up at inspection? The answer is YES. Well, allow me to be clearer. Always with the smart backing of a knowledgeable real estate lawyer and realtor will the buyer/seller be 100% protected.
The distinction between a Florida “AS IS” real estate contract and a regular Residential Contract for Purchase and Sale is simple really. In an “AS-IS” contract, the buyer has the right to inspect the property however, if anything comes up during inspection, particularly large ticket items such as roof replacement or plumbing or electrical work, the seller is NOT required to make any concessions. That is, the seller is not required to either repair, replace the item or make a credit for the cost of the repair or replacement. The buyer can then elect to close with the items, or obtain a full report for the cost, and make an informed decision with his attorney and realtor as to moving forward with such items of disrepair.
In a Regular FAR BAR or FAR Contract for Purchase and Sale of Real Estate, the seller is required to correct items in the inspection report or give credits for such repairs. The seller can not simply deny such repairs.
Not all sellers like to enter into any type of contract that is not AS IS. However, with a well versed realtor and attorney protecting them, there should be no fear in doing so.
At Jacqueline Salcines, PA we are both real estate lawyers and accountants with extensive experience representing buyers and sellers in their real estate property needs in Florida. As an attorney, accountant and title agent for Old Republic National Title Insurance, Inc., we provide a complete array of closing services. Consult with attorney Jacqueline Salcines, PA today with regard to:
- Review of Contract for Sale and Purchase
- Review of Contract Addendums
- Review of Condominium Riders
- Title search and examination
- Lien letters
- Incorporation for purchase
- Quit Claim Deeds
- Tax implications on purchase
- Survey requests
- Estoppel requests
- Lien negotiation
- IRS/Federal tax lien on property negotiations
- Seller docs
- Preparation of Purchase Money Mortgages and Notes
Meet with our real estate attorney today and put us to work for you. The first consultation is always free of charge. Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines