AS-IS Real Estate Purchase Contract – What You Should Know

AS-IS Real Estate Purchase Contract – What You Should Know

Hi everyone. This is your Tampa Bay real
estate agent Lance Mohr and in this video I’m going to go over the asses
purchase contract in Florida what’s the one thing that’s completely different
and unique about the asses purchase contract in Florida compared to the
regular purchase contract in Florida and why I like this contract so much
compared to the other contract alright everyone so this is the asses purchase
contract agreement the one that came out in 2017 which is our most recent that we
have understand the audio is going to sound a little different here in that’s
because I’m using two different speakers so anyhow just to let you know that so
the main thing that separates the as is purchase contract and one reason why I
like it so much is because it doesn’t get cloudy dup when we deal with the
regular purchase agreement and I’ll go over that in a later video what tends to
happen is you agree to certain repairs upfront but then the problem is is
sometimes even though they seem to be very clear and they’re in writing in
there in black and white well the problem with that is people interpret
things different in the as is contract it isn’t like that now when I write as
is contracts and I write them for my clients I write them it for more for the
sellers convenience not to say that we’re not going to ask for anything that
needs to be repaired matter of fact when I call the listing
agent I always let them know we’re doing analysis contract but it’s more for the
sellers convenient so they know we’re not going to nitpick them on a little on
a lot of stuff so basically what you do is you fill in the contract this is the
paragraph 12 12 s really the most important paragraph because it basically
is like a get-out-of-jail-free card now I do need to say something I’m not an
attorney if you have legal questions on these contracts please get a real estate
attorney so what I do is I’ll come here in the first thing you’ll notice
the buyer shall have and then there’s so many days you could fill in so many days
after effective date in order to get an inspection and all a lot of times I’ll
leave that blank and just go with the 15 days but if I’m in a multiple bid
situation then I’ll usually be a little bit more aggressive and a lot of agents
will counter that if you leave it 15 days because most agents want 10 days
that’s sort of normal in the Tampa market though it can be a little hard
but I just did a contract a couple of days ago and I left it blank and the
agent was fine with that the seller was fine a so anyhow but then if you just
read this over it says we’ll start off right here it says the third line down
if buyer determines in by your sole discretion that the property is not
acceptable to buyer buyer may terminate this contract by delivering written
notice of such election to the seller prior to expiration of inspection period
so that’s whatever the number of days you put in there 10 15 whatever it is
and then it says them if by your timely terminates this contract the deposit
paid shall be returned to the buyer so it basically gives you a release so what
I do is I’ll put whatever day’s 10 12 15 days in here I’ll order the inspection
first thing the reason why I want the inspection so quick is let’s say
something comes up on here and then let’s say something comes up on the HVAC
we’re in the summer it’s not cooling properly an air conditioned company
might need to go in there so you don’t want to take this to the very last day
or you might have to extend this right here and if the seller has a better
offer than you’re sitting on the table they might not want to expand it extend
it so timing is always of the essence but that’s this really right here
paragraph 12a is the reason why I like this so much then if something does come
up if it is mechanical in nature so roof foundation HVAC plumbing electrical
garbage disposal dishwasher stuff like this we’re always going to ask for it to
be repaired if it’s cosmetic maybe nail holes in the wall or a minor cosmetic
crack on the tile you know then no because that’s
basically how our regular purchase contract reads and then you could see
right here in 12b it just goes through the walkthrough inspection 12 see the
cellar assistant in cooperation on closing out different permits and then
assignment of repairs and treatments now some people when they’re when they get
the repairs done by the seller most of the time they’re they just do fine with
something in writing the receipt that the repair has been made by someone who
normally will do those repairs if some people do want to send their inspector
out and that of course is always okay but inspectors charge fees for going out
I don’t want to speak for all of them but they pretty much do so you just want
to make sure you have everything in writing and all your ducks in a row and
if you have any questions about real estate don’t hesitate to give me a call
let me know again this contract is for Florida so it’s not for other states I
hope this helps you have a wonderful day you

One thought on “AS-IS Real Estate Purchase Contract – What You Should Know

  1. The sound in this video is horrible!

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