Florida real estate agents are very fortunate to have this unique contract which was created in collaboration by the Florida Association of Realtors and the Florida Bar. It is user friendly and easy to navigate. Real estate agents only have to fill in the blanks so to speak, so for straightforward purchases, an attorney is not required as they may be in other states! Though of course, it is always recommended that all buyers and sellers direct any legal questions about the contract to an attorney.
In layman's terms, the seller benefits from the property being sold "As Is" and are not required to make any changes or repairs to the property from the inspection results. However, many sellers are amenable to negotiating to some degree on repairs, with a credit for repairs, or perhaps in a price adjustment. You don't know what the answer will be until the seller is asked in writing. They can say no, maybe, yes, or some of it!
The buyer benefits from this contract because they are allowed to back out of the contract for any reason whatsoever during the inspection period and get their earnest money deposit back... it does not have to be inspection related. In fact, a buyer does not have to give any reason at all to back out of the contract. We do not encourage wanton use of this option, but it does have it's advantages.
Many of the buyers in the Florida Keys are from out of area. That can make buying real estate a bit tricky! So when a property comes on the market that one of our buyers love, we offer FaceTime or WhatsApp walkthroughs with honest and direct feedback about the property. We have also done many videos for clients, which we then upload to YouTube for viewing.
For the next step, if a client says yes, let's do it, we negotiate a contract on their behalf and once under contract, the buyer arranges to come down and see the property in person to confirm their choice. We have yet to have anyone back out of a contract at this point! If, for any reason a buyer decided that they did want to back out of the contract, they could do so within that inspection period (usually 7 - 15 days on average).
This has allowed many a happy buyer be able to purchase when they live outside of the Florida Keys, and even be anywhere in the world for this process to happen! Our As-Is Contract gives your the ability to get a “free look” at a property during this inspection period!
The answer is: it depends! Most residential contracts are straightforward and designed to be easily handled by a competent real estate Agent. Attorneys are recommended for new construction contracts, commercial transactions, or for any out of the ordinary circumstances. As an added bonus, the title companies we recommend that you work with are run by attorneys, so they are readily available to help when needed.
And to clarify, while we can assist you with a purchase as real estate agents and answer many different kinds of questions, we are not attorneys, nor can we answer legal questions. So when in doubt, we have some great local attorneys that we can recommend that you direct your legal questions to. In fact, most title companies here in the Keys are run by attorneys, so you get the best of both worlds!
Most listing agents are Single Agents, which in a nutshell means that they are legally obligated to get the Seller the best price and terms. Sometimes, with the Seller's permission, they are allowed to act as Transaction Agents, which in a nutshell means that their primary goal is to get both parties to the closing table. No where in this equation does it mention any loyalty to the Buyer... That is YOU!
A Buyer's Agent focuses solely on your best interests and will sort through facts vs fiction for you. We have had many instances where our guidance has protected our buyer's from some bad choices, by simply pointing out facts that were not obvious, nor disclosed by listing agents.
Using a Buyer's Agent comes out of the commission that is taken from the Seller's proceeds, at no cost to you the Buyer. That total commission is a legally binding contract that the Seller has with the listing agent as to the total commission to be paid at closing. Some erroneously believe that by working just with the listing agent, that the Seller will simply hand over half the commission to the Buyer by adjusting the sales price. Wrong! The listing agent legally gets it all and decides. And if they are to now work for both parties, they will expect to be paid to work for both parties.
The answer is simple. Use an experienced Buyer's Agent to protect you, negotiate on your behalf, and help you navigate through the step by step process of buying a home in the gorgeous Florida Keys at no cost to you!
All information on this page regarding the AS IS Contract and buying remotely is personal opinions and should not be relied on. Please contact an attorney for accurate information.
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