The Florida As Is Contract Benefits and Buying Remotely

The As Is Contract

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. Realtors just fill in the blanks so to speak, so for most purchases, an attorney is not required as they may be in other states! It is 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 is 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 since 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! We do not encourage wanton use of this option, but it does have its advantages.

How Can I Buy a Place I Haven't seen Yet?!

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 you the ability to get a “free look” at a property during this inspection period!

Do I need An Attorney?

The answer is: it depends! Most residential contracts are straightforward and designed to be easily handled by a competent Realtor. Attorneys are recommended for new construction contracts, commercial transactions, or for any out of the ordinary circumstances. As a bonus, the title companies we recommend that you work with are run by attorneys, so they are usually readily available to help when needed.

And to clarify, as realtors we can assist you with a purchase and answer many 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 are run by attorneys, so you get the best of both worlds!

Why Should I Use a Buyer's Agent?

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 means that their primary goal is to get both parties to the closing table. Nowhere in this equation does it mention any loyalty to the Buyer... That is YOU!

A Buyer's Agent has a fiduciary duty to focus solely on your best interests and will sort through facts vs fiction for you. In many instances our guidance has protected our buyers from bad choices, by simply pointing out facts that were not obvious, nor disclosed by listing agents.

The National Association of Realtors implemented significant changes in 2024, most notably prohibiting the display of commission offers on the Multiple Listing Service (MLS), meaning that buyers and sellers must now negotiate compensation directly with their agents, and also requiring that buyers sign a written agreement with their broker and agent before touring a home, aiming to increase transparency and consumer choice in real estate transactions. This settlement agreement resolves legal claims regarding broker commission practices.

A Buyer's Agent commission typically comes out of the Seller's proceeds, at no cost to you the Buyer. That total commission is a legally binding contract the Seller has with the listing agent as what will be paid at closing. Some erroneously believe that by working just with the listing agent, that the Seller will hand over half the commission to the Buyer by adjusting the sales price. Wrong! The listing agent’s broker 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. 

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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