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Whenever a residential property is sold for value, some sort of real estate contract, outlining the rights and duties of each party, will be drafted and signed. In the past, every attorney and every real estate broker had some type of preferred contract to be employed in residential transactions. Fortunately, things have changed and It is now common practice in Florida to use one of the two standard residential contracts jointly developed by the Florida Bar and the Florida Realtors. The first and oldest of these contracts is the “regular”* Residential Contract for Sale and Purchase. The second and more recent contract is the “AS IS” Residential Contract for Sale and Purchase. The most important difference between the two contracts is the way they handle the property inspections and repairs, and permits related to improvements made to the property. The “AS IS” contract is the overwhelming choice of real estate professionals in Florida these days, and most likely, the one that will be used in your residential transactions. Nevertheless, we will discuss both contracts to illustrate their differences.
Conditions of the property and the “regular”* Residential Contract for Sale and Purchase
The “regular”* Residential Contract for Sale and Purchase establishes the extent of responsibility of the seller of the property for the repairs that may be required by a general inspection and by a wood destroying organism inspection. The contract outlines the items that may be inspected and the repairs that may be allowed. In other words, not all the conditions or repairs that may result from the inspections may be required to be repaired by the seller. For example, the ceiling, roof, walls, doors, windows and foundation must be free of leaks, water damage or structural damage. Numerous other items need only be in “working condition”, that is, operating in the manner in which the item was designed to operate. Cosmetic conditions are normally not required to be repaired. In addition, the contract calls for the inspection for detection of wood destroying organisms, such as termites and wood-decaying fungus, among others. The contract allows for limits in the responsibility of seller for repairs, the default being 1.5 percent of the purchase price for general repairs, and 1.5 percent for wood destroying organism repairs. If the cost of repairs exceed the agreed limits, then the contract provides for remedies, including termination of the contract.
In addition, the “regular”* Residential Contract for Sale and Purchase outlines a procedure to determine if there are any open or expired permits and allows for a monetary limit to seller’s responsibility, usually 1.5 percent of the purchase price for closing any open or expired permits, as well as for obtaining required permits for improvements made without permit.
The above inspections and reports must be made and presented to seller within a certain time period, (default being 15 days after the Effective Date of the contract) or the right to inspections and repairs will be waived.
Conditions of the property and the “AS IS” Residential Contract for Sale and Purchase
The “AS IS” Residential Contract for Sale and Purchase provides for an Inspection Period (default being 15 days after the Effective Date of the contract) in which the buyer may perform such inspections of the property as the buyer may desire and to withdraw from the contract by giving written notice of termination to seller within said period. If buyer fails to make the inspections or fails to terminate the contract within the Inspection Period, then the Buyer must accept the property in its physical condition, including any governmental and building violations.
As we indicated above, the “AS IS” Residential Contract is so prevalent these days, that the use of this contract has practically become the norm in Florida.
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