Real Estate Purchase Contract – What You Should Know
In this article I’m going to go over the real estate purchase contract in Florida what’s the one thing that’s completely different and unique about the real estate 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.
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 real estate purchase contract 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 other article 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 real estate purchase contract 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.
Really the most important real estate purchase contract 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 real estate purchase contract 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 in real estate purchase contract 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 drop me an email let me know again this contract is for Florida so it’s not for other states.
I hope this helps to understand real estate purchase contract.