Profile picture for normiss

Can I pull out from a sale AS IS...

I'm in the process of buying a townhouse that is listed AS IS and it looks fine, the seller just counteroffer but he did not initial next to where it says AS IS WITH RIGHT TO INSPECT tho he did initial at the end of the page, now my concern is if something mayor comes after the inspection would I be able to pull out of the contract even tho he didn't initial or is suficient that he did at the end. Thanks.
  • January 07 2011 - Miami
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Answers (9)

I am a licensed Real Estate Broker in Florida. There are 2 ways to approach your question. One is legally, the second is ethically. To give a legal answer I would need to see the contract. The Florida Assocition of Realtors, local boards and individual companies have different contracts. Generally however, the FAR BAR AS-IS gives the buyer 15 days to inspect unless the time limit has been inserted into the blank. Look for Licensed Home inspector in the clause and a maximum repair dollar limit. As for the initialing of the contract my fellow Realtors are correct. The bottom of the page does the trick. Now lets talk ethically. Ethically, the seller should let you out of your contract within the inspection period if you are not satisfied with the condition of the home and return your deposit. If the seller does not there are several remedies in the Florida. The most common is an escrow dispute where the Florida Real Estate Commission makes the decision on the return of the deposit. It takes several months for a resolution.They usually side with the buyer when it comes to property condition and inspection. Make sure if you cancel you do it in writing within the inspection period. Holds more water when a licensed home inpection is performed with negative results. You doing your own inspection is not a wise and does not as hold much weight if an escrow dispute occurs. Sounds like your a first time buyer...a little nervous. Don't worry most people are nervous. To alleviate your worries buy a Home warranty. If something breaks it most likely will covered by the warranty. There not expensive. Do a little research by Googling " home warranties" and decide what type is best for you. Good luck.
  • January 08 2011
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As a local Real Estate Broker, the AS-IS contract only requires the sellers and buyers intials towards the bottom of each page as a confirmation that they have read the page and agree. The Seller doesn't need to intial right next to the wording AS IS WITH RIGHT TO CANCEL, "UNLESS" there was a change . Was there a change made on the number of days ?? If not proceed with your transaction and excercise your right to an inspection. Keep in mind the AS-IS contract time periods are based on calendar days. The clock begins to tick once the last party seller/buyer has signed. If for any reason after your inspection you are not satisifed with the condition of the property , you have the right to cancel within the time period stated on the contract and have your deposit returned to you. Unless some wording has been added to waive your right to cancel . Look under the Additional terms area. Good Luck ! 

  • January 08 2011
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The initial at the end of the page confirms they read this page. Proceed with your inspection and exercise your right to cancel before the deadline of your inspection period. Good luck and enjoy your new Townhome.
  • January 07 2011
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Might I remind fellow agents that unless you are licensed to practice real estate in Florida you probably aren't familiar with the contracts used in Florida. So far only Enrique Tejera is the only agent FROM Florida to respond.

I know what contracts are used in Minnesota, but I am not at all familiar with the structure of Florida purchase agreements. Hence I did not answer this question.
  • January 07 2011
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As others have mentioned, it is wise to get legal advice.

However you could also ask your agent to ask the selling agent about the issue and have the owner initial the "as is with right to inspect" to make sure there is a meeting of the minds. Many simply miss a spot where signature or initials are needed.
  • January 07 2011
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Great advice from the responses.  Yes run this by your agent and attorney.
  • January 07 2011
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Profile picture for sunnyview
Do not buy without an inspection. If you signed that paper and it does not allow for inspection by the owner, you may be stuck on performing the contract even if there is a big issue. If your contract does not provide for an inspections, get legal advice now. Inspection periods should be clearly specified in the contract. If they are not, it can get sticky fast.
  • January 07 2011
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Profile picture for Connie Klemme

It's hard for us to answer that without a lot more detail.  If you're working with a Realtor ask them first and talk to an attorney.  before you go finding an attorney, ask your Realtor if there is one in their office.  in My office the head broker is an attorney so there may be a similar valuable resource already at your disposal if you are using a Realtor.  Good luck!

  • January 07 2011
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If the sellers counteroffer changed anything (price or terms) of the contract, he has made a new contract. As a new contract, you have the option of not accepting it.

I do not know if you are working with an agent or not. Either way, you should consult with an attorney and get a legal opinion!
  • January 07 2011
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