Post by Admin on Mar 31, 2014 14:45:45 GMT -5
Attachment Deleted
A word--"As Is" does not let the Seller off the hook in terms of not being responsible for defects. It is no protection from a fraud accusation in a real estate transaction. It is simply a different property inspection provision--not as tight as the not "as is" contract. It describes a different way of handling inspections and repairs.
The inspection period is 15 days and the buyer has the right to cancel the offer for any reason during the inspection period. The Seller has no obligations to make any repairs.
If you think your buyer might balk at an "As Is" contract, use the other one but read the section on Inspections and Repair obligations of the Seller carefully.
HOADisclosure.pdf (39.55 KB)
The only other REQUIRED addition to this--and ALL land and home sales contracts in S-bag is the state-mandated Homeowner Disclosure.
Sellers should also give Buyers a Disclosure but this is not usually asked for by Buyers and it will be hosted and posted separately due to its size. However, because of the recent suit alleging the expiration of covenants, Sellers would be wise to disclose what they know (In writing). You could do this right on the HOA Disclosure form. The statement doesn't have to be definitive--it is enough to say "It is alleged that the C&R's have expired. The matter is in litigation and has yet to be resolved." If your Buyer wants more information, tell them that the complaint is recorded in Polk County Official Records website and further information is freely available to the public.
Disclaimer: I am not an attorney nor a licensed real estate agent and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you need legal help with your real estate transaction. Consult an attorney for legal advice.
A word--"As Is" does not let the Seller off the hook in terms of not being responsible for defects. It is no protection from a fraud accusation in a real estate transaction. It is simply a different property inspection provision--not as tight as the not "as is" contract. It describes a different way of handling inspections and repairs.
The inspection period is 15 days and the buyer has the right to cancel the offer for any reason during the inspection period. The Seller has no obligations to make any repairs.
If you think your buyer might balk at an "As Is" contract, use the other one but read the section on Inspections and Repair obligations of the Seller carefully.
HOADisclosure.pdf (39.55 KB)
The only other REQUIRED addition to this--and ALL land and home sales contracts in S-bag is the state-mandated Homeowner Disclosure.
Sellers should also give Buyers a Disclosure but this is not usually asked for by Buyers and it will be hosted and posted separately due to its size. However, because of the recent suit alleging the expiration of covenants, Sellers would be wise to disclose what they know (In writing). You could do this right on the HOA Disclosure form. The statement doesn't have to be definitive--it is enough to say "It is alleged that the C&R's have expired. The matter is in litigation and has yet to be resolved." If your Buyer wants more information, tell them that the complaint is recorded in Polk County Official Records website and further information is freely available to the public.
Disclaimer: I am not an attorney nor a licensed real estate agent and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you need legal help with your real estate transaction. Consult an attorney for legal advice.