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Buying Selling

New Provisions of FAR/BAR “As Is” Residential Contract For Sale and Purchase

The new “AS IS” contract has changed to clarify areas that were vague in the previous contract.  These clarifications include, but are not limited to:

  • An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale.  Note:  if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section.  A chandelier can easily be changed and is not considered a fixture.
  • Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
  • Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
  • States that if  “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back.  So basically, getting a commitment with conditions is only worth the paper it is written on.
  • Specifies the costs to be paid by Buyer and Seller.
  • Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
  • Uses Calendar days instead of Business days in computing time periods.

Overall, these changes help both the Buyer and Seller by setting the expectations for each party.  Let me know if you would like a copy of the new “AS-IS” contract.  For clarification of the contract and legal opinions, please contact your attorney.