Hi everyone. This is your Tampa Bay real estate agent Lance Mohr and in this
video I'm going to go over the asses purchase contract in Florida what's the
one thing that's completely different and unique about the asses 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 alright
everyone so 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
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 later video 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 contracts 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 12 12 s really the most
important paragraph 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 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 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 give me a call let me know again this contract is for
Florida so it's not for other states I hope this helps you have a wonderful day
you