TOR 025 : The As-Is Contract and What it Means to Buyers and Sellers

ORLANDO REALTOR PODCASTHello and Welcome to the Top Orlando Realtor podcast , if you’ve been here before, we are happy to have you back .

I’m your host John Conde with ORC and today I’ll be talking about the “AS-Is” contract and what it means to both buyers and sellers and hopefully clear up a few things..

These are some highlights from today.

Play the entire episode to hear the full version.

We’ve all heard the saying ” let the buyer beware”…

And that usually applies when someone buys something at a garage sale or craigslist and it basically means you’re buying it as is and the seller doesn’t take refunds…

So let’s say you buy a toaster for a dollar, you take it home and you find out it only makes toast on one side, well guess what?… you’re stuck with it..

Now… when it comes to Orlando real estate… The As-is contract has a whole different meaning and sometimes the seller tends to misinterpret exactly what “as-is” means.

For starters… It doesn’t mean that you’re allowed to withhold any adverse information about the house from a buyer.

As a matter of fact, It’s against Florida law and you can get in legal trouble if you get caught.

It’s called strict liability and it’s taken very seriously in the state of Florida.

If a seller is caught doing this… The buyer has the right to not only rescind the deal, but they can sue the seller for money damages that resulted from failure to disclose.

Now Let’s talk about What Sellers Don’t Have To Disclose

Like Murder….you heard me right. If a dozen people were brutally murdered inside of a home. the incident does not need to be disclosed by the seller….

Could you imagine buying a home, moving your family into it then finding out from a neighbor that it was the scene of a triple homicide a year ago.

So A couple of other ones here that you don’t have to disclose

– If the prior occupants had aids, don’t need to disclose either….

– Any death not related to murder. So.. If someone died of an infectious disease …

 

Personally I wouldn’t care about losing a deal in this situation.. I disclose everything I know about a listing whether it’s required or not…

 

Buyers should always do some extra research before submitting an offer on a home….Especially if you plan on living there.

Deadly crimes are easy to research online through police websites, and newspaper sites.

So That’s it for today, I hope this information was beneficial to someone out there.

If so, please take a second to go over to itunes to give us a review and a rating

To submit a question or topic to the show just head over to our website and fill out a contact form, we’ll do our best to talk about it on the show .

John Conde Orlando Realtor

 

 

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>