AS IS inspections: Can buyers cancel for any-old reason?

May 6, 2019 – Calls to Florida Realtors Legal Hotline indicate confusion – sometimes flat-out outrage – over buyers’ ability to cancel within the inspection section of the Florida Realtors/Florida Bar AS IS Residential Contract for Sale and Purchase (“FR/Bar AS IS Contract”).

What triggers the buyers’ ability to cancel under this provision? Can it be for any reason? Does it have to be based on the inspection results? Does the buyer even have to get an inspection to allow cancellation?

This article will cover these questions, as well as provide options for those who think this section of the FR/Bar AS IS Contract is too “buyer-friendly.”

To have/not have an inspection

Paragraph 12 of the FR/Bar AS IS Contract states that the “buyer shall have X (if left blank, then 15) days after Effective Date ‘Inspection Period’ within which to have such inspections of the Property performed as buyer shall desire during the Inspection Period.

Source:   Meredith Caruso is Associate General Counsel for Florida Realtors

© 2019 Florida Realtors®

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rrickel

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