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president,  in Pompano Beach, FL

are there many different as is addendum, because the one i have says that i can walk away for any reason or does it have to be any structural reason?

Asked by president, Pompano Beach, FL Tue Feb 5, 2013

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In California we have a due diligence time period typically 17 to 21 days. The buyer can walk away for any reason or no reason at all during this time period with no negative affect.
0 votes Thank Flag Link Mon Feb 16, 2015
There is typically a pre-determined amount of time that you have to cancel (ex: 15 days). You also have to formally terminate the contract in writing. The "as is" addendum most agents/Realtors use does not require a specific reason for terminating, but "in Buyer's sole discretion, that the Property is not acceptable to Buyer" - in which case you actually don't even have to disclose what your rationale is.

I would talk with your agent about your options and if you are still eligible to terminate without penalty. They will have a much better idea of what your contract states, how far you are in the process, what steps have to be taken, etc.

Best of luck!
0 votes Thank Flag Link Tue Mar 12, 2013
Talk with your agent, but it sounds like you have the standar Florida Association of Realtors addendum which lets yiou walk for ANY reason. If the inspector pointed out that there was lipstick on the bathroom backsplash you can choose to walk. You don't even need to disclose what the reason is, so many use it as a failsafe to get out of a deal they aren't sure about. Best of luck...
0 votes Thank Flag Link Mon Mar 11, 2013
You sound like you are in contract which means you have a realtor. Read your contract, ask your realtor questions and hire a real estate attorney if you need more help.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Sun Mar 10, 2013
There are many different contracts and an assortment of 'As Is' addendums as well. Your realtor or your attorney will advise you the best way to get to the result you want. Good Luck..!
0 votes Thank Flag Link Fri Feb 15, 2013
I think that asking your Agent would be the best way to cancel the transaction. We don't know how far you are in the deal. Purchase agreement structured time wise. Every fracture of a real estate transaction has a time frame. You have certain amount of days to do the inspection, to apply for mortgage, to deposit funds and so on. If you like to get out three days before closing, you most likely will lose your deposit so please talk to a professional who knows YOUR contract.

Thank you and always be careful: it's jungle out there.....:o) Just kidding.
Anna Torres
0 votes Thank Flag Link Thu Feb 14, 2013
As Is means the property is being sold in the existing condition and based on the contract will not do any repairs unless stated up to a certain amount. If you signed a contract and after an inspection or appraisal you may choose to cancel the contract. But As Is should be treated as any legal contract that is binding.
0 votes Thank Flag Link Tue Feb 5, 2013
Hi President,

It does not require a "structural problem" in order for you to walk away. It could be that you decided you saw something else you liked better, you don't like the color of the carpet in the bedroom, or any other reason you determine.

IT MUST BE A FORMAL CANCELLATION. You cannot just say you changed your mind. Ask your agent for a Cancellation and Release. The Cancellation and Release must be signed by both parties to the contract and submitted within the proper time frame.

You should also have an addendum stating that if there is no approval from the bank within a certain number of days, you have the right to file for cancellation of the contract. Once again, the cancellation must be in writing.

Wishing you the best. If I can be of further service please contact me directly.

Nadine Mauro
Highlight Realty
0 votes Thank Flag Link Tue Feb 5, 2013
We have a due diligence addendum that allows a buyer to walk away in the time period for any reason or for no reason at all. It can be for anything at all. Any means any and if you have gas that day you can walk away.
0 votes Thank Flag Link Tue Feb 5, 2013
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