Gary has the best answer so far. I would like to add that I especially like this type of contract for my buyers. It will allow you to cancel for any reason during the inspection period. The terms for this particular house also state that since it is a foreclosure there will also be some bank specific forms and terms that will apply. Make sure to read and understand everything you sign. Good luck with your home purchase.
Realty Hub, Inc.
Nathan is correct. However I believe the basic question has not been answered. A FAR/BAR is a standard contract designed and accepted by both the Florida Association of Realtors and the Florida Lawyers Association. This contract is valid in all Florida counties.
The As-Is provision is added when there will be no repairs made by the seller. So you buy what you see, or after the inspection you walk away from the contract and get your escrow back.
Charles Rutenberg Realty
These contracts are being used extensively in our area. I consider it an option to buy. Either party can walk for any reason up to closing. I have had one cancelled by a buyer who discovered that there was chinese drywall in the house next door and cancelled the contract. The best option is to use the FarBar with an as-is addendum. That at least is a real contract binding both parties.
In As-Is the seller is not guaranteeing the condition of the property, that does not mean that they should not supply the sellers disclosure, they should. During the buyers inspection of the property, they will not have the resources to make any repairs, so the property is being sold as-is. It makes your buyers inspection critical.
Hope this helps.
Debbie Albert, PA
Coldwell Banker Residential
Basically when a property is being sold with a FA/BAR as is contract it is being sold without any concessions for repairs or home warranties. The buyer would have a right to inspect the property before the purchase, in order to try to ensure it is in good condition.
That type of contract is usually used with a bank owned property as the bank has never been inside the property.
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