Do you really have to perform an inspection in order to back out of a contract during the inspection period?

Asked by Dstiy63, Delray Beach, FL Wed Apr 9, 2014

Does the seller really request a professional inspection report to make sure the buyer isn't just backing out because they changed their mind?

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10
Tammy Hayes, Agent, Port Charlotte, FL
Thu Apr 10, 2014
Refer to the actual contract to see how it is worded and if you are using an As Is contract or a normal residential contract.

Tammy Hayes, Realtor
Re/Max Palm Realty
1 vote
Tom Priester, Agent, Tequesta, FL
Thu Apr 10, 2014
Dsity63,

If you are using a standard Florida As-Is contract there is no requirement to have an inspection performed at all. The terminology that you are inquiring about is found in paragraph 12 on page 5 that states inspections "Buyer shall desire". If you do not desire you are not required to have any inspections and you still can determine in your sole discretion to terminate the contract and have your initial deposit returned. Just make sure you have informed the seller in writing of your intent by the end of the inspection period as called for in the contract.

You do not have to hire a professional inspector and if you did the seller has no right to a copy of that report unless additional terms have been added to a contract. In effect, a standard Florida As-Is contract is really not much more than a free option during the inspection period and both Buyer's and Seller's need to realize this and plan accordingly.

I hope this helps and if there is a need for any additional information please feel free to contact me at your convenience.



Fins up............




Tom Priester
Principal Broker

Paradise Sharks Real Estate
Direct Line 561 308-0175
tom@tompriester.com

http://www.paradisesharks.com
1 vote
I believe yours is the most complete answer so far.
Flag Thu Apr 10, 2014
Jennifer Sus…, Agent, Boca Raton, FL
Tue May 13, 2014
Dstiy63,

Is it an AS IS contract? You should be able to back out with no issue if you are in inspection time frame.

Check with Your Realtor or Broker, as they would be the best to consult you.
Best,
Jen Sommers


Jennifer Susanne Sommers

Luxury Real Estate Specialist/Top 5 Producer
Nestler Poletto Sotheby's International Realty

200 East Palmetto Park Road, Suite 104

Boca Raton, FL 33432

Direct – 561-235-7777

Mobile/Text- 786-390-9299

Jen@AgentBoca.com
http://www.AgentBoca.com

Jennifer Sommers
0 votes
Josh Barnett, Agent, Carney, OK
Sat May 3, 2014
Depends on the conditions of the contract, discuss with your Realtor.
0 votes
Dorothy Bass, Agent, Pompano Beach, FL
Sat May 3, 2014
Check the wording of your contract, but the inspection period is also your due diligence period. Does the contract really say an inspection by an inspector? I think not.

You may find rules with the Condo or Homeowners association that had you known you would not have contracted. I had a buyer that contracted, and they got the sellers disclosures stating that the roof was 25 years old. This was enough of a reason to not move forward, as this would be a home that would have insurance issues. There was no reason to go forward with the inspection. If they had known the roof was 25 years old they may not have contracted on the house.
0 votes
Louis Wolfs…, Agent, Needham, MA
Thu Apr 10, 2014
An inspection is not a guarantee that your deposit is still not at risk.

It all depends on what you signed and the language of the offer. I typically try to put in the offer ( subject to an inspection and approval of the premises by the buyer and or their agents)

Many times buyers get caught up in the heat of the market, and then get buyers remorse.

If it is not the right home for you, the seller would prefer you get out of it sooner than later (based on p&s, financing, etc)

Speak with your buyers agent
0 votes
Gary Hitchco…, Agent, Coral Springs, FL
Thu Apr 10, 2014
Yes. The contracts have a sequence, inspect, find items that are unacceptable, SEND the report to the seller and a letter.
0 votes
Joan Lorberb…, Agent, Boca Raton, FL
Wed Apr 9, 2014
If you don't perform an inspection during the inspection then, in my opinion, you have waived your right to back out under that clause. You may be putting your deposit at risk.
That being said you must have your REALTOR or an attorney explain the possible ramifications as it applies to you and the contract you signed.

As a somewhat of an aside several years back I had a client have a change of heart about a property he was under contract to purchase. I explained this to the listing agent and said my buyer didnt want to pay for an inspection but if he had to he would not be pleased with whatever the report might reveal and he would back out. The seller understood the "cold feet syndrome" and let him out of the contract and we obtained a release and cancellation and the deposit was returned to my buyer. The seller immediately received another offer that quickly went to closing and several months later my buyer found another home that he absolutely loves.

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
561-573-3238 JoanMooreRealtor@gmail.com
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Wed Apr 9, 2014
Read the contract. It does not say anywhere that a copy of the inspection must be provided to cancel based on inspection...why do you think that is? On the other hand, cold feet is not a sign of a ready and able buyer.

So is the house not worth purchasing or is there a problem with decision making and commitment.
0 votes
Brian Fischer…, Agent, delray beach, FL
Wed Apr 9, 2014
If you yourself find issues with the house during the inspection period that you don't want to deal with. You can use that as your reason not to
buy the house..
0 votes
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