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All real estate contracts must include the following essential elements: The contract must be in writing. Names of parties to the contract. Address and legal description of the property being sold/purchased. Purchase price. Acceptance and counteroffer period. Closing date. Disclosures. Default/dispute resolution.

As the name implies, the seller listed the property "as is," meaning the seller is not obligated to make repairs. However, many Florida Realtors Legal Hotline calls involve a buyer requesting repairs from a seller after the inspection results come in during the inspection period.

Choosing The Right Contract You see, with the ?As Is? contract, buyers have a 15-day inspection period (which can be negotiated to be longer or shorter) in order to have a thorough inspection done on the property.

In an 'as is' residential contract, the seller must make mandated disclosures about the property to the potential buyer if applicable. Put simply, a seller cannot hide problems that may require repair work. This includes: Any potential or actual claims, complaints or legal proceedings.

An ?as-is? residential contract for sale and purchase is a contract a buyer and seller sign that stipulates that the seller will not pay for any repairs. With a conventional sale, there is usually room for negotiations regarding payment for repairs.

Under the Standard Contract, the seller has repair requirements that are set-forth in Section 9 of the Contract, while under the As-Is Contract, the seller is only responsible for maintaining the property in the same condition that it was in as of the effective date of the Contract.