For the past couple of weeks, I have been exploring – yes I use the word exploring because it feels like I am in uncharted territory – the aspects of our Florida sales contracts, especially the AS-IS contract.
I heard a comment the other day as I was discussing the inspection clause. Many REALTORS, for the most part, don’t read the contract. WHAT you say…of course we do! And I will bet you that many know some of the clauses but most DO NOT Read the contract, so if there is a problem, now comes confusion. Inspection clause: we all put in a certain number of days to complete whatever inspections our Buyer wishes to do.
The Effective Date begins the timing on the inspection days as does EVERY other action in the contract. So I hear a comment the other day: that when your Buyer has completed their inspections – if their 7,10,15 days are up – it’s OK…the Buyer still has time to review the results and decide what they want to do. Of course we all know (I hope) that the FAR-BAR contracts specify calendar days, and the CRSP specifies business days. After hearing this comment, I tried to say that once the inspection days are over….there is NO grace period, unless an extension is granted and agreed to by Buyer and Seller in writing. Well of course I am told that, this is not the case (help me!)
Sometimes I wonder if I may have gotten lost and am in another state, or better still, the dent in my forehead has receded and I once again am banging my head on my desk or wall whichever is closer. Then I begin to wonder if there are so few of us, and so many of them, and where do these agents learn or does their Broker not teach them, and how many of their customers do they put at risk by their ignorance?
The Date is The Date is The Date!
Until Next Monday…