explained: An "As-Is" Contract does not mean what most people think...
- 11/04/09 07:03 AM
Many buyers and sellers tend to take the name of this contract too literally... So let's clarify the single item that makes all the difference between a typical contract and an "as-is" contract: "The buyers have the right to cancel for any reason (at their sole discretion) based on the inspections results, and the sellers are not obligated to pay for any repairs" Let's look at the three common misconceptions: 1- "The property is sold as-is, buyers assume all risks and conditions hidden or obvious." Wrong: by law the sellers are still required to disclose to buyers any repairs, mold, and other … (5 comments)
explained: Single Agent, Transaction Broker, and Professional Courtesy Explained.
- 10/18/09 03:39 AM
In Florida the two most used types of relationships are Transaction Broker and Single Agency. When you operate as a transaction broker, you have to do what is right to make the deal work without hurting any party. There is no fiduciary relationship and you cannot say things like I work for the best interest of the seller or the buyer. If you say something like that you are implying a fiduciary duty of Single Agency, not Transaction Broker. When you have disclosed that you are acting as a Transaction Broker and you say that you will disclose price and terms of … (2 comments)
Many buyers and sellers tend to take the name of this contract too literally... So let's clarify the single item that makes all the difference between a typical contract and an "as-is" contract:
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