Contract protects both sides...

Sellers and buyers have rights under the terms of a home contract. The contract typically used for purchasing a property in Brevard County and most of Florida is called the "FAR/BAR Contract." It was developed and implemented with the Florida Association of Realtors and the Florida Bar Association. It appears to be a balanced contract for both buyers and sellers.
Certain addenda are usually attached to this contract giving the buyers the right to inspections and limiting the repairs of the sellers to a dollar figure that is agreeable to both parties.

In the addendum for inspections, the buyers typically have the right to cancel the contract and get a refund of all money deposited if the inspections are unsatisfactory in the opinion of the buyers. This condition for inspections and the right to cancel is for a limited time period, usually about 10 days from the date of signing the contract. Hiring a good inspector is essential in today's market. The inspector should notify the buyer if more inspections are necessary. For example, if there is an indication of past leaks and past moisture damage, a mold mildew inspection may be recommended.

Sellers should complete a "real property seller's disclosure" for the buyer's information. This disclosure will inform the buyers of past repairs and conditions of the property. Sellers must disclose items, not readily visible to the buyers, that would materially affect the value of the property. This is an obligation of the seller required by the contact and enforceable by the law.
Sellers can truly assist a buyer by providing additional information on what subcontractors were used for repairing air conditioners, electrical problems, pool problems and other maintenance or improvements on the property.

The buyers should be aware that an appraiser does not inspect a home for wiring, plumbing, heating, cooling, roof or appliances. The appraiser inspects the home for the size, condition, quality, age and location to determine the comparable sales and render the opinion of value for the bank in order for the buyers to secure the loan.

The surveyor has the duty of verifying the property lines and flagging any violation as to set backs and encroachments.

A title search is performed prior to closing to prove there are no claims or liens on the property that will not be corrected by paying off the mortgage, the taxes and any other existing liens.
The buying and selling process complex and these inspections and services provide assurance that the process is protective of both buyers and sellers.

The market continues to be extremely active as interest rates, although varied this week, continue to be low and the selection of available properties is outstanding. Smart buyers are taking advantage of this wonderful time in the real estate market in Brevard County.