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The Difference Between the Contracts Used:

Residential Contract For Sale And Purchase

There are 3 distinct differences between a Residential Contract For Sale And Purchase and an As Is Residential Contract For Sale And Purchase. The first difference in the contract pertains to the General Repair Items, Wood Destroying Organisms and Costs Associated with Open or Expired Permits in Section 9. This paragraph gives the buyer the right to have a licensed inspector or certified pest control company to review the property making the seller responsible for removing pests and correcting the damage done by the pests. It protects the seller by capping the maximum amount they would have to pay for this, and it protects the buyer by allowing them a way out. Another difference in Paragraph 9 states that if a buyer’s home inspection should show other damages to the home, for example, roof damage, the seller will fix the issues with a fixed price. In regards to the Open or Expired Permits, the seller would also pay a fixed price.

As Is Residential Contract For Sale And Purchase

 

This is the most commonly used contract, as it allows a longer inspection period, up to 15 days. During that period, the buyer can choose to order any home inspection they deem necessary. Traditionally, this would include Home Inspection, Termite Inspection, and a Wind Mitigation Inspection. If upon inspection damages or defects to the home are found, this allows the seller to agree to repair the items, or allows the buyer to cancel the contract and move on to another property with no penalty. Using this contract, the seller is required to disclose all known defects or issues, and if they willingly withhold pertinent information, could be held responsible for their actions. Do not assume that As Is means there is automatically a defect in the home, as this is not the case! Whichever contract is used, a home inspection should be ordered as there is no guarantee that the home is in perfect condition or that the seller will fix every issue found.

 

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