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Old 02-16-2014, 08:23 PM
 
12 posts, read 14,957 times
Reputation: 21

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I am in the process of buying a house in Florida, with the as-is contract. The contract states I have 15 days to back out and get my escrow refunded.I am concerned I won't be able to get my escrow fully refunded if the seller doesn't finish the repairs to my satisfaction before the closing date listed on the contract. I can't find anywhere in this contract that says I can get my escrow refunded if the seller fails to take care of everything....except in paragraph 15 (b) where it says "buyer may elect to receive return of buyer's deposit".Is "buyer's deposit" the same as escrow? Is paragraph 15 saying I can get my escrow back if the seller fails or refuses to perform their obligation?
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Old 02-17-2014, 11:11 AM
 
819 posts, read 1,011,650 times
Reputation: 957
Did you amend the as-is contract to include a requirement that they finish these repairs? The as-is contract normally means you're taking it exactly as it currently exists, so they can feel free to not do anything and you would indeed be out your deposit if you don't back out before the 15 days (if that's what it gives you) are up.

If your deposit was significant, and you really do want this house, might be worth the $500 or so it would take to have a lawyer go over the entire contract and add in appropriate language to ensure what you want is completed. If you've already signed the contract, then you should send written notice that you're breaking it before the 15 days are up or they could simply not do anything and keep your deposit if the deadline comes and goes and you back out after the fact.
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Old 02-17-2014, 11:54 AM
 
Location: Toledo, OH
1,725 posts, read 2,995,574 times
Reputation: 1273
There has been a couple posts over the last few days that I hope everyone reads. We hear it all the time how Agents aren't worth a darn, then you get this.

Do you have a standard Florida Real Estate Contract? I assume you have an as is with right to inspect??

First - Yes, your deposit is in Escrow,
Second - Getting your Escrow back depends on the entire situation.

** You have a Signed Contract now. If the seller fixes what you wanted you are obligated to purchase. It must be SIGNIFICANT for you to walk away from this and have the contract cancelled. That is why YOU SPECIFY EXACTLY WHAT/HOW YOU WANT IT FIXED/REPLACED. The Seller has to fix what you both agreed upon in the Contract. I can't imagine it saying 'TO THE BUYERS SATISFACTION' as that leaves too many outs for the Buyer. The Seller is spending money to fix/replace something because that is part of the transaction. If the dishwasher is inoperable and you want it replaced. The one that is broken cost 600.00 and you just specify to get a new one. The Seller can get a cheap one and wallah, it is replaced.

YOU NEED TO SPECIFIY EXACTLY WHAT YOU WANTED AND THEN BOTH AGREE

Hopefully the Seller is a stand up person and will work with you on how to fix the items you are concerned about. It is both parties interest to get it right and both be satisfied.

THIRD - IF YOU ARE GOING ALONE, I RECOMMEND HAVING A LAWYER LOOK OVER EVERYTHING. This isn't a car purchase where if you got shafted, in a few years it will be okay. This should be looked at as a lifetime purchase.
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Old 02-17-2014, 03:46 PM
 
25,880 posts, read 39,155,409 times
Reputation: 13870
Even though I agree with Gulfer....if a poster is asking for legal advise on a blog then keep in mind that you never know who is answering a question and if you take every answer that you like as the correct one that can cost you a lot of money.

Even if you believe an answer you don't like it may not be the correct answer....

Hire a realtor and otherwise a lawyer.

Keep in mind a realtor gets paid if they close and can loose their license if you find out they lie or acted unethical.

A lawyer will get paid regardless of you closing or not. A lawyers help is not for free....

Realtors are not lawyers and can't give legal advise but we can tell you the difference between the regular purchase agreement and the "As Is" agreement.

As a Broker/Owner we make sure our agents disclose the difference between the two contracts to all clients.

I have the feeling the OP has no representation and the listing agent is helping both sides....maybe I'm wrong but why would the OP otherwise ask this question on a blog.

As Gulfer stated...it is not a bag of groceries or a car it is most likely a higher purchase that you don't want to be stuck with.
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