News & Information: Risk Management Tips

Risk Management - Buyer Self-inspection

Friday, July 6, 2012  
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 »Inform your sellers that buyers now can conduct self-inspections and can cancel the contract based on findings.

The revised 2010 Florida Realtors/Florida Bar-ASIS-1 (As Is Residential Contract for Sale and Purchase) does not require the use of a professional, licensed home inspector, which means the buyer can do a self-inspection and cancel based on their findings. Listing agents should be aware of this item and aware that it is a negotiable item.

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.

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