Eugene Vigoa, Esq.

INSPECTION CONTINGENCY

In the Florida "As Is" contract, the seller and the buyer can agree on how long the buyer will have to inspect the property, and more importantly, cancel the contract and have their deposit returned to them.  If left blank, the current version of the contract, has a default of 15 days from the effective date of the contract.

Obviously if you are a seller, you may want to negotiate the number of days to inspect to less than the default 15 days.  Remember, during that period of time, the buyer can cancel in their sole discretion, and now the seller has to start looking for another buyer.

Eugene Vigoa, Esq.

CASH TRANSACTIONS

Sellers like cash transactions because that means that the buyer does not have to apply for a loan and the closing can take place sooner.  However, if the seller has an offer from a "Cash" buyer, ask to see proof of funds.  Ask for a bank statement showing sufficient funds to close, and make sure the statement is a recent one. 

Eugene Vigoa, Esq.

MORE ON DEPOSITS
As a seller you want the buyer to put up as large a deposit as possible for obvious reasons. A significant deposit shows the buyer are serious about completing the purchase. If the buyer only has a small deposit to risk, they may be willing not to close and lose their deposit. If however, they stand to lose a large deposit, then they will think twice before walking away from the deal.
Buyers often get "buyer's remorse" and don't want to close for reasons that have nothing to do with the property. A large deposit makes the buyer, if anything, think twice about wasting the seller's time.

Eugene Vigoa, Esq.

TIP OF THE WEEK
Ask for an "Escrow" letter from the settlement agent to make sure the buyer gave the security deposit if the contract calls for one.