Quote:
Originally Posted by kingofbeer
I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.
Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-c...-version-1.pdf |
According to a sales agent that I discussed this with, The Properties of the Villages does not use "as-is" contracts, unless the house is in very bad condition. A typical Villages resale contract is NOT an as-is contract. You are correct that, if you use an as-is contract, the buyer can cancel the contract for any reason. But, if it is not an as-is contract, the buyer is locked in to the sale unless there is a specific clause in the contract that allows the buyer to cancel the sale.