Things to know about the As-Is Real Estate Contract

What Buyers SHOULD know when signing an as-is real estate contract in Pompano Beach

Disclaimer: Oliver Hoffmann, Broker for Pompano Beach Realty Corporation specializing in Pompano Beach Real Estate  is not an attorney nor is he providing legal advice in this article. The content of this article is of informational purpose only and his interpretation of the as-is contract. Please consult with your attorney when purchasing real estate.

In Pompano Beach the As-Is contract is the most commonly used contract used for the purchase of real estate.

In this article, I want to go over some of the most important dates in the as-is contract that a buyer should observe when purchasing property.

Dates on the As-Is Contract

The dates in the As-Is contract are counted in calendar days and NOT in business days, so it is important for the buyer not to miss any deadlines as this might result buyer being in default of the contract putting their earnest money deposit at risk and exposing themselves to a potential lawsuit from the seller.

It is the BUYERS responsibility to make sure all those deadlines are met!

The dates in the As-Is contract are based on the effective date.
The “Effective Date” is the date when the last party to the transaction has signed and or initiated the contract or counter-offer AND this offer was delivered to the other party. At this point the clock starts ticking.

What does As-Is mean?
AS-IS means that the property being bought is being sold exactly how it was seen at the time the buyer made the offer to purchase. This means that the seller(s) is/are obligated to maintain the property, until closing, in the exact same condition it was at the time of the offer.

Inspection Period

If a buyer is purchasing a property with a mortgage loan, most lenders will require buyer to obtain a homeowners insurance.
In order to obtain this homeowners insurance, most insurance carriers will ask for satisfactory 4 Point Inspection before binding the homeowners policy.

A 4 point inspection looks at these 4 items:
HVAC, Plumbing, Electrical and Roofing.

Should this 4 point inspection reveal any items that buyers insurance carrier needs to have fixed in order to bind an insurance policy, Buyer should ask the seller in writing to remedy those items while still within the inspection period. Buyer should understand that the seller is not obligated to do so.
Should the seller not be willing to fix those items, the buyer might want to strongly consider canceling the contract within their inspection period to get their earnest money back as buyer will most likely not be able to get insurance on the property, a requirement by most lenders.

Inspection Period

Mortgage Approval

Probably the most important date in the contract if you are obtaining a mortgage loan is the “Loan Approval” date, usually 30 days from effective date or whatever time frame was negotiated between buyer and seller.

Please note it is the BUYERS responsibility to inform the Seller and Broker of the loan approval process as stated in line 99 of the as-is contract.

Should the buyer not obtain mortgage approval before the expiration of the loan approval period, the buyer may provide to the seller in writing either that

  1. Buyer waives the loan approval and continues with the contract as if the mortgage approval was obtained
  2. Buyer terminates the contract

The seller could also agree to extend the mortgage approval deadline.

If buyer opts to waive the loan approval and the transaction for whatever reason does not close, the buyer risks losing their earnest money deposit(s).

If mortgage approval was not provided to the seller by the mortgage approval deadline, seller can elect to cancel the contract by delivering written notice to the buyer within 3 days and buyer is at risk of losing their earnest money deposit(s).

Mortgage Approval Date in As-Is. Contract

Closing Date

The closing date is another important date that needs to be honored.
This date is at the bottom of page one of the as-is contract and was agreed to by buyer and seller when signing the contract. If the buyer does not close on the closing date, buyer might be at risk of losing their earnest money deposit.

Two exception to delay the closing date are

  1. funds from buyers lender are not available on the closing date due to the Consumer Financial Protection Bureau Closing Disclosure (CFPB) delivery requirements then the closing date can be extended for such period necessary to satisfy those CFPB requirements as long as it doesn’t exceed 10 days
  2. And event constituting Force Majeure causing services essential to closing not being available the closing date may be extended.
Closing Date

Please contact a Pompano Beach Realtor at 954-505-6000 or by filling out the form below when looking to buy or sell Real Estate in Pompano Beach.

    Pompano Beach Oceanfront Condo listings below.

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    Pompano Beach Apartments For Rent from $1,500 – $2,000

    If you are looking for an apartment rental or a house to rent, we have displayed Pompano Beach Apartments For Rent from $1,500 – $2,000 below.

    $1,500
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    Active
    1
    BED
    1
    TOTAL BATH
    477
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    3225 NE 16th St #20A
    Pompano Beach, FL 33062
    The Floranada Condo Subdivision
    New Listing - a week online
    $1,500
    Condo For Rent
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    2
    BEDS
    2
    TOTAL BATHS
    1,150
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    2650 S Course Drive #503
    Pompano Beach, FL 33069
    No 16 Palm-Aire Country C Subdivision
    New Listing - a week online
    $1,500
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    662
    SQFT
    2840 NE 14th Street Cswy #112
    Pompano Beach, FL 33062
    Casa La Quinta Condo Subdivision
    New Listing - 3 days online
    $1,500
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    980
    SQFT
    4521 W Mcnab Rd #33
    Pompano Beach, FL 33069
    Palm Aire Gardens Condo Subdivision
    New Listing - 5 days online
    $1,500
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,120
    SQFT
    2815 N Course Dr #104
    Pompano Beach, FL 33069
    Breezes At Palm Aire Cond Subdivision
    New Listing - 3 days online
    $1,500
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,150
    SQFT
    3091 N Course Dr #708
    Pompano Beach, FL 33069
    No 49 Palm-Aire Country C Subdivision
    New Listing - 3 weeks online
    $1,500
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    880
    SQFT
    259 S Cypress Rd #542
    Pompano Beach, FL 33060
    Barcelona North Bldg 500 Subdivision
    New Listing - yesterday
    $1,500
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    3995 W Mcnab Rd #B-111
    Pompano Beach, FL 33069
    Windward Lakes Bldg B Subdivision
    $1,530
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,150
    SQFT
    3150 N Course Ln #507
    Pompano Beach, FL 33069
    No 42 Palm-Aire Country C Subdivision
    $1,550
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,153
    SQFT
    2800 N Palm-Aire Dr #104
    Pompano Beach, FL 33069
    Palm-Aire Country Club Subdivision
    New Listing - 7 days online
    $1,550
    Condo For Rent
    Active
    1
    BED
    2
    TOTAL BATHS
    815
    SQFT
    801 S Federal Hwy #503
    Pompano Beach, FL 33062
    Waterford Point Condo Subdivision
    New Listing - 3 weeks online
    $1,550
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    880
    SQFT
    253 S Cypress Rd #249
    Pompano Beach, FL 33060
    Barcelona North 200 Subdivision
    New Listing - 5 days online
    $1,550
    Condo For Rent
    Active
    2
    BEDS
    1
    TOTAL BATH
    800
    SQFT
    4421 W Mcnab Rd #19
    Pompano Beach, FL 33069
    Palm Aire Gardens Condo Subdivision
    New Listing - 2 weeks online
    $1,595
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,430
    SQFT
    2900 NE 14th Street Cswy #510
    Pompano Beach, FL 33062
    Voyager Condo Subdivision
    New Listing - 2 weeks online
    $1,600
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,100
    SQFT
    3010 N Course Dr #109
    Pompano Beach, FL 33069
    Palm-Aire C C Apts 38 Con Subdivision
    $1,600
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    638
    SQFT
    3208 SE 11th St #102
    Pompano Beach, FL 33062
    St James Condo Subdivision
    $1,600
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    3204 SE 10th St
    Pompano Beach, FL 33062
    Lakeside 23-38 B Subdivision
    New Listing - 3 weeks online
    $1,600
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    424 N Riverside Dr. #205
    Pompano Beach, FL 33062
    Coastal House of Pomp Bea Subdivision
    $1,600
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,080
    SQFT
    401 Gardens Dr #103
    Pompano Beach, FL 33069
    Gardens North 7 Condo Subdivision
    New Listing - 4 days online
    $1,600
    Condo For Rent
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    2
    BEDS
    2
    TOTAL BATHS
    1,057
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    3995 W Mcnab Rd #B309
    Pompano Beach, FL 33069
    Windward Lakes Condo Subdivision
    $1,650
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,064
    SQFT
    3200 N Palm Aire Dr #109
    Pompano Beach, FL 33069
    Palm-Aire Country Club Co Subdivision
    New Listing - 6 days online
    $1,650
    Condo For Rent
    Active
    2
    BEDS
    1
    TOTAL BATH
    904
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    840 Pine Dr #104
    Pompano Beach, FL 33060
    Pompano Beach View Condo Subdivision
    New Listing - 3 weeks online
    $1,650
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,500
    SQFT
    2671 S Course Dr #910
    Pompano Beach, FL 33069
    No 20 Palm-Aire Country C Subdivision
    New Listing - 3 weeks online
    $1,650
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,222
    SQFT
    2215 Cypress Island Dr #905
    Pompano Beach, FL 33069
    Cypress Bend 6 Condo Subdivision
    New Listing - 2 weeks online
    $1,694
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    952
    SQFT
    401 NW 34 Street #96-108
    Pompano Beach, FL 33064
    Pompano Palms Subdivision
    New Listing - 3 weeks online
    $1,700
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    900
    SQFT
    305 N Pompano Beach Blvd #308
    Pompano Beach, FL 33062
    Jamaica House Condo Subdivision
    $1,700
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,054
    SQFT
    3080 N Course Dr #402
    Pompano Beach, FL 33069
    No 51 Palm-Aire Country C Subdivision
    Price Change - 2 weeks ago
    $1,700
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,256
    SQFT
    299 N Riverside Dr #804
    Pompano Beach, FL 33062
    Seville House Condo Apts Subdivision
    Price Change - 7 days ago
    $1,700
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,200
    SQFT
    2751 N Palm Aire Dr #102
    Pompano Beach, FL 33069
    Palm-Aire Country Club Co Subdivision
    Price Change - 2 weeks ago
    $1,750
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    933
    SQFT
    Gabriel Towers #804
    801 N Ocean Boulevard
    Pompano Beach, FL 33062
    New Listing - yesterday
    $1,750
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,146
    SQFT
    3600 Oaks Clubhouse Dr #510
    Pompano Beach, FL 33069
    Royal Point At Palm Aire Subdivision
    New Listing - 3 days online
    $1,750
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,160
    SQFT
    4421 W Mcnab Rd #15
    Pompano Beach, FL 33069
    Palm Aire Gardens Condo Subdivision
    New Listing - 6 days online
    $1,750
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    672
    SQFT
    101 Briny Ave #1805
    Pompano Beach, FL 33062
    Pompano Beach Club North Subdivision
    New Listing - yesterday
    $1,750
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,170
    SQFT
    4025 W Mcnab Rd #212E
    Pompano Beach, FL 33069
    Windward Lakes Condo Subdivision
    New Listing - 4 weeks online
    $1,800
    Condo For Rent
    Active
    1
    BED
    2
    TOTAL BATHS
    734
    SQFT
    1391 S Ocean Blvd #1003
    Pompano Beach, FL 33062
    Delphi Towers Condo Subdivision
    New Listing - a week online
    $1,800
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,370
    SQFT
    3507 Oaks Way #305
    Pompano Beach, FL 33069
    No 114 Palm-Aire Country Subdivision
    New Listing - 6 days online
    $1,800
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,216
    SQFT
    3520 Oaks Way #105
    Pompano Beach, FL 33069
    Palm-Aire C C Apts 113 Co Subdivision
    $1,800
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    436
    SQFT
    3225 NE 16th St #15A
    Pompano Beach, FL 33062
    The Floranada Condo Subdivision
    Price Change - 4 weeks ago
    $1,800
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    3080 N Course Dr #302
    Pompano Beach, FL 33069
    Palm- Aire Country Club Subdivision
    New Listing - 3 weeks online
    $1,800
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,500
    SQFT
    3900 Oaks Clubhouse Dr #205
    Pompano Beach, FL 33069
    No 76 Palm-Aire Country C Subdivision
    New Listing - yesterday
    $1,800
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    672
    SQFT
    101 Briny Ave #1606
    Pompano Beach, FL 33062
    Pompano Beach Club Subdivision
    New Listing - 2 weeks online
    $1,800
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,160
    SQFT
    3970 Oaks Clubhouse Dr #306
    Pompano Beach, FL 33069
    Palm-Aire C C 78a Condo Subdivision
    $1,825
    Condo For Rent
    Active
    3
    BEDS
    3
    TOTAL BATHS
    1,620
    SQFT
    4261 W Palm Aire Dr #206
    Pompano Beach, FL 33069
    Palm-Aire C C Garden 14 C Subdivision
    New Listing - 2 weeks online
    $1,850
    Condo For Rent
    Active
    1
    BED
    2
    TOTAL BATHS
    1,075
    SQFT
    3210 SE 10th St #6F
    Pompano Beach, FL 33062
    Savoy East Condo Subdivision
    New Listing - 2 weeks online
    $1,850
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    1786 SE 4th St #1
    Pompano Beach, FL 33060
    Nautical Haven Condo Unit Subdivision
    New Listing - 4 weeks online
    $1,850
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,000
    SQFT
    201 N Ocean Blvd #911
    Pompano Beach, FL 33062
    Granada House Condo Subdivision
    Price Change - 5 days ago
    $1,850
    Townhouse For Rent
    Active
    2
    BEDS
    3
    TOTAL BATHS
    1,018
    SQFT
    2751 NE 15th St
    Pompano Beach, FL 33062
    Sun Harbour 138-28 B Subdivision
    New Listing - yesterday
    $1,850
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,510
    SQFT
    4000 N Cypress Dr #205
    Pompano Beach, FL 33069
    No 88 Palm-Aire Country C Subdivision
    Price Change - 4 weeks ago
    $1,900
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,200
    SQFT
    3368 Beau Rivage Dr #101
    Pompano Beach, FL 33064
    Blue Lake Garden Apts 1 Subdivision
    $1,900
    Condo For Rent
    Active
    3
    BEDS
    3
    TOTAL BATHS
    1,710
    SQFT
    3930 Oaks Clubhouse Dr #406
    Pompano Beach, FL 33069
    Palm Aire Subdivision
    $1,900
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,500
    SQFT
    4007 N Cypress Drive #204
    Pompano Beach, FL 33069
    Palm-Aire C C 83 Condo Subdivision
    $1,900
    Condo For Rent
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,000
    SQFT
    111 Briny Avenue #19-03
    Pompano Beach, FL 33062
    Pompano Beach Club Condo Subdivision
    $1,900
    Condo For Rent
    Active
    3
    BEDS
    3
    TOTAL BATHS
    1,710
    SQFT
    545 Oaks Ln #202
    Pompano Beach, FL 33069
    No 68 Palm-Aire Country C Subdivision
    $1,900
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    1,200
    SQFT
    405 N Ocean Blvd #423
    Pompano Beach, FL 33062
    Parliament House Condo Subdivision
    $1,900
    Condo For Rent
    Active
    3
    BEDS
    3
    TOTAL BATHS
    1,710
    SQFT
    4015 W Palm Aire Dr #503
    Pompano Beach, FL 33069
    No 104 Palm-Aire Country Subdivision
    New Listing - 4 weeks online
    $1,900
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    800
    SQFT
    1770 S Ocean Blvd #604
    Pompano Beach, FL 33062
    Ocean Sounds Condo Subdivision
    New Listing - 2 weeks online
    $1,900
    Condo For Rent
    Active
    1
    BED
    2
    TOTAL BATHS
    648
    SQFT
    1391 S Ocean Blvd #303
    Pompano Beach, FL 33062
    Delphi Towers Condo Subdivision
    New Listing - 5 days online
    $1,900
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    375
    SQFT
    1480 S Ocean Blvd #309
    Pompano Beach, FL 33062
    International Studio Apt Subdivision
    $1,950
    Condo For Rent
    Active
    1
    BED
    1
    TOTAL BATH
    350
    SQFT
    3218 SE 11th St #3218B
    Pompano Beach, FL 33062
    Lakeside 23-38 B Subdivision
    Price Change - 6 days ago
    $1,995
    Condo For Rent
    Active
    3
    BEDS
    2
    TOTAL BATHS
    1,390
    SQFT
    2940 N Course Dr #712
    Pompano Beach, FL 33069
    Palm-Aire C C Apts 39 Con Subdivision
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