Many waterfront or near waterfront properties are sold “AS-IS”. Generally this may mean that there is something wrong with the property that the Seller does not want to take any responsibility for. The mere fact that the Contract is an “AS-IS” contract does not mean that the Buyer cannot conduct a thorough due diligence review of the property with a right to terminate. It simply means that the Seller will not be obligated to cure any identified issues, such as non-compliance with regulatory requirements. Nor does it mean that the Seller will not be obligated to convey clear title.
Properties sold “AS-IS” must contain provisions that give the Buyer adequate time to perform due diligence investigations on all aspects of the property, and to terminate the contract prior to the expiration of the inspection period if the Buyer finds, in his/her sole discretion, that the property is not suited for their intended purposes. To get a copy of the recommended Inspection Addendum.
Now that you understand “AS-IS” property better, relax and check out our Properties Page for Waterfront Property available around Sarasota right now!
David M. Levin is a shareholder with the law firm of Icard, Merrill, Cullis, Timm, Furen & Ginsburg, P.A. of Sarasota, Lakewood Ranch and Punta Gorda, Florida. He limits his practice to environmental and waterfront property law, including waterfront property closings. Contact David now!