What Does “As-is” Mean?

by Isaac Benmergui, Esq on December 17, 2014

What does “as-is” mean?After the housing crash in 2008, foreclosure properties flooded the market. Qualified buyers had their pick of properties priced well below market value in every market segment from starter homes to million-dollar listings. Often times when dealing with bank-owned properties, the property is offered “as is.” What does this mean and what are the drawbacks to an “as-is” contract?

In a typical Florida real estate contract, the buyer has an inspection period of 15 calendar days to have the property inspected. If the buyer finds any problems, they can cancel the contract and walk away, or ask that the seller make the necessary repairs.

With a property that has an “as-is” contract, the seller is advertising up front that they will not make any changes or repairs. The seller has an obligation to disclose any property issues that are not a part of public record. That means that any issue that can be found in the public record, such as flood zones, may not have to be explicitly disclosed. The courts have found that since this information is part of the public record, it falls to the buyer to research.

As-is sales require special attention and attention to detail since the buyer is relying on the seller to be honest and forthcoming, while the seller’s main goal is to sell the property at the highest possible price. This conflict of interest makes it of paramount importance to have a qualified real estate attorney involved in these kinds of purchases.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have close to 10 years of experience handling Real Estate, Personal Injury, Immigration and Commercial Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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What Happens When the MLS and the Sales Contract are Different?

by Isaac Benmergui, Esq on December 16, 2014

What happens when the MLS and the sales contract are different?The multiple listing service, or MLS, is how most people find, view and select real estate to see in person. It’s a tool to share information about different properties in order to help sell those properties. These private databases are created, maintained and paid for by real estate professionals so that the information can be made available to the public for free.

Multiple Listing Service listings are required to be complete, or the listing agent has to pay a fine. This includes the property class, listing price, expiration date, and other property information, such as number of rooms, bathrooms, and features of the property. Many buyers rely on this information to make their purchasing decisions, but it’s important to know that when it comes to a sale, the real estate contract is the final word.

When you are buying property, the real estate contract is what you sign, and that contract contains everything you are agreeing to, including the condition of the property. Verify all of the items listed in the MLS in person, and then make sure those items are accurately represented in the sales contract. If the MLS is different, then you should address those differences with your real estate agent and the seller’s agent before you sign anything and close the sale.

Once you have closed the sale, you have agreed to the conditions in the sales contract, and the seller is not liable for anything listed in the MLS.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have close to 10 years of experience handling Real Estate, Personal Injury, Immigration and Commercial Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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What is Heir Property?

December 15, 2014

What is Heir Property?When a loved one dies and a piece of their estate fails to go through probate, the property can end up stuck. This is especially so if there are multiple people who have equal claim to the property, such as several children or siblings.

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How Do You Remove Someone From a Deed?

December 15, 2014

How you parted ways is important if you want to remove someone from a deed, since you’ll need that individual’s full cooperation to remove them from it.There are many reasons you might want to remove yourself or someone else from a deed. Some couples buy property together and then part ways. Some parents buy property for their children and then no longer need to be on the deed once the property is paid for, and sometimes roommate situations go bad. How you parted ways is important if you want to remove someone from a deed, since you’ll need that individual’s full cooperation to remove them from it.

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What is a Short Sale?

December 2, 2014

What is a Short Sale?Most people probably had never heard of a short sale until the market collapse in 2008. But when the market collapsed, suddenly quite a few people found themselves with a mortgage they could no longer afford, or even without a job to pay for it, and they needed to sell their home. But how do you sell a home when you’re underwater on the mortgage?

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