1. The “AS IS” Residential Contract for Sale and Purchase
This is the most common contract used in Florida today.
How it works: The seller is selling the home in its current condition and is not obligated to fix or pay for any defects found during inspections.
The Buyer’s Protection: The buyer is granted a specific inspection period (usually 15 days by default). During this window, the buyer can hire an inspector and, if they find anything they don’t like, they can back out of the deal for any reason and get their escrow deposit back safely.
2. The Standard Residential Contract (The “Regular” FR/BAR)
This contract is less common now but is still used when buyers want to lock a seller into making necessary repairs.
How it works: Instead of letting the buyer walk away for any reason, this contract establishes a “repair cap” (typically 1.5% of the purchase price).
The Buyer’s Protection: If an inspection reveals qualifying defects—like roof leaks, structural issues, or broken appliances—the seller is legally required to pay to fix them up to that agreed-upon price limit. The buyer cannot simply back out of the deal over minor cosmetic issues; they are committed as long as the seller fulfills their repair obligations within the cap limit.