Florida Realtors FAR/BAR AS IS Contract: Buyer & Seller Guide

Almost every residential purchase in Palm Beach County that goes through a Realtor is written on one of two contract forms jointly approved by Florida Realtors and The Florida Bar. In luxury and waterfront practice, the version most buyers and sellers see is the 'AS IS' Residential Contract For Sale And Purchase, form FloridaRealtors/FloridaBar-ASIS-7x. This page is a plain-English reading guide to the AS IS form itself, keyed to the paragraphs that trigger the biggest money decisions.

Direct answer: the current AS IS form is 14 pages, revised 12/24. Paragraph 12(a) gives the buyer a default 15-day Inspection Period with a sole-discretion right to terminate and get the deposit back. Paragraph 8(b) sets a default 30-day Loan Approval Period for financed deals. Paragraph 3(b) defines the Effective Date as the date the last party signs or initials and delivers the final offer or counter-offer. Every one of those defaults can be edited. If the box is blank, the printed default is what governs.

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What 'AS IS' actually means

The form is titled 'AS IS' Residential Contract For Sale And Purchase. That title does not mean the seller can hide defects, and it does not mean the buyer waives inspections. It means the seller is not obligated to make repairs. The buyer's remedy for an unacceptable condition is not a demand for a repair credit. It is the right to terminate the contract during the Inspection Period. Florida disclosure law about known material defects still applies separately.

The AS IS form's counterpart is the standard 'Residential Contract for Sale and Purchase' (FloridaRealtors/FloridaBar-6xx), which uses a repair-limit structure instead. The two forms are approved by the same two organizations. Which one a listing agent brings to the closing table is a negotiated choice, not a Florida law.

Paragraph 3, how the clock starts

Paragraph 3(a) states: 'Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day the counter-offer is delivered.' That is a two-day window unless the parties change it. Sellers who counter and expect a week to hear back are relying on custom, not on the form.

Paragraph 3(b) states: 'The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or initialed and delivered this offer or final counter-offer ('Effective Date').' Every deadline in the AS IS contract runs off the Effective Date. That includes the Inspection Period, the Loan Approval Period, the Closing Date, and any addendum-specific windows. Getting the Effective Date wrong on the signature page is the single most common source of missed deadlines.

Paragraph 12(a), the Inspection Period

Paragraph 12(a) states: 'Buyer shall have ______ (if left blank, then 15) days after Effective Date ("Inspection Period") within which to have such inspections of the Property performed as Buyer shall desire during the Inspection Period.' It continues: 'If Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period.'

The consequence of a timely termination is spelled out in the same paragraph: 'If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract.'

Three practical points follow:

The termination right is at the buyer's sole discretion. The buyer does not have to justify the decision, list defects, or offer to negotiate a repair, although in a functioning market most buyers do.
Written notice must be delivered before the Inspection Period expires. A verbal 'we're out' does not qualify.
Fifteen days is the default only if the blank is not filled in. On a luxury or waterfront home with a dock, seawall, elevator, generator, or specialty roof, that default is often not enough time to complete all specialist inspections. Ask for a longer period at contract time, not after.

Paragraph 8, cash versus financing

Paragraph 8(a) is the cash box: 'This is a cash transaction with no financing contingency.' A checked 8(a) removes the loan approval protection.

Paragraph 8(b) is the financing box. It states: 'This Contract is contingent upon, within _______ (if left blank, then 30) days after Effective Date ("Loan Approval Period")' the buyer obtaining loan approval. The paragraph enumerates loan types: 'conventional,' 'FHA,' 'VA,' or 'other ______________ (describe).' It also allows the parties to select 'fixed,' 'adjustable,' or 'fixed or adjustable rate.'

A buyer who checks 8(b) but leaves the loan approval window blank is agreeing to a 30-day period. On a jumbo purchase in Jupiter or Palm Beach Gardens, 30 days is often tight. Coordinate the loan approval window with the lender's actual timeline before signing, not after the deposit is committed.

Where the AS IS form is silent

The 14-page AS IS form does not, by itself, cover every situation. In Jupiter and Palm Beach County practice, these addenda are common on the same deal:

Condominium Rider or HOA/Community Disclosure, required when the property is inside a condo or an HOA. The Florida statutes governing those disclosures live outside the AS IS form.
Dock, seawall, or boatlift language, because the AS IS form does not itself list local dock rules. For Town of Jupiter waterfront, layer in the Jupiter dock and boatlift permit rules during the Inspection Period.
Wind mitigation and 4-point inspections, which are needed for the insurer rather than the contract itself. See Jupiter FL wind mitigation inspection and Jupiter FL 4-point home inspection.

Deadline chart from the AS IS form defaults

Item	AS IS paragraph	Default if the blank is left empty
Counter-offer acceptance	3(a)	2 days after delivery
Effective Date	3(b)	Date the last party signs/initials and delivers
Inspection Period	12(a)	15 days after Effective Date
Loan Approval Period	8(b)	30 days after Effective Date
Closing Date	4	Filled in on the signature page; no printed default

These are not the only deadlines in the contract, and they are not legal advice for a specific transaction. They are the load-bearing dates that show up on almost every AS IS deal in Palm Beach County.

FAQ

What is the FAR/BAR AS IS Residential Contract?

It is the 'AS IS' Residential Contract For Sale And Purchase approved by Florida Realtors and The Florida Bar (form FloridaRealtors/FloridaBar-ASIS-7x). It is one of the two standard residential contracts jointly promulgated by the two organizations.

How long is the AS IS contract inspection period?

Paragraph 12(a) states the buyer 'shall have ______ (if left blank, then 15) days after Effective Date' as the Inspection Period, during which the buyer may terminate the contract in the buyer's sole discretion by delivering written notice.

What happens if the buyer terminates during the inspection period?

Paragraph 12(a) states: 'If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract.'

What is the default financing period?

Paragraph 8(b) states the contract is contingent on loan approval 'within _______ (if left blank, then 30) days after Effective Date ("Loan Approval Period").' The paragraph lists conventional, FHA, VA, and 'other' loan types.

What is the Effective Date?

Paragraph 3(b) defines the Effective Date as 'the date when the last one of the Buyer and Seller has signed or initialed and delivered this offer or final counter-offer.'