We are going to talk about the Florida Realtors and the Florida Bar contract, also known as the FARBAR, which is the most commonly used contract in our industry.
We are going to talk about the inspection part of the contract.
This contract basically allows the buyer discretion to determine whether the property is acceptable to them or not. If it is not, it allows the buyer, with written notice, to cancel the contract prior to the inspection period as per the contract.
Compare that to the old contract, where the buyers had a repair limitation clause in the contract where the repairs had to exceed a dollar amount.
In these contracts, it is for any reason whatsoever.