Under the As Is contract the seller makes no repairs, and the buyer gets an inspection period (15 days if the blank is empty) to cancel for any reason and recover the deposit. A financed buyer also has a Loan Approval Period (30 days if blank) but must send written notice before it ends or the financing protection is lost. Every period runs in calendar days from the Effective Date. This guide follows the AS IS-7 form, 2024 revision.
What "As Is" does and does not mean
"As Is" means the seller is not agreeing to fix anything. It does not trap the buyer, and it does not excuse the seller from telling the truth.
- The buyer can walk. Paragraph 12 gives an inspection period and a right to cancel in the buyer's sole discretion.
- The seller must maintain. Paragraph 11 requires the seller to keep the property, lawn and pool included, in its Effective Date condition, ordinary wear excepted.
- The seller still discloses. In Paragraph 10(j) the seller states that they know of no undisclosed facts materially affecting the property's value that are not readily observable.
- The buyer waives later claims. Standard X waives claims for defects found after closing, but does not release the seller from 10(j).
Effective Date, deposit and every default deadline
The Effective Date (Paragraph 3) is the date the last party signs or initials and delivers the final offer or counter-offer. Nearly every deadline counts from it, so confirm it with the other side on day one. Standard F sets the counting rules: time is of the essence, days are calendar days, and a period ending on a Saturday, Sunday or national legal holiday rolls to the next day that is none of those.
| Item | Default | Counted from | Where |
|---|---|---|---|
| Initial deposit | 3 days | Effective Date | Par. 2(a) |
| Apply for the loan | 5 days | Effective Date | Par. 8(b)(i) |
| Inspection period | 15 days | Effective Date | Par. 12(a) |
| Flood-zone right to cancel, where it applies | 20 days | Effective Date | Par. 10(d) |
| Loan Approval Period | 30 days | Effective Date | Par. 8(b) |
| Seller's option to cancel if the buyer sent no loan notice | 3 days | End of Loan Approval Period | Par. 8(b)(v) |
| Title commitment delivered | 15 days before closing (5 if cash) | Closing Date, counting back | Par. 9(c) |
| Buyer's title objections | 5 days | Receipt of the commitment | Standard A |
| Seller's time to cure title | 30 days | Buyer's notice | Standard A |
A worked calendar. Effective Date Monday, November 2, 2026; closing Thursday, December 17, 2026; every blank empty. The deposit is due Thursday, November 5. Day 5 for the loan application is Saturday, November 7, so it rolls to Monday, November 9. The inspection period ends Tuesday, November 17. The Loan Approval Period ends Wednesday, December 2, which is also the last day for the title commitment. Build your own with the contract-to-close calendar.
The deposit. A deposit of 1% to 3% of the price is customary here, not a legal minimum (Paragraph 2). Paying it late is a buyer default.
Financing contingency and the Loan Approval Period
Paragraph 8 is a choice: 8(a) is cash with no financing contingency, and 8(b) makes the contract contingent on Loan Approval within the Loan Approval Period. Loan Approval includes an appraisal that satisfies the lender. What happens at the end of the period is the part people get wrong:
- Approved: the buyer notifies the seller in writing before the period expires.
- Not approved: the buyer may cancel by written notice before the period expires and, if not otherwise in default, gets the deposit back.
- Silence: if the buyer sends neither notice, the contract continues as if it were a cash deal. The seller then has 3 days to cancel and refund the deposit, or can hold the buyer to it.
A buyer who gives notice of approval and then fails to close generally forfeits the deposit.
A buyer whose loan is still in underwriting on the last day has three sound moves: cancel in writing, get a signed extension, or knowingly accept the risk. Doing nothing converts the deal to cash terms and puts the deposit on the line.
Inspection period and the right to cancel
Paragraph 12(a) is the heart of the form. The buyer may have any inspections the buyer wants. If the buyer decides the property is not acceptable, the buyer may cancel by delivering written notice to the seller before the period expires, and the deposit is returned. No reason is required. In competitive offers, buyers commonly shorten the period to 7 to 10 days.
A buyer who does not cancel in time accepts the property's physical condition and any code violations, and takes on repairs the lender requires.
- Book the general inspection in the first two or three days, leaving time for roof, HVAC, septic or structural specialists.
- Get an insurance quote, and any four-point or wind mitigation report the insurer wants, inside the period.
- Check for open permits. Paragraph 12(c) makes the seller cooperate and share documents, but not spend money.
- If you want repairs or a credit, get the signed amendment before the deadline. A request is not an extension.
The walk-through under 12(b) is not a second inspection period.
Title, survey and the closing date
Title. Paragraph 9(c) sets who pays for the owner's policy. Box (i) has the seller choose the closing agent and pay, the custom in Orange County and its neighbors; box (ii) puts both on the buyer. Under Standard A the buyer has 5 days after receiving the commitment to object in writing, and the seller has 30 days to cure. If the seller cannot, the buyer may extend the cure period up to 120 days, accept title as it is, or cancel and take back the deposit.
Survey. Under 9(d) the buyer may order a survey, at the buyer's expense, at least 5 days before closing. An encroachment reported within 5 days of receiving it is handled as a title defect (Standard B).
Closing date. Two extensions are built in: up to 7 days when federal Closing Disclosure timing delays an approved loan (Paragraph 5(a)), and up to 7 days after a force majeure event such as a hurricane stops preventing performance (Standard G). Any other extension must be signed by both sides.
Prorations and who pays what
Paragraph 9 divides the costs. The seller's column includes documentary stamp tax on the deed ($0.70 per $100, so $2,800 on a $400,000 sale), HOA estoppel fees, and the owner's title policy when box 9(c)(i) is checked ($2,075 on $400,000 at Florida's promulgated rate). The buyer's column includes mortgage taxes, loan charges, the appraisal, inspections, the survey and the lender's title policy. Estimate both sides with the closing cost calculator or the seller net sheet.
Standard K prorates property taxes, HOA dues and CDD assessments through the day before closing. Florida taxes are paid in arrears, so the seller credits the buyer for the seller's part of the year, using the current year's tax with the maximum discount.
Worked example. Annual tax $6,400; closing June 30, 2026. The seller owes January 1 through June 29, which is 180 days. $6,400 × 0.96 (the 4% November discount) = $6,144. $6,144 × 180 ÷ 365 = $3,029.92 credited to the buyer.
Default and remedies
If the buyer defaults (Paragraph 15(a)), the seller chooses: keep the deposit as agreed liquidated damages and end the matter, or go to court to enforce the contract.
If the seller defaults (15(b)), for a reason other than being unable to deliver marketable title after diligent effort, the buyer may take the deposit back without giving up a damages claim, or seek specific performance, meaning a court order to complete the sale.
Deposit disputes go to mediation first (Paragraph 16). In litigation the losing side pays the winner's attorney's fees (Paragraph 17).
The appraisal question
The form has no appraisal-gap number. For a financed buyer the appraisal sits inside the financing contingency: if a low appraisal prevents Loan Approval, the buyer can cancel within the Loan Approval Period. A cash buyer has no appraisal protection unless Rider F, the Appraisal Contingency, is attached.
Worked example. Price $430,000 with 5% down planned: $21,500 down, $408,500 loan. The appraisal comes in at $415,000. The lender lends 95% of the lower figure: $415,000 × 0.95 = $394,250. To close at $430,000 the buyer needs $430,000 − $394,250 = $35,750, which is $14,250 more than planned.
Riders worth knowing
Paragraph 19 lists the riders. Under Standard R, riders, addenda and typed or handwritten terms control over the printed text.
- B, Homeowners' Association: the form warns buyers not to sign until they have read the HOA disclosure.
- E, FHA/VA Financing and F, Appraisal Contingency.
- H, Homeowners'/Flood Insurance.
- T and U: occupancy before or after closing.
- V, Sale of Buyer's Property; W, Back-up Contract; X, Kick-out Clause.
- FF and GG: the buyer's broker compensation, negotiated separately in writing since August 2024.
Custom language in "Additional Terms" overrides the printed form. A loose sentence there can cancel a protection by accident.
The form itself says to seek an attorney's advice if you do not fully understand it. Hire one before signing when you are adding custom terms, when the seller is an estate, trust or foreign person, or when there is seller financing or a tenant. Hire one immediately if a deadline was missed or the deposit is disputed.
Questions buyers and sellers ask
Can a buyer back out of an As Is contract in Florida?
Yes, during the inspection period, for any reason, by written notice before it expires. After that the buyer needs another contingency or risks the deposit.
How long is the inspection period on the Florida As Is contract?
Whatever number is written in the blank. If it is empty, 15 days after the Effective Date.
Does "As Is" mean the seller does not have to disclose problems?
No. Paragraph 10(j) keeps the seller's statement about known facts that materially affect value. "As Is" removes the repair obligation, not the disclosure.
What happens to the deposit if the buyer's loan is denied?
If the buyer made a good-faith effort and cancels in writing before the Loan Approval Period expires, the deposit is refunded. If the buyer says nothing, the contract continues as a cash purchase.
Are the deadlines business days or calendar days?
Calendar days. A period ending on a Saturday, Sunday or national legal holiday extends to the next day that is not one.
This guide is general information, not legal, tax, lending or insurance advice. It summarizes one revision of a copyrighted form in our own words; the signed contract and its riders control.
Sources: Florida Realtors/Florida Bar "AS IS" Residential Contract for Sale and Purchase (AS IS-7), Florida Department of Revenue, documentary stamp tax, Rule 69O-186.003, title insurance rates, Orange County Tax Collector, Florida Realtors buyer agreement FAQs. Checked November 2026.
