What’s An “As Is” Sale?
An “as is” property is sold without a warranty as to condition, repairs, or structure. With an “as is” sale, the buyer is on notice that the seller makes no promises regarding the property’s physical status. With an “as is” sale, it is extremely difficult to make a claim against a seller if something is found to be wrong with the property after closing.
“As is” clauses should be seen as an absolute requirement to make the transaction contingent on a professional inspection “satisfactory” to you. With a properly written sale agreement contingency, if you are not satisfied, then the deal is dead and you can get back your deposit in full.
Rules for “as is” sales vary extensively. In some jurisdictions, even with an “as is” sale, owners must disclose known material defects.
Please speak with your broker and/or attorney for details.
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