What does "as is"...no disclosures or termite letters mean?

Question

In real estate terms what does this mean? I'm looking to purchase my first home and have ran into this type of terminology alot!

Answer 1

"as is" means that if you (and your home inspector) find problems with the house, the sellers will not repair the problems, will not pay to repair the problems and you would still be obligated to purchase the house (or lose your earnest money). Unless you are knowledgeable about home repair etc., as a 1st time buyer you might want to avoid as is houses.

"no disclosures" means the sellers may or may not know about problems with the house, but either way they are not telling you. You will have to be 100% responsible for getting the house inspected by someone you trust. Sellers sometimes do this to avoid any liability and this could be seen as reasonable, but in reality it means that if you think you're interested you'll have to [put in an offer and go through the price negotiation process, then] pay for the inspection, where you might find some problem that you really don't want to deal with. So it is more convenient to get a disclosure up front, although you'll hopefully get an inspection done anyway.

If the house is "as is" AND "no disclosures" are being made, it sounds like trouble for a 1st timer.

"no termite letters" probably means that you will be responsible for getting a termite inspection on your own, which is typical.

Answer 2

As Is means that they are selling as is.The seller is not willing to make any repairs or warranty anything with the property.No disclosures mean there is not a property disclosure meaning the person has not lived in the home and cannot warrant the conditon of anything on the property such as lead based paint or the conditon of the roof.A termite letter simply states if there is or is not a presence of termites on the property.Most banks or lending companies require a termite letter.No matter if there are disclosures or not I would still recommend that you get an inspection of any home that you are considering purchasing from a licensed propery inspector.He or she will inspect the home and be able to tell you if there are any concerns with the home such as foundation.roof,electical and plumbing problems.Happy home hunting.

Answer 3

That is a literal term - you purchase the property "as is" - as it is when you see it - no guarantees - no recourse if there are problems. I personally would steer away from sellers that list their property as "as is". Unless you are handy with repairs, etc. you could be out a lot of money for repairs and lenders do not want to give money for mortgages if it's not a sure thing.
My advise - run the other way if no disclosures are available.

Answer 4

It means that how ever the condition of the house currently is,
is how you will buy it. The seller will make no repairs. But you are still entitled to inspections and discovery and the sellers transfer disclosure statement. Unless it's a bank then they don't give sellers disclosures.

Best of luck

Answer 5

"As is" is the description of a condition in a sales contract in which the buyer agrees to take the property (e.g. house, horse, auto, or appliance) without the right to complain if it is faulty. However, the buyer must have had the right to reasonable inspection, so that he/she has a chance to find any obvious deficiency. Hope that helps.

Answer 6

"As is" refers to the fact that you are responsible to thoroughly inspect the property and decide if any repairs that need to be made are worth you paying for yourself. In other words no repairs will be provided, what you see is what you get. Buyer beware!

Answer 7

It probably means something like....'sold as seen'......and if you find any defects after you've signed, you can't claim compensation from anybody. Take good legal and structural advice before you agree to anything and good luck.