I am selling my house, and a buyer come in putting this term on the contract. What does that mean? And what risk do I have? Thanks!
2007-03-26 05:52:26 · 16 answers · asked by David L 1 in Business & Finance ➔ Renting & Real Estate
As-Is Addendum
Buyer Purchasing Property "As-Is"
Buyer purchasing real estate "as-is" with no warranties of any kind. Seller absolved of any responsibility or warranties after sale of property. This real estate contract form assures that the buyer assumes all responsibility as to suitability for any particular purpose.
2007-03-26 05:57:26 · answer #1 · answered by cztara 2 · 1⤊ 0⤋
"as is" generally means that the property is sold as it stands right now. Now it can work for you or against you. As is would mean that you are selling the house in the current state and condition that it is in but you must make sure that the buyer is aware of this and that you are not liable for anything that MAY be wrong wtih the house currently whether it is structurally or otherwise. All of these details should be made known to the buyer and documented so that the "as is" provision does not bite you in the behind. Also, talk with your buyer and ask them what their definition of as is, is. ALot of people have different ideas and it very well may be that the buyer expects all appliances, furniture and furnishings to come with the home. That is not very likely but you never know with people and you should always be 100% clear with ANYONE when you are doing business and BEFORE You sign anything. good luck!
2007-03-26 05:57:51 · answer #2 · answered by Erin 3 · 0⤊ 0⤋
The buyer doesn't seem very bright. "As is" is a term that protects the seller -- a little bit, anyway (not as much as you'd think.)
"As is" means that the buyer is accepting the property just the way it is.
But in California, for example, you can't pass of a termite-infested property without disclosing that defect ot the buyer if it's not obvious from inspection. In other words, "As is" protects the seller from being responsible for problems that are obvious to everyone and probably also from most defects that nobody knew about.
But if the seller knew about a major hidden defect and didn't disclose it to the buyer, the buyer could still sue the seller for damages to fix the hidden problem or perhaps could even rescind (reverse) the sale.
2007-03-26 05:57:35 · answer #3 · answered by Investor 2006 3 · 0⤊ 0⤋
To me, it could be a red-flag that there are a lot of things wrong with the house.
If a home inspection reveals things that need repair (roof leaks, hot water heater or furnace is more than 20 years old, cracks in the foundation, even something like the carpet is in bad shape, etc.), the buyer may say that is OK, and take is 'as-is', because he will pay to have all that stuff fixed or upgraded.
He may ask for an allowance (price cut) in the price of the house when you sell -- or he may just take it as-is for your asking price.
House 'Flippers' usually take houses as-is, but they look for real cheap deals.
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2007-03-26 05:59:42 · answer #4 · answered by tlbs101 7 · 0⤊ 0⤋
although I don't know all the implications, it would sound to me like that would mean that you would be absolved of any responsibility once the sale is made. AS IS means that the buyer is accepting responsibility for anything found wrong with the property once the sale is completed.
I would think that would be a good thing for the seller.
2007-03-26 05:57:18 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Well, that's great beings your the seller. That means that no warranty is applied. If the central air goes out its not your problem. You have no risk, because you didn't promise anything. He's buying the house "as Is", if theres a problem later, it can't come back to haunt you, ie, roof leak
2007-03-26 06:23:05 · answer #6 · answered by Cheryl 6 · 0⤊ 0⤋
It benefits the seller, not the buyer, to sell "as is". I'm surprised the buyer did that. It means that you are providing him with no guarantees or warranties on the house.
2007-03-26 05:56:10 · answer #7 · answered by Anonymous · 2⤊ 0⤋
That's unusual!! Generally the vendor tries to sell things "As Is" which means "What you see is what you get"
If you sell a canoe "as is " and it has 10 holes in the bottom then the buyer can't expect it to float because the vendor has said you are buying it "As Is"
2007-03-26 05:56:36 · answer #8 · answered by carnivale4ever 6 · 2⤊ 0⤋
This just means they were trying to make their offer as appealing as possible. Writing as-is means that you do not have to make any repairs or improvements, and you are not making any warranty of any kind about the condition of the property.
It also means you aren't supposed to remove any fixtures like toilets, chandeliers, etc.
2007-03-26 06:07:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i found a website that states the term as is would mean you would be responsible for damages and defects etc. Take a look at the link and speak to your solicitor before going ahead with anything xxx
2007-03-26 05:59:19 · answer #10 · answered by ali-d 4 · 0⤊ 0⤋