"As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him. [Citation.]
What does it mean when an offer is as is?
To make an "as-is offer" is to state that you, the buyer, will take the property in the condition it is in as of the date you make the offer, and will not ask the seller to do any work or repairs to the home.
What is an example of sold as is?
For example, a seller of a used automobile sells it to a buyer, and puts into the contract of sale the statement: "The buyer accepts the automobile as is, with all faults." Two minutes after the buyer drives off with it, the car stalls, and the engine seizes.
What is the effect of an as is provision in a residential sale contract?
Therefore, California courts have held that the effect of an “as-is” provision is to cause the buyer to “take the property in the condition visible or observable to him.” As explained by one court, “an 'as is' provision may be effective as to a dilapidated stairway but not as to a missing structural member, a
What does as is mean legally?
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
What is the as is clause in Texas real estate contract?
Buyers who agree to purchase property “as is” are accepting responsibility for inspection of the property and its valuation. If the value of the property turns out to be less than the purchase price, the seller is not responsible.
We're not buying real estate right now, but if we were, this is the one I would have bought
— Sean O'Dowd (@SeanODowd15) February 12, 2023
Currently under contract, 3 bed 2 bath.
I could have rented this for ~$4,250 a month on a 3 year lease with annual rent increases pic.twitter.com/ell5xNmfhR
What is the as is where is sale clause?
“As is” clauses can be inserted on their own or with a “where is” clause to form an “as is, where is” clause. In both situations, these clauses indicate that the seller is offering to sell their property in its present, existing condition to prospective buyers.
Frequently Asked Questions
What does as is mean in contract?
In its current condition
Hear this out loudPause“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
What is the as is language in real estate?
Hear this out loudPauseAs such, in most cases, the phrase “as is” simply means that while the seller will not make any repairs or offer any credit, the purchaser still retains the right to either take the property the way it is or cancel after inspections.
What does an as is clause in real estate mean?
With an “as-is” provision, sellers are protected from liability for defects in the property that the buyer visibly observes. Sellers still, however, have a duty under California law to disclose any known defects in the property.
What does it mean to sell something as is where is?
The “As Is Where Is” Clause: Background and Legal Effect
Therefore if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be.
FAQ
- What does as is mean in a contract?
- "As is" language serves to give notice of patent defects and means that the buyer accepts the property in the condition in which it is reasonably observable by him or her.
- How is an item sold as is?
- “As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
- What is an as is real estate contract in FL?
- 'As Is' residential contracts give the buyer 15 days to complete an inspection of the property. If the inspection reveals that repairs are necessary, they can usually ask the seller to lower the sale price or give a credit at closing to cover the cost. The seller has the right to refuse the requests.
Contract for real estate as is where is
| What is an as is clause in real estate? | 'As-Is' means the property is being sold in its current condition, including all and any defects. The property will typically be sold without warranty except for the warranties of title and any other warranties listed in the real estate contract. Read Related: The Closing Process Explained in Florida. |
| What is the as is clause in a contract? | Put simply, an as-is clause is a statement that the buyer acknowledges and accepts that they are purchasing the property in its current condition and without any guarantees or warranties from the seller. |
| How do you sell something as is? | Here's what you need to know to nail an as-is home sale — plus major pitfalls to avoid, according to top agents.
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- Can you ask for repairs on as is contract Florida?
- If the inspection reveals the need for any repairs, the buyer may request a credit, ask for a price reduction, or ask for the seller to make the repairs prior to closing. The seller is not required to provide any of these concessions but may want to do so to keep the transaction from falling apart.
- What does where is mean in real estate?
- With the inclusion of “where-is,” the seller is indicating that the property must be accepted in its current location. In real estate terms, “where-is” effectively excuses any potential locational faults. Some examples include: The property is in a flood zone. The property is not zoned for its current use.
- What is the as-is where is sale clause?
- “As is” clauses can be inserted on their own or with a “where is” clause to form an “as is, where is” clause. In both situations, these clauses indicate that the seller is offering to sell their property in its present, existing condition to prospective buyers.
