there has never been a phrase that has more connotations than the phrase “as is.” while many people believe that they understand what it means in the context of real estate transactions, often they are left wondering why their interpretation of the phrase is different than what is actually applied during a residential real estate transaction. as such, many people mistakenly believe that the phrase “as is” means that a buyer will be compelled to purchase the property regardless of the condition. rather, the phrase “as is” means that either the general condition of the property is already accounted for in the purchase price of the home and the seller will not address the inspection issues that may arise either by way of making actual repairs or offering a reasonable credit for same. as such, a buyer knows not to “nitpick” at inspection items and knows that the latitude of any request is very limited.
the primary misunderstanding of the phrase “as is” arises as it never means that the buyer will be compelled to purchase the property and does not have the ability to cancel. ultimately, the phrase “as is” does not mean that if a major item is revealed during inspections that the purchaser is compelled to move forward with the transaction. specifically, there are some buyers that insist on having either their attorney or their agent hold the deposit, as opposed to what is usually the norm. a commonplace practice is to have the… the process of purchasing a home for the first time can seem long and even a bit confusing.
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. today, “as-is” is the default under the contract in many states; unless buyer and seller specifically agree that seller will do something, the property will pass to buyer in the same condition as when the contract was affirmed. other states have remained old-school and maintain standards that the seller will have to — or is expected to — meet prior to closing. whether or not all the above-listed ducks are in a row, you’ll need to weigh the pros and cons of making an as-is offer on a property — and situation — specific basis. do you not want the seller to do repairs so you can hire the contractors and choose the supplies yourself?
or are you simply unable or unwilling to either have repairs done or live with items needing repair — period? this way you don’t get yourself in over your head, and you will know whether or not you need to back out or renegotiate with the seller. making an as-is offer is essentially your promise that you won’t ask the seller to do any more work to the property. however, you shouldn’t make an as-is offer with the intention to approach the seller and ask for repairs or credits later. if you know from the first moment you see the place that you are planning to ask the seller to fix things or that you are unwilling to take the property if the inspectors find almost anything wrong, then don’t make an as-is offer. however, if you do make an as-is offer you also shouldn’t hesitate, in the event the inspector comes back with truly major non-obvious and undisclosed items, to issue the ultimatum that you will either need seller’s help with the work (monetarily or otherwise), or to back out of the deal.
with an as is sales contract, the buyer is basically reserving the option to purchase a piece of property if they’re happy with the results of the inspection. such contracts are often termed “as is” contracts by which the buyer accepts the property in its current condition, “as is” without warranty by the seller as to in florida, real estate sold ‘as is’ means it’s sold in the current condition. if the buyer inspects the property and notices a huge problem, as is real estate contract pdf, as is purchase agreement template, as is purchase agreement template, as is residential contract for sale and purchase pdf, florida as is real estate contract 2021.
an “as-is” residential contract for sale and purchase is a contract a buyer and seller sign that stipulates that the seller will not pay for any it simply means that the buyer acknowledges that the condition of the property is “baked in” to the purchase price agreed upon in the contract 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, as is purchase agreement car, as is” condition clause example, sample as is” clause in real estate contract, as is contract template, as is” clause in real estate contract california, buyer accepts property as is, as is residential contract for sale and purchase 2021, florida real estate contract cancellation law, florida as is” residential contract for sale and purchase, florida real estate contract 2021 pdf.
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