Selling a property in an “as is” condition means:
- The seller’s furniture is included in the sale.
- No disclosures have to be made by the seller.
- The buyer assumes the seller’s existing loan.
- The home is being sold in its present condition and the seller is not obligated to repair any defects.
The answer is D – That is by definition.
The term ‘as is’ simply implies that the home is being sold in its present condition and the seller is not obligated to repair any defects. There is no warranty offered on the condition of the home.
When you buy a home in an “as is” condition, it means you purchase the home without regard to the physical condition. So, if there is a problem with the roof leaking, you cannot go back to the sellers and claim that they tried to hide this defect in the property. “As is” means you get the house as it is, without representations as to the condition of the property from the sellers. It’s truly “buyer beware”.
NOTE TO SELF: MAYBE PROVIDE A COPY OF THE DIFFERENT CONTRACTS WITH LITTLE SIDE NOTES TO MAKE IT EASY FOR LAYPEOPLE (NON-SALESPEOPLE) TO UNDERSTAND THE CONTRACTS