This is probably just about the most misunderstood terms in solid estate! What exactly does “As Is” mean in solid estate? I’ve heard and look so many different interpretations so I decided to go to your source and acquire the right answer! According towards the National Association of Realtors, “As Is” means…

… The property is sold rolling around in its present condition manufactured the contract was accepted. So if the morning your offer was accepted the house had a broken window or missing closet doors etc… then a seller can legally sell the property “As Is” rather than do any work or repairs! Now if it did not have a broken window etc… but does after you do one further walk through, well it really is a different story! The seller will have to fix it then!

Now, performs this mean the vendor doesn’t have to inflict repairs get the job done buyer requested them? I’m afraid yes its true! You, the purchaser can do and may do all your inspections from termite to some home inspection in case you find something and want owner to remedy it, they legally DON’T have to try and do it! There’s more… keep reading!

The seller doesn’t even have to legally interact to your request! Fortunately I’ve never stood a seller who didn’t respond however, you never know, it could possibly happen. So how do you know owner even received your Request For Repair? In short… you won’t! You have to believe in your realtor and also the realtor representing the vendor that they did give it for the seller. More often than not the property owner will respond even though they aren’t doing any repairs.

Don’t get too worried. It makes sense for the property owner to reply to your Request For Repair and to correct some of the stuff you requested. Why? Well, it is usually legal that you should walk away and cancel the agreement if you’re not satisfied with the property owner’s response. The main goal for all those parties in the real estate transaction is always to have a successful closing. Normally buyer and seller will be able to work something out so both sides are happy.

On page 4, item number 11 in the Purchase Contract there couldn’t of “As Is” continues. It states the exact property must be maintained in substantially exactly the same condition the way it was your day the consumers entered into the agreement. Not just the home itself even so the landscaping, pool, spa and grounds need to be in substantially exactly the same condition because the date of acceptance. This obviously is only valid basically has been decided to in writing.

I had one buyer, when you are conducting their final walk through saw which the pool had turned green. The seller we hadn’t continued to service it while he was selling his home. The buyers would have walked but alternatively we wanted compensation and refused to seal until the problem was resolved. The seller much like the “As Is” portion of the agreement had to repair the pool or supply the buyers the funds to get it done themselves. The seller quickly had the pool serviced and everyone was happy!