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An "As-Is" Contract does not mean what most people think...
Many buyers and sellers tend to take the name of this contract too literally... So let's clarify the single item that makes all the difference between a typical contract and an "as-is" contract:
"The buyers have the right to cancel for any reason (at their sole discretion) based on the inspections results, and the sellers are not obligated to pay for any repairs"
Let's look at the three common misconceptions:
1- "The property is sold as-is, buyers assume all risks and conditions hidden or obvious." Wrong: by law the sellers are still required to disclose to buyers any repairs, mold, and other conditions that may negatively impact value as shown in the sellers' disclosures. The seller's property disclosure is still a required document to be properly filled out and signed by sellers and provided to buyers for their review. Any agent omitting this step or filling-out this form on behalf of sellers is opening himself/herself to litigation and disciplinary action.
2- "The seller is not obligated to pay for any repairs." Well, legally that may be correct, but for all practical purposes in this buyer's market sellers would be foolish not to take care of or credit buyers for some repairs to salvage the sale. This is ... more

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