One of the most widely used terms in real estate is the “As-Is” clause in a purchase agreement. As-Is clauses became very common place over the past few years with the onslaught of short sales and REO’s but have also become frequently used by sellers in our current seller’s market. While it may raise red flags for buyers, in many cases sellers are simply looking to sell their home at the agreed price without any additional repair expenditures. As an Orange County Real Estate Broker, one of the most common buyer questions I get asked is what does “As-Is” really mean – here is the answer.
· The "As-Is" clause puts home buyers on notice that the seller(s) are making no expressed
or implied warranties regarding the condition or quality of the property. It also puts buyers on notice that any issues identified during the home inspection period will not be addressed by the seller.
· The "As-Is" clause relieves the seller(s) from liability for defects in the property's condition that were not knowingly concealed by fraud or seller misrepresentation.
· The “As-Is” clause does not remove the disclosure requirements on the part of the seller nor does it remove the contingency periods and inspection rights that are part of the purchase agreement.
Ventana Coastal Properties is a leading San Juan Capistrano real estate brokerage. If you are looking to buy or sell homes or condos in San Juan Capistrano or the surrounding Orange County area, I would welcome the opportunity to work with you to assist you with your home search. I specialize in working with clients to buy or sell Orange County homes, condos, and investment properties. Contact me anytime at 949-500-0484 to request your free San Juan Capistrano home valuation.
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