When a sales contract for residential real property includes the „as is” provision, it means that the property is being sold in its current condition, with no warranties or guarantees provided by the seller. This provision is common in real estate transactions, particularly when the seller is not willing to make any repairs or improvements to the property before the sale is completed.
If you are considering purchasing a home with an „as is” provision in the sales contract, there are a few key things that you should keep in mind.
1. Have the property inspected
Even if the property is being sold „as is,” it is still important to have it inspected by a professional inspector. This will give you a better idea of any potential issues with the property, and will help you make an informed decision about whether or not to proceed with the purchase.
2. Understand the risks
When you purchase a property with an „as is” provision, you are assuming all of the risks associated with the property. This means that if any issues arise after the sale is completed, you will be responsible for addressing them. This can include everything from minor repairs to major structural issues, so it is important to understand the risks involved before making an offer on the property.
3. Consider negotiating
If you are interested in purchasing a property with an „as is” provision, you may want to consider negotiating with the seller to include some protections for yourself in the sales contract. For example, you may want to include a clause that allows you to back out of the sale if certain issues are found during the inspection process, or that requires the seller to disclose any known issues with the property.
4. Work with a real estate attorney
Because purchasing a property with an „as is” provision can be risky, it is important to work with a real estate attorney who can help you navigate the process and ensure that your interests are protected. Your attorney can review the sales contract, negotiate on your behalf, and help you understand any potential risks associated with the purchase.
In conclusion, purchasing a property with an „as is” provision in the sales contract can be a good option for some buyers, particularly those who are willing to take on the associated risks. However, it is important to proceed with caution and to work with professionals who can help you make an informed decision about the purchase.