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Friday, April 15, 2011

“As Is” means “As Is” except when “As Is” does not mean “As Is”

Are you confused yet?  I am referring to the “as is” residential purchase agreement used in Florida real estate.  It seems pretty easy.

It says the buyer can inspect and walk away if the results are not satisfactory. It does not obligate the owner to make any repairs.  It is “as is.”

I am not an attorney nor do I play one on TV.  Consult your own attorney for advice if desired.


But sometimes the inspection reveals issues.

The issues could be major enough that the buyer walks – “as is.”   Sometimes the issues are minor and the buyer goes forward as per the contract.  Sometimes the buyer addresses the issues by asking for repairs anyway.  Sometimes the buyer requests a price concession in lieu of repairs.

When with the buyer I usually limit use of an "As Is" contract offer to a foreclosure or short sale where the repairs will not likely be made by the seller. 

Thus...

“As is” means “As is” except when “As is” does not really mean “As is”

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