The Real Estate Encyclopedia
What Does Sold-As-Is Mean?
Category - Home Buying Questions - Buying Disclosure & Inspection FAQ's

Often when a property is sold for a highly discounted price or in case of foreclosure properties offered for sale by a banking institution, the term Sold-As-Is is used to indicate the seller shall have no obligation to make repairs to the property and the buyer purchases the property at his/her own risk.  Even if the purchaser agrees to buy the property in “as is” condition, the buyer should request the right to conduct an inspection prior to closing, in order to ascertain the nature and extent of any structural or other damage.  Should an inspection reveal the property to be in a state of decay beyond repair, the buyer must retain the right to terminate the contract and be refunded the Earnest Money.

 
Category(s)
Home Buying Questions - Buying Disclosure & Inspection FAQ's
Home Buying Questions - General Home Buying FAQ's
Home Selling Questions - General Home Selling FAQ's
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