Am I responsible for any damage after sale?

[Jessica Lamont]

Hello investors, we are in Arizona and we purchased an investment “as is.”

We are unaware of any previous leaking or any major damage on the house. Are we responsible for anything that may happen after sale if there is something that does happen like a major water leak for example? This is based on selling on market not as is. 

[Billy Daniel]

Your state laws will dictate what you can do.  But usually the due diligence is the buyers responsibility.  Once you sign papers, theres not much you can do.  This is why realtors urge inspections, disclosures, surveys, and appraisals during the buying process.

Selling "as is" really doesn't mean anything legally in my state.  It just tells the buyer that the seller is unlikely to bend on repairs that may be needed.  I've seen plenty of "as is" sellers make repairs in order to get to the closing table.  It certainly doesn't allow the seller to misrepresent the property.  If a buyer asks a pointed question, the seller is required to answer honestly.