Property Sold AS IS (Final???)

[Kenneth C.]

Hello BP Family,

I'm close to closing on my first deal, and I'm feeling some trepidation which may be the cause for some of the following questions. I'm been in the midst of negotiating the purchase price for an occupied multi-family in Philadelphia. I want the sale to be contingent on the home inspection, however, the agreement of sale that I received from the "seller" states "Property Sold, AS IS".

What recourse do I have if I sign this agreement, and the home inspection requires that 50K (as an example) is needed in order to bring the property up to code? Am I in a position to negotiate the purchase price down if the seller doesn't want to pay to fix anything? Also, at what point am I entitled to see what the current leases are for the tenants? Finally, the property is listed as an RSA-5. My assumption is that a "variance" was approved since the owner has an occupancy license and has owned and rented the property out for several years. Am I able to get a copy of the "variance"?

Ultimately, does "Property Sold, AS IS" Trump (no pun intended) everything?

Thanks in advance for any input provided.

Regards,

[Jason D.]

As is only means that there are no implied warranties and the seller will not make any repairs. You can still put contingencies in the contract for inspection, financing, and financials and walk away if they are not what you expect.