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Updated almost 3 years ago on . Most recent reply

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22
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2
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Yusuf Sarii
2
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22
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should i put "as is" condition in purchase contract

Yusuf Sarii
Posted

should i put somewhere on the contract committing to buy the property "as is" because everytime i ask a little more about the condition they say im selling the property as is right? just as an example 

i have provided the contract i use but not really sure if i should as is, because #8 in the contract kind of goes against the as is conditionhttps://www.biggerpockets.com/forums/93-wholesaling/topics/new#

Most Popular Reply

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40
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24
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Afam Agbodike
  • Rental Property Investor
  • New Haven, CT
24
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40
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Afam Agbodike
  • Rental Property Investor
  • New Haven, CT
Replied
If it helps the seller feel more comfortable, then go for it. Lydia provides some great advice above, and to add a little more context, the term "as is" when selling a property is mainly about setting expectations. It really just means that the seller isn't going to fix anything before closing the property. It may depend on the laws in your state, but my experience is that a seller is required to disclose any defects they are aware of, and the buyer has the right to do an inspection. If there is a contingency, the deposit should be returned if the contract is cancelled.

I'm not a lawyer, and laws vary by state, so you probably want to verify all of the above with an attorney for your specific situation.

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