What Does As Is Mean When Buying a Home?
In the world of home buying, purchase and sales contracts have many pages with many legal points to understand in the world of RI real estate. When you have a home you desire and want to purchase it, you may not be alone in wanting it. In fact, there may be a number of home buyers who want the same house. Making the purchase of a home in these kinds of situations requires what we call a clean purchase and sales agreement. So what does this mean?
- without contingencies (i.e. no home inspections, as is, close in 2 weeks, no appraisal, all cash, etc.). Buying the home As Is.
By far the one that seems to cause different interpretations by both sellers and buyers as well as real estate agents and attorneys is the ‘As Is’ condition clause. As Is should mean as you see it now…without changes.
Now that may mean that a house that is full of furniture may stay and transfer to the buyer. But you say, furniture is personal property not real estate property. So true but to a home buyer it may mean that all in a home stays – the house is ‘As Is’. One needs to be perfectly clear what As Is means in all respects in a home purchase.
I can cite many examples in a multi bid offer situation where the home buyer that has no contingencies in the contract to win the offer (albeit also probably a good strong monetary offer) also buys the home As Is. It means in no uncertain terms that the house should be in the same condition as when the offer was placed. No undue wear and tear on the house, no removal of permanent fixtures, etc.
In fact, even if home inspections are done by a buyer, such as in a short sale, the home sells ‘As Is’. Do not expect the seller to make repairs for any deficiencies. You get what you see…no more, no less. Anything additional you may gain is determined truly by the goodwill of the seller. Have a better understanding of what As Is means?
Whether you are buying or selling in the RI coastal real estate market, I would love the opportunity to earn your trust and business.
As always, call me, Ginny Lacey Gorman, at (401) 529-7849 so we can discuss your RI real estate options.