What does it mean when a purchaser buys a property in “As Is” condition?
When a property is sold “As Is” it means that the seller makes no warranty as to its condition. It puts the buyer on notice that the seller makes no promises whatsoever. A property sold “As Is” would normally indicate that the sale is made at a discounted price because of possible defects that a seller does not want to fix. It is advisable that when purchasing an “As Is” property the buyer should have the home carefully inspected by a reputable building inspection agency and have several bids from contractors to determine what work needs to be completed.
