The Gold Coast Standard and Darien Real Estate

A is for “as is….”

Ever hear an agent tell you a home is being sold “as is”. What exactly does that mean and what are the implications for you as a buyer?

                                                                        

“As is”,  means without guarantee as to condition, (as in a sale ,not the condition of the property)               

 

A property therefore is being sold as it appears, including  obvious or seen defects,or defects uncovered by an inspection. So,if a home is being offered “as is” and  roof is  obviously in poor shape or there is water in the basement…..caveat emptor…BUYER BEWARE.

However,the” as is’ rule may not apply to” latent defects. “A latent defect is one known to the seller but not the buyer and is not discoverable by ordinary inspection.So for example if the homeowner built the house and knows  he did not install the floors properly this could be a latent defect.

When buying a home in the state of CT condition disclosures are the law  and no buyer should enter into a contract without them.

This entry was posted on Tuesday, June 23rd, 2009 at 5:49 pm and is filed under Realtor ABC's. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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