What is an “As Is” Contract?
There are generally two ways to purchase a property: (1) as a full-price contract; or (2) “as is”. A full-price contract implies that the property is in good condition or that the Seller will make most of the repairs to sell it in good condition. Paragraph 12 of the Multi Board 6.1 contract provides that “The fact that a functioning major component may be at the end of its useful life shall not render such component defective for purposes of this paragraph”. So not every problem needs to be addressed by the Seller. Generally, we will find that Sellers will … Continue reading →