AS-IS contractual interpretation
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AS-IS contractual interpretation
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Old 03-09-2017, 01:12 PM
TNGary TNGary is offline
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Default AS-IS contractual interpretation

It will be common to see homes being sold per as-is residential contract particularly with the emerging sale of homes thought the estates (heirs of the owners)

A question for input from persons with knowledge. Example, home inspection completed after initial offer to purchase finds a few items and all parties agree to proceed with an AS-IS contract. Thus three weeks after the inspection closing takes place. The morning of the closing a walk through is done, recall the home has been vacant, unoccupied and not visited for 3 weeks. During the walk through a significant item is found could be 1) leak in ceiling damaging drywall, or 2) a leaking kitchen water pipe damaging laminate floor, or 3) HVAC now does not work. Since these items were not present during the initial AS-IS agreement who is responsible for the repairs from a legal interpretation. Thank you
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Old 03-10-2017, 12:13 PM
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Lyle Gant Lyle Gant is offline
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Quote:
Originally Posted by TNGary View Post
It will be common to see homes being sold per as-is residential contract particularly with the emerging sale of homes thought the estates (heirs of the owners)

A question for input from persons with knowledge. Example, home inspection completed after initial offer to purchase finds a few items and all parties agree to proceed with an AS-IS contract. Thus three weeks after the inspection closing takes place. The morning of the closing a walk through is done, recall the home has been vacant, unoccupied and not visited for 3 weeks. During the walk through a significant item is found could be 1) leak in ceiling damaging drywall, or 2) a leaking kitchen water pipe damaging laminate floor, or 3) HVAC now does not work. Since these items were not present during the initial AS-IS agreement who is responsible for the repairs from a legal interpretation. Thank you
Just make sure thaT THERE IS AN ADDENDUM STATING WHAT REPAIRS THE OWNER HAS AGREED TO. IF NOT DONE, THE CONTRACT IS NULL AND VOID AND YOU GET YOUR EARNEST MONEY BACK. However, AS-IS usually means AS-IS.
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