How Do I Buy or Sell a Property "As-Is"?

 

 

Video Summary

I’m often asked to prepare contracts that say a property is in “as-is” condition. The seller wants to be sure that the buyer cannot come back later and say that there is a problem with the property and sue them for any deficiencies in the property so they want to make it “as-is” so that whatever the buyer sees when he purchases the property is what he gets and the buyer does not have recourse to sue the seller later on if there are any problems with the property. A contract will provide for an inspection period to give the buyer a time period in which to inspect the property, after which time they either accept the property or withdraw from the contract. However, a seller does have the obligation under Florida law to disclose to a buyer any matters that may materially affect the value of the property and are not readily observable. This would include anything you wouldn’t normally see just by walking through the property, such as roof repairs, previous fire or sinkhole damage, etc. With an as-is contract, the seller still has an obligation to disclose to the buyer any matters that may materially affect the property and is not insulated from liability if they fail to do so.

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