A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials. Sellers will often do this for houses that are priced below market value that need work done.

As-is can also be used in contracts. “As is” is in the condition at the time the offer was written, and should something happen to the property from the time the offer was written to the closing time which alters that condition, then that property is no longer “as is”, as it was, and should be brought back to its original “as is” condition at the time of offer, at the cost of seller. Or in the alternative, the seller should release the buyer from their obligation to purchase and refund the monies spent by the buyer, such as earnest money.

Category: Real Estate Terms