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Yes there is always room to negotiate a "As Is" contract. Realtors today seem to use this contract without explaining to their client the consequences or disadvantage of using such contract. What constitutes a "As Is" contract? How can one really demand a "As Is" purchase contract without...
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Yes there is always room to negotiate a "As Is" contract. Realtors today seem to use this contract without explaining to their client the consequences or disadvantage of using such contract. What constitutes a "As Is" contract? How can one really demand a "As Is" purchase contract without disclosing the known faults or repairs if any needed for the other party to decide whether they will accept the "As Is" condition of the property? A seller who request a "As Is" purchase contract should first do an inspection to determine the state of the property. Without the seller's disclosure to the buyer of the needed repairs (minor or major) of the property, the buyer must do a thorough inspection to determine the "As Is" state of the property. Only after that determination the buyer can then decide (within the contract stated time after inspection) and inform the seller whether they will proceed with the terms of the contract, renegotiate the contract sale price due to the now known (As Is condition) repairs needed (minor and/or major) to the property or rescind the contract due to the unfavorable inspection report. If there is no meeting of the minds from negotiating the "As Is" contract, the buyer can rescind the contract within the time stated in the contract.