Buying A House ‘As Is’ – Worth the Risk?
July 25th, 2009 Categories: Real Estate News
Agents are all too familiar with the term ‘as is’. Standard sales contracts generally say that appliances, heating, cooling, plumbing and electrical systems and equipment; and smoke and heat detectors must be in ‘normal working order‘ when a house is sold.
Legally this means that the refrigerator keeps food cool and that the freezer freezes water – not that the appliances are pristine or without flaws. It also means that if one of these systems in not in ‘normal working order’ the seller has to fix it to complete the sale.
BUT, if a seller adds the words ‘as is’ clause to the contract and the buyer accepts it, then nothing but the smoke detectors, which are required by local law, needs to work properly.
So, is buying a house ‘as is’ worth the risk? Read more here and decide for yourself.
Michael
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