Are you worried about liability when it comes to disclosing issues with your property? If you're selling your home "as is," it's important to understand your legal obligations and how to protect yourself.
First, it's important to understand that "as is" means that the seller is not making any repairs to the property and is not providing any warranties, either expressed or implied. This means that the buyer is purchasing the property in its current condition, with all its flaws and defects.
In some cases, a seller may want to sell the property "as is, where is." This means that the property is being sold in its current location and condition, without any contingencies or inspections. The buyer is responsible for paying closing costs and may not have the opportunity to view the property or have it inspected before making an offer.
If you're selling your property "as is," it's important to be upfront about any known issues with the property. While you may not be required to disclose every single defect, you should be prepared to answer any questions the buyer may have about the property's condition.
It's also important to note that "as is" does not absolve the seller of all liability. If you fail to disclose a material defect that you knew about, the buyer may have legal grounds to pursue damages.
If you're worried about liability when it comes to disclosing issues with your property, it's important to consult with a real estate attorney. They can help you understand your legal obligations and protect your interests as a seller.
In summary, if you're selling your property "as is," it's important to be upfront about any known issues and to consult with a real estate attorney to understand your legal obligations. By taking these steps, you can protect yourself and avoid potential liability.
Commonly used terminology when selling a property "as-is":
• No repairs to be made by seller • Seller to make no repairs • No repair or warranty • No Warranties are Implied or Expressed. • As Is • As is condition • Where is • As is Where Is • No contingencies • No inspections • No viewings • Buyer to inspect • No blind offers • Buyer to pay closing costs