Writing A Contract As-Is

Writing a real estate purchase contract and including the As-Is clause means that at the seller will not make any repairs that provided inspection reports point out or that the buyers find during their due diligence period. Neither will the seller credit the buyer any funds for such repairs or other defects found.

Even though, the As-Is clause does not reduce or eliminate the duty of the seller or agents to fully disclose all property defects, and other material facts of which they are aware.

In the San Francisco Bay Area, many sellers opt to provide either a home inspection report or a pest inspection report, or both. This allows the buyers to get a good idea about the condition of the property and any repairs it may need. Although many sellers provide these reports, it is always a good idea for the buyers to do their own inspections, starting with a home inspection. That is particularly pertinent because many sellers and their agents in San Francisco request As-Is offers.

Although As-Is stays any negotiations about defects or repairs the buyers may find, they still can decide to take or leave the property if they find other repairs and defects that will incur costs they are not willing or able to deal with – as long as this happens within the inspection contingency period.

As with any contract, any and all contingencies should never frivolously considered a way out of the contract for the buyers. Remember, their earnest money deposit will be in escrow at that point and its release requires the signatures of both the sellers and the buyers.



©SFRE 2016

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