RE100 Contract for Purchase & Sale of Residential Real Property PDF Form
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People also ask
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When a sales contract for residential real property includes the as is provision?
The legal term “as is” in a written contract means that the buyer must be willing to accept the home in its current condition. If you are the buyer, this means that you forgo the opportunity to ask the seller to make any repairs or reduce the price based on problems the property may have.
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What is a provision in real estate?
The provision typically requires the purchaser to make a good faith attempt to comply with all the requirements necessary to secure mortgage approval. This clause allows the purchaser to avoid the risk of losing his down payment if his mortgage application fails through no fault of his own.
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What is the effect of an as-is clause in a purchase agreement?
"As is" language serves to give notice of patent defects and means that the buyer accepts the property in the condition in which it is reasonably observable by him or her.
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What does "as is" mean in a real estate contract?
Once the buyer purchases the property “as-is,” they buy the property in its present observable condition. This means the seller can refuse to make repairs, as the buyer accepts the property in its present condition, warts and all.
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What is a contract for the sale of a residence stated as-is the provision?
Put simply, an as-is clause is a statement that the buyer acknowledges and accepts that they are purchasing the property in its current condition and without any guarantees or warranties from the seller.
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