Home Inspections and As-Is Property Sales
What does it mean when a property is sold “as is”? Some properties are listed “as is,” and such sales mean that, at the time that the purchase agreement is accepted, the property is in the condition for sale. Additional repairs will not be made. This topic frequently comes up during Cincinnati home inspections.
That said, there are still requirements that any seller must meet. There must be smoke detectors and carbon monoxide detectors. The seller still must complete certain disclosures, such as the SPQ (“Seller Property Questionnaire”) and the TDS (“Transfer Disclosure Statement”). If the seller does not disclose “known” defects or issues with the property’s condition, the seller can be held liable for misrepresenting the property’s true state. Thorough Cincinnati home inspections should reveal these conditions, but the seller still has that obligation.
The seller has no obligation to make additional repairs after the date of the purchase agreement, if the property is transferring “as is.” However, the seller must keep the property in the same condition it was until the buyer moves in. If anything happens to change the property’s condition in the meantime – whether or not the seller had anything to do with that damage or change – the seller will be required to repair it before it closes.
The buyer still has cancellation rights, even with the “as is” sale. The buyer and seller may agree to change or limit the contingency or inspection rights, but they must do this in writing.
If you have any questions about the rights you have as a buyer or as a seller, or questions regarding Cincinnati home inspections, please contact us here at Drake Inspections. 513-658-5420 is our phone number. You can also fill out the contact fields below to let us know how we can help you. Good luck, and happy house hunting!