31/01/2023
Real Estate is full of jargon & it can add layers of confusion to an already convoluted process. Weather you're buying or selling a property, we created this resource to help you learn the vocabulary.
1. As-is
A property marketed in "as is" condition usually indicates that a seller is unwilling to perform most if not all repairs. It could also mean that it is priced "as is", which is typically lower than market pricing in the area.
Finally ,"as is" is in the condition at the time the offer was written ,& should something happen to the property from the time offer was written to the closing time which alters that condition, then that property is no longer "as is", as it was, & should be brought back to its original "as is" condition at the time of offer, at the cost of seller. Or in the alternative, the seller should release the buyer from their obligation to purchase & refund the monies spent by the buyer, such as earnest money.
