Real estate buyers and sellers are usually familiar with the word as-is. Homeowners love to use this term, but it is important to understand how a buyer might react to it. Below is what you should know about selling your MA property as-is.
Definition of As-Is
The term as-is indicates that a property is being sold in its existing condition. This applies to any problems that may exist, whether they are known or not. The buyer is responsible for performing an inspection to better assess any problems before finalizing the transaction. Based on past cases regarding as-is conditions, the explicit interpretation can vary by state.
Disclosure of Property Issues
No matter whether an as-is clause is used in a real estate transaction, sellers still have a duty to disclose any material facts. The as-is condition is not intended to empower home owners to lie about problems. Sellers should understand this.
Coming across the term as-is in a home sale is often alarming for home buyers. Many infer that it must have some large-scale problems. Buyers willing to buy a property as-is will end up offering less as a trade off. Buyers may consult with a lawyer if they have questions about their rights in connection with as-is clauses.
Seller Benefits of As-Is Conditions
Sellers frequently use the term as-is to merely convey that they are unable to complete any repairs on a property prior to settlement. But, from a legal standpoint, it means much more than that. The term is beneficial to a seller given that it offers some scope of shelter against future claims from that buyer. For buyers, it can be a red flag and they should proceed carefully.
Advice on Selling Your MA Property As-is
This is not always a simple answer. Ask your Realtor about selling your MA property as-is and whether it is a good idea. He/she can also offer some information on what affect it may have on prospective buyers and the sale price. If you are not already under contract with one, contact Bradford Pratt at REMAX on the Charles at 781-316-5760.