Yorkville and Kendall County Real Estate Lawyers
What does “As Is mean? Today’s blog is a discussion about the “As Is” paragraph in the Multi-Board Residential Real Estate Contract 7.0. Simply put, “as is” means the Buyer takes the property subject to its’ defects and its’ condition. The Seller is informing the Buyer that the Seller does not plan on making repairs that are discovered by an inspection report or negotiating on inspection issues.
An “as is” condition of a real estate purchase does not mean that the Buyer does not have a right to have the property inspected or secure a home inspection. In many cases, Buyers and or their attorneys abuse the home inspection process by using it as a negotiation tool to fix certain items revealed by the home inspection report or get a credit towards the purchase price. Sellers and their attorneys often find that Buyers or their representatives are not acting in good faith when they ask for home repairs.
Skilled and Experienced Real Estate Closing Attorneys for Sellers in Yorkville and Kendall County
Most residential real estate transactions do not involve “as is” clauses because buyers and sellers want to act in good faith with regards to the real estate transaction. Buying real estate with the “as is” condition is like purchasing a used car from a private individual where the buyer makes no representations regarding the condition of the property. Under Paragraph 36 of the Multi-Board Residential Real Estate Contract enables a buyer to cancel the contract within five (5) business days after acceptance. The Buyer simply must send notice to the Seller that the property is not in good enough condition for the Buyer to continue the real estate contract. Paragraph 36 explains that the Buyer does not have to email a copy of the inspection report to the Seller or their attorney.
Generally, Paragraph 12 of the Multi-Board Residential Real Estate Contract 7.0 summarizes the rights and responsibilities of the Buyer with respect to a home inspection. Repairs under Paragraph 12 must be contained to major repairs and not minor repairs. Appropriate repairs are repairs that jeopardize safety or threat to health. Just because an item is old or near its’ life expectancy is not an enough reason to ask for a repair or a creditor towards the purchase price.
Unlike Paragraph 12, the Seller in an “as is” residential real estate contract is informing the Buyer that the Seller does not plan on negotiating much (if at all) regarding the condition of the property. Often, the Seller may negotiate with the Buyer or their representatives slightly to address the issues highlighted in the home repairs. Furthermore, many real estate investors will have “as is” clauses because they are looking for quick and smooth transactions with little if any money spent fixing a problem or problems.
YORKVILLE, PLANO AND KENDALL COUNTY HOME SALE ATTORNEYS
In conclusion, Sean Robertson and Gateville Law Firm concentrate in residential real estate closings for buyers and sellers. Gateville Law Firm is a real estate law firm that caters to sellers of real estate such as single-family homes, vacation homes, and investment properties. Sean Robertson is an experienced real estate attorney serving the Kendall, Will, Grundy, Kane, and DuPage County areas. Attorney Robertson may be reached at 630-780-1034.