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The as is sale

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Updated: 4/13/2007 6:36 pm
Despite how it may sound, a seller isn't protected when they sell their property 'as is'. In an 'as is' transaction the seller is still required to provide a Transfer Disclosure Statement about the property. A Transfer Disclosure Statement is a document that the seller must prepare and which discloses any information about the property that the buyer would reasonably want to know. For example, if the property has a history of plumbing problems or a leaky roof, the seller must inform the buyer. In addition to information about the structure itself, the seller is required to disclose any information about the location of the property. In an 'as is' sale the buyer is still entitled to inspect the property and back out of a purchase if the disclosure statement filed by the seller is deficient. So, despite what the title 'as is' may sound like, the seller is still obligated to provide all available information about the property. For more information about 'as is' sales, contact a real estate lawyer in your area.
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