What does it mean sold as is?
What Does “Sold As-Is” Mean.
Sellers list their homes for sale as-is when they don’t want to do any repairs before closing.
It means there are no guarantees from the seller that everything’s in working condition.
The seller may be in debt and not have the money to pay for repairs..
What to write when selling a car as is?
A bill of sale for a car should include:The date of the sale.A description of the car, including its: Year, make and model. … The selling price of the car. If the car is a gift or partial gift, you should still create a bill of sale. … Warranty information. … The full names, addresses and signatures of the buyer and seller.
Why sell a house as is?
Selling a house as is means the property is a fixer-upper that won’t be repaired or improved before it’s sold. It tells buyers: What you see is what you get. The home is priced and marketed for sellers to get it sold quickly without pouring any extra money into it—and for buyers to score a low price.
What is the as is law?
As-is is a term used in warranty law to disclaim the seller’s liability for faults in the item sold. The buyer accepts the item in the present condition, whether the faults are apparent or not. However, the seller cannot misrepresent the item or use fraud to induce the sale. …
Does as is mean no inspection?
The term “as is” means the homeowner is selling the property in its current condition and will not make any repairs or improvements, or provide any buyer credits to cover these expenses. … If you sell “as is,” but fail to disclose all known defects, you may set yourself up for legal problems.
What is an AS IS condition clause?
as is clause n. : a clause in an agreement providing that the buyer accepts the item for sale in its presently existing condition without modification or repair NOTE: Under Uniform Commercial Code section 2-316, an as is clause releases the seller from responsibility for the quality of the item for sale.