Buying a home “As Is” simply means that there are no warranties or disclosures to be made from the seller to the buyer. This is strict buyer beware and is legal in most states including Georgia. This “As Is” status would be used by banks, investors and HUD. However, buying a home “As Is” does mean that you can not have the home inspected by as many different types of inspectors that you want to make a clear, educated decision.
This is what the Georgia Association of Realtors Purchase and Sale Agreement states about “As Is”.
Property Sold “As Is.” All parties agree that Property is being sold “as is,” with all faults including but not limited to damage from termites and other wood destroying organisms and lead-based paint and lead-based paint hazards. Seller shall have no obligation to make any repairs or replacements to Property.
The Inspection Process in the Purchase and Sale Agreement is stated as:
A. Right of Buyer to Inspect Property: Buyer and/or Buyer’s representatives shall have the right to enter Property at Buyer’s expense and at reasonable times, including immediately prior to closing to inspect, examine, test and survey Property. Seller shall cause all utility services and any pool, hot tub and similar items to be operational so that Buyer may complete all inspections under this Agreement. Buyer agrees to hold Seller and all Brokers harmless from all claims, injuries, and damages arising out of or related to the
exercise of these rights.
And, please note that you must inspect the neighborhood as well so that you don’t have regret later after the purchase. This is what the Purchase and Sale Agreement states about the buyer’s duty to inspect the neighborhood.
B. Duty of Buyer to Inspect Neighborhood:
Buyer acknowledges that: 1) in every neighborhood there are conditions which different buyers may find objectionable and 2) Buyer has had the full opportunity to become acquainted with all existing neighborhood conditions -and proposed changes- thereto which could affect the Property including without limitation land-fills, quarries, high-voltage power lines, cemeteries, airports, prisons, stadiums, odor and/or noise producing land uses, crime, schools serving the Property, political jurisdictional maps and land use and transportation maps and plans.
It shall be Buyer’s sole duty to become familiar with neighborhood conditions of concern to Buyer. If Buyer is concerned about the possibility of a registered sex offender residing in a neighborhood in which Buyer is interested, Buyer should review the Georgia Violent Sex Offender Registry available on the Georgia Bureau of Investigation Website.
Rhonda Duffy, best known as a consumer advocate and the #1 Real Estate Agent in Georgia, hosts 2 weekly radio shows on A.M. talk channels in Atlanta, has licensed her business model to 55 cities, is a licensed auctioneer and a master coach in NLP.
[tags]Real estate, As Is, Home, Foreclosure, Buying a Property, home warranty, Rhonda Duffy, Geogia Realty[/tags]
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