As is addendum 2025

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The 'As Is' Addendum Rider outlines the terms under which a property is sold in its current condition, stating that the seller is not responsible for any repairs or defects. It emphasizes that the buyer should conduct independent inspections and acknowledges the seller's obligation to disclose known material defects. The document also advises the buyer to seek legal counsel regarding the risks associated with purchasing property 'As Is'.

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What is an addendum to a document?

Example Clause: The Buyer acknowledges that they are purchasing the property in an As Is condition. The Seller makes no representations or warranties concerning the propertys condition, fitness for any particular purpose, or compliance with any laws or regulations.

What does an as is addendum mean?

Sometimes a buyer may encounter an addendum that states, as is. This is usually found on a property that is bank-owned. This addendum says that the home is being purchased in its current condition and there will be no repairs made by the seller.

What is the as is condition clause example?

Sellers list their homes for sale as-is when they dont want to do any repairs before closing. It means there are no guarantees from the seller that everythings in working condition, and theyre not required to provide a Sellers Disclosure.

Is it a good idea to buy a house as is?

Therefore, California courts have held that the effect of an as-is provision is to cause the buyer to take the property in the condition visible or observable to him. As explained by one court, an as is provision may be effective as to a dilapidated stairway but not as to a missing structural member, a

What is the purpose of the as is addendum?

If a seller has to disclose so much, you may wonder what as-is clauses mean and what their purpose is. Put simply, an as-is clause is a statement that the buyer acknowledges and accepts that they are purchasing the property in its current condition and without any guarantees or warranties from the seller.

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What is the purpose of an addendum?

As Is means the owner is not interested in making any repairs and has priced the property ingly. The buyer can and should still have it inspected but should not expect any further negotiations. The only time the seller should upgrade is when lenders wont loan due to a bad roof for example.

As is addendum 2025

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