“Where is-As is” is a real estate term whereby the property is being sold in its present condition. No “moving, cutting, shifting, replacing, redoing, changing, repairing, relocating, or refacing” anything related to the property.
What is the As is term in real estate?
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, and they're not required to provide a Seller's Disclosure.
What does it mean to sell something As is where is?
The “As Is Where Is” Clause: Background and Legal Effect
Therefore if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be.
What does As is mean legally?
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
What is the meaning of as is and as it is?
As it is is a dependent clause meaning “the way things are now.” e.g.: As it is, I can't make any changes. As is is technically just a shortening of as it is, where the it is implied, but it functions specifically as an adjective—i.e., “the way THIS THING is now.” e.g.: I'll take the car as is.
What does as is mean legally?
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
A real estate definition you need to know:
— Nick Huber (@sweatystartup) June 13, 2022
A "basis point" is 1 / 100th of a percent.
1 percent = 100 basis points
1/2 of a percent = 50 basis points
What is the as is clause in a real estate transaction?
As such, in most cases, the phrase “as is” simply means that while the seller will not make any repairs or offer any credit, the purchaser still retains the right to either take the property the way it is or cancel after inspections.
Frequently Asked Questions
What is an as is agreement?
What does “as is” mean? The legal term “as is” in a written contract means that the buyer must be willing to accept the home in its current condition. If you are the buyer, this means that you forgo the opportunity to ask the seller to make any repairs or reduce the price based on problems the property may have.
Is it hard to pass real estate exam in California?
If you're considering a career in real estate in California, you may be wondering how difficult the real estate exam is. It's safe to say that the exam is challenging and requires a lot of practice and hard work to pass.
How long should I study for the California real estate exam?
You should study for the real estate exam for at least several weeks before your test date. The whole point of taking your pre-licensing courses is to prepare you, first for the exam, and then for your work as an agent, so really, you should be thinking of your courses as exam prep time as well.
How hard is it to pass the real estate exam in California?
The difficulty of the real estate exam varies by state, but the California real estate exam is known to be one of the most difficult. In fact, the pass rate for the California real estate exam in the last two years was under 50%, which means it's incredibly competitive and difficult to pass.
What is the best study guide for the California real estate exam?
First, you may want to obtain two books recommended to test takers by the California Bureau of Real Estate: the Reference Book - A Real Estate Guide and Real Estate Law. Both books are available either online or in-person at one of the California Bureau of Real Estate offices.
What is the as is term in real estate?
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, and they're not required to provide a Seller's Disclosure.
What does the term as is where is mean?
“Where is-As is” is a real estate term whereby the property is being sold in its present condition. No “moving, cutting, shifting, replacing, redoing, changing, repairing, relocating, or refacing” anything related to the property.
FAQ
- What is the as is addendum in Indiana real estate?
- When a buyer chooses to make an offer “As-Is” or the seller wants to sell his home “As-Is,” in Indiana, we use the As-Is addendum in addition to the Purchase Agreement. It's a one page contract crafted by the Indiana Association of Realtors that lets all parties know the meaning of As-Is and what to expect.
- What is an as is clause in a listing agreement?
- 'As-Is' means the property is being sold in its current condition, including all and any defects. The property will typically be sold without warranty except for the warranties of title and any other warranties listed in the real estate contract.
- What is the best way to study for the CA real estate exam?
- Best Study Tips for the California Real Estate Exam
- Create a study schedule.
- Diversify the study material.
- Use acronyms and mnemonic devices.
- Form a study group.
- Get guided help.
- What is the best app to study for the California real estate exam?
- Pocket Prep is your award-winning tool in mobile learning and exam preparation. Pocket Prep allows you to study anywhere, anytime, right from your mobile device. We strive to make studying more efficient by redefining how you prepare for the CA Real Estate exams!
- What does it mean to sell something as is where is?
- The “As Is Where Is” Clause: Background and Legal Effect Therefore if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be.
- What's the meaning of as is?
- "As is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item "with all faults", whether or not immediately apparent.
- What is the as is value of a property?
- The As-Is Value of a property is an estimate of the current market value of the property as of the specific date of the appraisal. The appraisal considers the physical property as it currently exists and the current zoning for the property.
As is where is real estate definition
| What does sold as is and where is mean? | The term “as-is” is regularly used in a purchase and sale agreement to indicate that the seller makes no warranties or representations about the property's condition. It is intended to relieve the seller from liability for failing to disclose a material defect in the property that is not known to the buyer. |
| What is the meaning of as is where is? | Therefore if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be. |
| What does it mean to be 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, and they're not required to provide a Seller's Disclosure. |
| What does where is mean in real estate? | With the inclusion of “where-is,” the seller is indicating that the property must be accepted in its current location. In real estate terms, “where-is” effectively excuses any potential locational faults. Some examples include: The property is in a flood zone. The property is not zoned for its current use. |
| What does it mean when a lot is sold as is? | Buying a home (or other property offered for sale) “as is” means the seller makes no warranties or representations about the property's condition. In addition, it means the seller will not repair any property defects. |
| What is the as is clause in real estate? | "As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him. [Citation.] |
- What is the legal definition of as is?
- “As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.
- Can you get a mortgage on a house that is as is?
- Many lenders are more hesitant to finance as-is homes that are in poor condition. Some government loan programs have property requirements that will make it difficult to qualify for a loan to buy such homes. Limited negotiating power. As-is sellers are often inflexible.
- What is an example of sold as-is?
- For example, a seller of a used automobile sells it to a buyer, and puts into the contract of sale the statement: "The buyer accepts the automobile as is, with all faults." Two minutes after the buyer drives off with it, the car stalls, and the engine seizes.
- What does as in where is basis mean?
- Hear this out loudPause'AS IS WHERE IS' CLAUSE - INTRODUCTION. The phrase 'as is where is' is a clause in any agreement which implies that the thing so contracted is transferred, by one person to another in its existing condition and the transferee has accepted it with all its faults and defects, whether or not immediately apparent.
- Can you get a loan on a house that is as is?
- So, to qualify for most mortgage loans, a home must meet what's known as minimum property requirements (MPRs). MPRs are standards that determine whether a house is safe to live in at the time of purchase. “As-is properties may not qualify for government-insured loans like FHA or VA,” cautions Brook.
- What is an as-is clause for seller?
- What is An As-Is Clause? An 'As-Is' clause is a type of contact clause used in a real estate agreement. It's effectively a disclaimer that tells the buyer they are purchasing a real estate property under their own judgment, and not based on the representation or statement of the seller.
