We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
What Does As-Is Mean?
When used in residential sales, the expression “as-is” is a contractual provision that signifies the property is being conveyed (transferred) in its existing physical condition as disclosed on the date of the contact. No guarantees of condition or warranties of operation are made by the seller. To put it in the simplest terms, what you see is what you get. Let’s take a practical example: the seller discloses that the roof leaks and offers the property as-is. If the buyer elects to complete the purchase, the seller has no obligation to repair, and the buyer will receive the property with this known defect. An As-Is provision does not negate the sellers’ legal duty to disclose all material defects of which they are aware. The Texas disclosure requirements remain applicable. We always recommend that a buyer have the property thoroughly inspected by licensed specialists before committing to the purchase.
Looking for an Austin Real Estate Expert?
Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.