Home Buying in Cleveland>Question Details

Bob, Home Buyer in

What are the risks for an Ohio home buyer who signs an as-is clause?

Asked by Bob, Sat May 10, 2008

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Hi Bob!

I'm assuming you're referring to buying a home in "as is" condition. In that case, I still strongly recommend a home inspection. If you discover any repairs needed during the inspection, you can still request a release of contract on the post inspection agreement. "As is" condition simply means the seller will not make repairs or give money for repairs. Please let me know if you have anymore questions.

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2 votes Thank Flag Link Sat May 10, 2008
Signing an "As Is" clause means that you are buying a home in its current condition with all the known and unknown problems that go along with that. Furthermore, it means the seller will not make any repairs to the property nor will they provide any money at closing for repairs or other considerations such as closing cost assistance. It also means that if there is a Point of Sale Inspection required by the city/municipality where the property is located, you as the buyer would be responsible to assume the violations as condition of the sale and agree to make the necessary repairs at your expense in order to obtain an occupancy permit. With an "As Is" purchase, it is always wise -- as it is with any purchase -- to get a general home inspection so you know what you're getting yourself into. An important point to keep in mind however, you could lose your earnest money if you choose not to go forward with the deal -- especially if you're buying a "bank-owned" or HUD property. Email us or call us at 216-225-2757 or 440-725-9369 for more information.
0 votes Thank Flag Link Tue Aug 19, 2008
Since most contracts stae the property is being purchased in it's as is physical condition every property sold in Ohio is sold as is. I agree a professional home inspection is your best bet, making sure your contract is contingent on the results of the inspection. Also look really close at the sellers disclosures.
0 votes Thank Flag Link Sun Jun 29, 2008
Your purchase agreement should provide you with some indication of what the sellers' intentions are with the "as is" clause. Typically, it means what Christina explained but it is the wording of your purchase agreement that will prevail should there be a dispute.
0 votes Thank Flag Link Sat May 10, 2008
You can write your contract so that it provides you the right to perform inspections and terminate the contract if the property has needed repairs beyond the threshold you are willing to accept.
0 votes Thank Flag Link Sat May 10, 2008
Deborah Madey, Real Estate Pro in ,
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