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  1. #1
    Waqar Guest

    Unhappy As-Is-Where-Is-Basis Property

    Dear Friends,
    iam asking this question not related to any state or country , think of it as a general law question. I understand when i read some advertisment saying the property is offered on as is where is basis. The only thing i want to know is:-

    Does as is where is basis means that the Auction Purchaser will get the property this property is on as is where is basis for the Auction Purchaser only that is the sentence as is where is basis is only for Auction Purchaser or any claim which comes after the Auction Purchaser purchase the property. I mean does as is where is basis means that no fresh claimants can claim for that property once it is sold.

    I think iam not making my self clear..please bear with me for few seconds:-

    1) Let say that you are the Auction Purchaser of a property sold on "As is Here is Basis"
    2) Let say the property offered for Sale has 100 Shops..
    3) According to the Enquiry Report present by official Liquidator says that entire property is for sale except Shop NO.1 on as is here is basis.
    4) After Auction Purchaser paid the amount and got the property, out of 100 shops 60 shop claimants came forward in the High Court and said that they purchased these shops in "good-faith" from the previous owner and they had no idea about any liquidation process or advertsiments about this property liquidation...
    5) The High Court entertain their claim and official give away these 60 shops on to these 60 claimants....
    6) Now my question is being the Auction Purchaser what you will do?
    7) Does "As is where is Basis" means that the documents of that property also becomes null-void after it is sold....and is it right that the Auction Puchaser got 99 Shops on "As is where is Basis" but after he got the property again the High Court entertain new claimants for that property? is there any official time limit ? speaking universially?
    8) Is it not so that "As is where is basis" also means that all the documents of the property are given to the Auction Purchaser on as is where is basis and after he got the property the old documents have no value?
  2. #2
    HomeGuru is offline Senior Member
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    You need to hire an attorney to review the specifics of the offerings and the applicable State law.
  3. #3
    ladyc4 Guest
    I hate to tell you this, and it certainly can't hurt to discuss this with an attorney in your state-
    But "as is where is" is auctioneerese for "we ain't making any statements or promises about the items we are selling at auction today." This also sounds like a real estate auction and I'm more familiar with general merchandise, personal property etc. So there may be some statutes pertinent to real estate sales, that over-ride the auction boilerplate.
    I've always understood the "as is, where is" being more applicable to items that one would plan on removing from the auction location-i.e. farm machinery,etc.(if the wheels fall off AFTER the auctioneer says "SOLD!" it's the buyers problem to deal with.)
    That being said, most states require an auctioneer to take reasonable step under the UCC, if not specific statutes governing auctions,to ascertain that the seller CAN convey a clear title to the goods or property being auctioned,that there are NOT outstanding liens against it. This sounds like it's going come down to a battle of semantics,so I have to agree that you need to work with an attorney in your state. Now if your state requires an auctioneer/auction house to be licensed, the licensing body MIGHT be able to translate the legal jargon into plain English.

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