As Is definition

[jferncons]

I am selling a property in arizona
The accepted counter offer says property to be conveyed in as is condition and was accepted. the buyer turned in a serious of repair requests which were turned down. my question is if the buyer backs out of the deal, will he lose de earnest money?

one more question ... when the buyer is a real estate agent, can he/she collect full commission? or is it a self discount?

 

[HomeGuru]

I am selling a property in arizona
The accepted counter offer says property to be conveyed in as is condition and was accepted. the buyer turned in a serious of repair requests which were turned down. my question is if the buyer backs out of the deal, will he lose de earnest money?

**A: I am sure youmeant series of repair request although such request may also be serious. An "as is" means the current KNOWN TO THE BUYER condition at the
time of offer acceptance.
Hence, if the sale and contract were on an "as-is" basis, both partes agree to the known conditions. If the Buyer finds out after acceptance of the contract that a property condition that was either NOT disclosed by the Seller and/or is of worse condition than was disclosed by the Seller, the Buyer may request repairs be made etc. or have the option of termination of the contract.
THe Seller may sell "as-is" but ALL the conditions being sold on the "as-is" basis must be disclosed.
A Seller cannot just seel the property "as-is" without disclosing what exactly is being sold "as-is".
For example: there cannot be a total caveat if the Seller just uses the as-is term in the contract. There must be an agreement of what is being sold "as-is" such as an itemized condition list, home inspection report and fully completed disclosure statement.
If both parties agree to this type of sale and nothing was disclosed by the Seller about the bad roof condition (even if the Seller did not know but such condition was discovered
through the home inspection)
the Seller cannot claim that the Buyer agreed to buy on an "as-is" basis because the Buyer had no previous knowledge of the conditionof the roof.

The Buyer may be entitled to terminate the transaction and request that all deposit monies be returned.
**************
one more question ... when the buyer is a real estate agent, can he/she collect full commission? or is it a self discount?

**A: the Buyer agent may collect full commission.

 

[jferncons]

as is definition

Thank you for the information.

I can understand a mayor problem like crack foundation, bad roof, etc. The repairs being requested are things like fix a hole in the wall, missing tiles and light fixtures. Does that make a difference?

 

[HomeGuru]

Maybe.