As-is
A sale where the seller will not make repairs. Buyers can usually still inspect, and seller disclosure duties still apply in most states.
Also called: as is, sold as-is, as-is condition
Related terms
A home that needs significant repairs or updates and is priced to reflect that. It can be a bargain, but repair costs and financing limits are easy to underestimate.
A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
A form where the seller lists known problems with the property, such as leaks, repairs or defects. Requirements vary by state; a few states lean toward buyer-beware rules.
A contract term that gives the buyer time to inspect the property and then cancel, ask for repairs or renegotiate based on what is found. Waiving it means accepting the home's condition as is.
A written list from the buyer, after inspection, asking the seller to fix items, give a credit or lower the price. The seller can agree, refuse or counter.