The As Is Real Estate Contract Form is designed for situations where property owners wish to sell their real estate without undertaking repairs or improvements, and buyers are willing to accept the property's current condition. This contract type is commonly used in distressed property sales, estate sales, or when sellers want to minimize post-sale liability. While the 'as is' nature limits seller obligations, federal and state laws still require certain disclosures about known defects or hazards. The document provides clear terms about property condition, price, closing details, and transfer of ownership, while protecting both parties' interests under U.S. law.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property details
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. As Is Clause: Explicit statement that property is being sold in current condition
7. Closing and Possession: Details of closing date and possession transfer
8. Signatures: Execution block for all parties
1. Inspection Period: Defines buyer's right to inspect property and timeline for such inspection despite as-is nature of sale
2. Financing Contingency: Conditions related to buyer's financing and timeline for securing mortgage or other funding
3. Title Insurance: Provisions for title insurance and allocation of associated costs
4. Prorations: Details on how taxes, utilities, and other ongoing expenses will be divided between parties
1. Property Disclosure Statement: Mandatory disclosures about property condition and known defects
2. Lead-Based Paint Disclosure: Required disclosure for properties built before 1978 regarding lead-based paint hazards
3. Title Report: Current title status, liens, and any encumbrances on the property
4. Property Survey: Document showing property boundaries, easements, and encroachments
5. Fixture and Personal Property List: Detailed itemization of what is and is not included in the sale
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