AS IS refers to a condition under which a property is sold or leased indicating that it will be accepted in its current state with no guarantees or warranties regarding its condition. Buyers or tenants agree to accept the property with all visible and latent defects.
As-Is Value refers to the estimated or appraised value of a property in its current condition, considering any repairs, disrepair, or improvements necessary.
A description for the condition in which property should be left by the seller or previous tenant before it is handed over to the new buyer or tenant. It usually implies that the floors are to be cleared of trash and swept, leaving the premises tidy, but not necessarily scrubbed or thoroughly cleaned.
A Disclosure Statement is a legally required document in real estate transactions that compels sellers to reveal specific information about the property's condition and any material facts relevant to the transaction.
Duty to disclose refers to the legal obligation of a seller, broker, or agent to inform a prospective buyer or interested party about any negative condition or material fact that could influence the property's value or a buyer's decision.
Effective age refers to the age of a property based on the wear and tear it has sustained, as opposed to its actual chronological age.
The term 'habitable' refers to the condition of a property being suitable for human habitation, meaning it is safe, sanitary, and appropriate for occupancy.
An Inspection Addendum or Clause is an agreement within a real estate contract that allows a buyer to inspect the property before finalizing the sale, enabling negotiations or cancellation based on inspection results.
A Property Condition Addendum or Clause is a section within a real estate contract detailing the state of the property being sold and setting the terms under which repairs and maintenance should be completed.
A warranty is a promise contained in a contract, typically in real estate, that guarantees certain conditions or performances with regards to a property, often provided by the seller or builder.
