Home inspectors are often greeted at the home by a representative of the property owner*, who quickly lets the home inspector know the property is being sold in “as is” condition. In that context “as is” is code for the owner’s representatives hope the home inspector will put less effort into finding defects. Some home inspectors (like me) do not fall for this trap, because we know after our client moves into the home and problems that occur will cost our clients money to fix.
WHAT DOES THE PHRASE “AS IS” MEAN? Please discuss with your attorney the meaning of the phrase “as is”, as used in your real estate transaction.
Often the definition is similar to the one provided at http://www.businessdictionary.com/definition/as-is.html: “Term included in sale agreements to notify the buyer that no express or implied warranty is provided. The buyer therefore takes the goods or property at his or her own risk, without recourse against the seller for their condition or performance. ‘As is’ may translate to ‘with all faults’.”
I have not been able to find any definition where “as is” translates to “buyer gets stuck paying for defective, hazardous, or unsafe conditions or components”.
* Most real estate agents involved in NJ home sales get paid for, and actually work for the seller of the home by NJ Law and Regulation. Carefully read NJ laws of real estate agency.
“In New Jersey, there are four brokerage business relationships: seller’s agent, buyer’s agent, disclosed dual agent and transaction broker. Each of these relationships imposes certain legal duties and responsibilities on the licensee, as well as the seller or buyer represented”