The "As-Is" Addendum to a Purchase Agreement shifts considerable risks from the seller to the buyer. It is intended for scenarios such as the sale of bank-owned property, investment property and probate estates... scenarios where the seller doesn't have personal experience regarding the condition of the property. The "As-Is" Addendum should not be used along with the Seller's Property Disclosure without seeking legal advice because of inherent conflict and inconsistency.
When using an "As-Is" Addendum, it is very important for the buyer to do both an inspection and a final walk-through prior to closing. When the buyer accepts delivery of the deed at closing, they are accepting the condition of the property as satisfactory... without authority to pursue the seller after closing for claims regarding the condition of the property.
Sharlene Hensrud, RE/MAX Results - Email- Twin Cities Realtor
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