In real estate, what does the term "as-is" indicate?

In real estate, what does the term "as-is" indicate?

• A. The property is new and unused
• B. The property is sold in its current condition
• C. The buyer must make immediate repairs
• D. The seller will cover closing costs

Answer: (B)

The term "as-is" in real estate signifies that the property is being sold in its current condition, with all its existing faults, defects, and features. This means the buyer accepts the property without expecting any repairs, modifications, or improvements made by the seller before the sale is finalized. By purchasing "as-is," the buyer takes on the responsibility for any issues that may exist with the property, whether they are cosmetic or structural. This practice is common in real estate transactions and can appeal to buyers looking for a bargain or who are willing to invest in a property to improve it after purchase. It also protects the seller from claims or obligations to repair the property, thus streamlining the sales process by clarifying that the buyer is fully aware of the property's state before completing the purchase.

The term "as-is" in real estate signifies that the property is being sold in its current condition, with all its existing faults, defects, and features. This means the buyer accepts the property without expecting any repairs, modifications, or improvements made by the seller before the sale is finalized. By purchasing "as-is," the buyer takes on the responsibility for any issues that may exist with the property, whether they are cosmetic or structural.

This practice is common in real estate transactions and can appeal to buyers looking for a bargain or who are willing to invest in a property to improve it after purchase. It also protects the seller from claims or obligations to repair the property, thus streamlining the sales process by clarifying that the buyer is fully aware of the property's state before completing the purchase.