Should you buy a property as-is?

On Behalf of | Oct 11, 2021 | Real Estate Transactions | 0 comments

If you wish to own a property or home, you may want to consider buying a parcel as-is. This means you accept the property that you purchase in the current conditions, and you do not ask the seller to make any concessions or repairs before the property exchanges hands.

You need to take steps to ensure that things go well when dealing with as-is properties, however. This way, you can eliminate unexpected problems and proceed with the purchase smoothly.

Check for title conflicts discusses understanding the nuances of buying a property as-is. First, they suggest you perform a title search. This allows you to check the land records and deed of the property to see if any hang-ups might exist, including certain types of easements.

Next, understand the restriction. This may apply to certain parts of the property only, or to the entire property. For example, with limited as-is properties, you might consider speaking to the seller about making repairs on areas of the property that fall outside of the restriction in question.

Your cancellation provision

You should also always include a cancellation provision. Though you cannot request concessions, repairs or modifications, you can still arrange for inspections. A home inspector can look at the property and determine whether or not any enormous, potentially deal-breaking problems exist. Having a cancellation provision in place will allow you to leave the deal if you find such an issue.

Consider contacting legal counsel before starting this process, too. Having legal help on your side can streamline the process even further, and help ensure you do not make any big mistakes.