Lot Sold As Is Where Is Real Estate: A Convenient and Flexible Option for Buyers

When searching for the keyword "Lot sold as is where is real estate," potential buyers can expect to find a range of opportunities that offer convenience and flexibility. This brief review highlights the positive aspects, benefits, and conditions for utilizing Lot sold as is where is real estate.

Positive Aspects:

Cost-Effective: Lot sold as is where is real estate typically comes at a lower price compared to fully developed properties, making it an attractive option for budget-conscious buyers.
Potential for Future Development: Buyers have the opportunity to customize and develop the lot according to their preferences, allowing them to create their dream home or investment property.
Variety of Choices: With a wide range of lots available, buyers can select the location, size, and features that best align with their needs and preferences.
Reduced Competition: Lot sold as is where is real estate often attracts fewer buyers compared to move-in ready properties, reducing the level of competition and potentially allowing for negotiation on the purchase price.

Benefits of Lot Sold As Is Where Is Real Estate:

Flexibility: Buyers have the freedom to choose their own timeline for construction, enabling them to undertake the project at their

Buying a home (or other property offered for sale) “as is” means the seller makes no warranties or representations about the property's condition. In addition, it means the seller will not repair any property defects.

Table of Contents

What does sold as is and where is mean?

The solution many sellers utilize is to sell the property AS IS which is a written understanding that the seller purchases the property without warranty or recourse as to its condition.

What is the as is clause in real estate?

"As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him. [Citation.]

What does as is mean legally?

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.

What is an example of sold as is?

For example, a seller of a used automobile sells it to a buyer, and puts into the contract of sale the statement: "The buyer accepts the automobile as is, with all faults." Two minutes after the buyer drives off with it, the car stalls, and the engine seizes.

What is an as is clause in real estate?

'As-Is' means the property is being sold in its current condition, including all and any defects. The property will typically be sold without warranty except for the warranties of title and any other warranties listed in the real estate contract. Read Related: The Closing Process Explained in Florida.

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What are the pros and cons of buying a house as is?

As-is homes are priced to sell. And since the current owner is not willing to make repairs or negotiate, the buyer can usually get it for a bargain price. “This could save you money in the long run, especially if the repairs aren't too significant,” says Patel, especially if they are renovations you can DIY.

Frequently Asked Questions

What is an as is agreement?

What does “as is” mean? The legal term “as is” in a written contract means that the buyer must be willing to accept the home in its current condition. If you are the buyer, this means that you forgo the opportunity to ask the seller to make any repairs or reduce the price based on problems the property may have.

What does it mean to sell something as is where is?

The “As Is Where Is” Clause: Background and Legal Effect Therefore if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be.

What is the as is value of a property?

The As-Is Value of a property is an estimate of the current market value of the property as of the specific date of the appraisal. The appraisal considers the physical property as it currently exists and the current zoning for the property.

What does as is mean in a home contract?

The legal term “as is” in a written contract means that the buyer must be willing to accept the home in its current condition. If you are the buyer, this means that you forgo the opportunity to ask the seller to make any repairs or reduce the price based on problems the property may have.

FAQ

What does where is mean in real estate?: With the inclusion of “where-is,” the seller is indicating that the property must be accepted in its current location. In real estate terms, “where-is” effectively excuses any potential locational faults. Some examples include: The property is in a flood zone. The property is not zoned for its current use.
What does the term as is where is mean?: “Where is-As is” is a real estate term whereby the property is being sold in its present condition. No “moving, cutting, shifting, replacing, redoing, changing, repairing, relocating, or refacing” anything related to the property.
What is the legal definition of as is?: “As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase.