What Does “Where is-As 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. It is a mistake for a purchaser to forgo a property inspection or waive receipt of a Seller’s Disclosure Statement.
Seller’s Disclosure Statement
In Michigan residential sales, sellers must provide a Seller’s Disclosure Statement. I encourage commercial real estate purchasers to receive one, too. If a purchaser discovers defects in the seller’s statement, this could be a liability for misrepresentation.
An inspection may reveal property conditions unknown to a seller, or worse, known but undisclosed. Unless a purchaser is an experienced builder or contractor, it’s important to have a property inspection. Defects discovered through a property inspection may help with price negotiations.