The As Is Purchase Agreement For Home is utilized when parties wish to complete a residential real estate transaction with minimal seller obligations regarding property condition. This document is particularly common in situations involving estate sales, foreclosures, or when sellers want to minimize post-sale liability. The agreement must comply with federal regulations and state-specific real estate laws while clearly documenting the buyer's acknowledgment of purchasing the property without warranties. It typically includes mandatory disclosures, property details, purchase terms, and explicit language regarding the as-is nature of the sale. This type of agreement is increasingly common in competitive real estate markets across the United States.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. As Is Clause: Clear statement that property is being sold in current condition
7. Closing and Possession: Date, location, and terms of closing and property transfer
8. Required Disclosures: Mandatory federal and state disclosures
9. Signatures: Execution block for all parties
1. Inspection Period: Terms for buyer's inspection rights - used when buyer requests inspection period despite as-is nature
2. Contingencies: Any conditions that must be met before closing - used when financing or other contingencies are agreed upon
3. Personal Property: List of items included/excluded from sale - used when specific items need to be addressed
4. Environmental Issues: Known environmental concerns - used when property has known environmental issues
1. Property Disclosure Statement: Detailed disclosure of property condition and known defects
2. Lead-Based Paint Disclosure: Required for homes built before 1978
3. Property Survey: Current survey of property boundaries and features
4. Title Report: Preliminary title report showing ownership and encumbrances
5. Inspection Reports: Any existing inspection reports provided by seller
6. HOA Documents: If applicable, homeowners association rules and documents
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