As Is Purchase Agreement Ohio
|If you are looking to buy or sell a property in Ohio, it is crucial to have a comprehensive understanding of the purchase agreement. One of the most common types of purchase agreements used in Ohio is the «as is» purchase agreement. This agreement is also used in various other states in the US.
What is an «as is» purchase agreement?
An «as is» purchase agreement is a legal contract that outlines the terms and conditions of a property sale. It is referred to as «as is» because the buyer is taking the property in its existing condition, with no warranties or guarantees from the seller regarding the property`s condition.
In other words, the seller is transferring the property in its current state, and the buyer accepts it with all its faults and defects. The buyer is responsible for evaluating the condition of the property, conducting inspections, and making repairs or renovations at their expense.
Why is an «as is» purchase agreement used?
An «as is» purchase agreement is commonly used when the seller is unwilling or unable to make any repairs or renovations to the property before the sale. The buyer may be purchasing the property to renovate or flip, and they are aware they must incur additional costs for repairs and maintenance.
It is also used when the seller wants to avoid any potential liability for any issues with the property after the sale. An «as is» purchase agreement provides the seller with legal protection from any claims or lawsuits related to the condition of the property.
What should be included in an «as is» purchase agreement?
The «as is» purchase agreement should include the following elements:
– A description of the property and its condition
– Any exclusions or limitations related to the purchase
– The purchase price and payment terms
– The closing date and possession date
– Any contingencies related to the sale
– Warranties or disclosures made by the seller
– Any obligations and responsibilities of the parties
– Any dispute resolution procedures
It is essential to have a real estate attorney review the «as is» purchase agreement to ensure that all necessary elements are included and that both parties` interests are protected.
Overall, an «as is» purchase agreement is a legal contract that transfers ownership of a property in its existing condition. As a buyer or seller in Ohio, it is crucial to have a comprehensive understanding of the terms and conditions of the agreement before signing it.