harkins / July 16, 2021
When researching commercial real estate for sale in Lake Mary and the surrounding areas, you will likely come across commercial property for sale listed ‘as-is’. When a commercial building is listed as an as-is sale, it is a specific term and is not a catch-all for a seller to get out of any liability.
When a seller lists a property as-is, they are still required to be honest about the property’s condition (to the best of their knowledge) and are not allowed to conceal any issues or problems. As-is sales are often used for properties that have repair needs that the owner is aware of but has not addressed. This could be due to time, finances, or other outside issues affecting their ability to carefully manage the property. As-is is also used in situations where the property owner may not have exact knowledge of the issues. For example, a landlord who lives out of state may be aware of repairs (such as roof repairs) but not the overall extent of the work that needs to be done due to them not being able to see it in person.
Responsibilities As a Buyer
When buying an as-is property, getting a proper inspection done is very important. The inspection verifies any issues the seller may not be aware of or only have basic knowledge of. While many as-is properties are sold at a discount, some have issues that may be beyond your ability (or finances) to properly address. An inspection handles your due diligence and ensures that the property you are buying fits your needs and that you can properly address repairs as needed.
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