What does it mean if a property is sold "as-is"?

When a property is sold "as-is," it signifies that the buyer is accepting the property in its current condition, without any warranties or guarantees provided by the seller regarding the state of repairs or the overall condition of the property. This implies that any existing issues such as structural problems, plumbing issues, or general maintenance failures will not be addressed by the seller before the sale. Therefore, it falls to the buyer to handle any repairs or renovations that may be necessary once they take ownership of the property.

This understanding is crucial for potential buyers because it means they should conduct their due diligence, which often includes a thorough inspection of the property before finalizing the purchase. Knowing they will be responsible for repairs can influence their negotiation strategy and their willingness to proceed with the transaction based on the property's condition and their own assessment of future costs.