What Is The Effect Of An As Is Clause In A Purchase Agreement
(2) The terms of the agreement were negotiated and not a one-way sleight of hand; The buyer subsequently found an encroachment on the property, which was identified as a timber business between a nearby lot 3310 and lots 223-224. The buyer tried to cancel the contract and refund the 10% deposit. The sellers accepted that the buyer did not have the right to terminate the contract, since the seller`s obligation to deliver the goods without interference was to be fulfilled only after completion and any intervention on or before the date of completion would be eliminated. While the « as is » condition may seem a bit unfair to the buyer, it actually corresponds to the traditional common law term « caveat emptor, » which literally means « let the buyer be careful. » Therefore, it is entirely appropriate to include a condition « as is » in a contract for the sale and purchase of real estate, provided that the insertion is agreed between the parties. . . .