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As Is Contract For Sale And Purchase for the United States

As Is Contract For Sale And Purchase Template for United States

An As Is Contract for Sale and Purchase is a legal document used in the United States that facilitates the transfer of property or goods in their current condition, with the buyer accepting all existing defects and issues. This agreement explicitly waives standard warranties and protections typically included in traditional sale contracts, placing greater responsibility on the buyer to assess the item's condition before purchase. The contract is governed by both federal and state laws, with specific requirements varying by jurisdiction.

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What is a As Is Contract For Sale And Purchase?

The As Is Contract for Sale and Purchase is primarily used when a seller wishes to transfer ownership of property or goods without providing warranties or guarantees about their condition. This type of contract is commonly employed in situations where the item being sold may have known defects, or when the seller wants to limit their liability for future issues. In the United States, these contracts must comply with both federal regulations and state-specific requirements, particularly regarding disclosure obligations. While the contract removes many standard protections for the buyer, it doesn't exempt the seller from disclosing known material defects or from fraudulent misrepresentation.

What sections should be included in a As Is Contract For Sale And Purchase?

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the sale and brief description of the property/item being sold

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the item/property being sold 'as is'

5. Purchase Price: Amount and payment terms

6. As Is Clause: Clear statement that the property/item is being sold in its current condition

7. Waiver of Warranties: Express waiver of implied warranties

8. Closing Provisions: Details about closing date, location, and requirements

9. Signatures: Execution block for all parties

What sections are optional to include in a As Is Contract For Sale And Purchase?

1. Inspection Period: Optional section detailing terms for buyer's inspection rights and timeframe for conducting inspections

2. Financing Contingency: Optional section specifying terms related to buyer's financing requirements and conditions

3. Environmental Provisions: Optional section covering specific environmental disclosures or waivers when property might have environmental concerns

What schedules should be included in a As Is Contract For Sale And Purchase?

1. Schedule A - Property Inventory: Detailed list of items included in the sale

2. Schedule B - Known Defects: Comprehensive list of known issues or defects in the property/item

3. Schedule C - Title Documents: Copies of relevant title documentation and ownership records

4. Schedule D - Inspection Reports: Any existing inspection reports or assessments of the property/item

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Ƶ

Cost

Free to use
Clauses

























Industries

State-Specific Laws: Local state laws governing real estate, property transactions, contracts, disclosure requirements, and real estate licensing requirements specific to the jurisdiction

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Truth in Lending Act: Federal law requiring disclosure of key terms and costs in lending transactions when financing is involved in the purchase

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to disclose information to potential buyers about lots in large subdivisions

Magnuson-Moss Warranty Act: Federal law governing warranties on consumer products, particularly relevant for 'as is' sales and warranty disclaimers

Uniform Commercial Code Article 2: State-adopted uniform law governing the sale of goods, including provisions for 'as is' sales and warranty disclaimers

Uniform Commercial Code Article 2A: State-adopted uniform law governing lease transactions and related provisions

Uniform Commercial Code Article 9: State-adopted uniform law governing secured transactions and security interests in personal property

Federal Trade Commission Regulations: Federal regulations protecting consumers from unfair or deceptive trade practices in commerce

State Consumer Protection Statutes: State-specific laws protecting consumers from unfair business practices and providing remedies for consumer disputes

Product Liability Laws: Laws governing liability for defective products and related disclaimers in 'as is' sales

Material Defect Disclosure Requirements: Legal obligations to disclose known material defects in the property or item being sold

Environmental Hazard Regulations: Laws requiring disclosure and handling of environmental hazards such as lead paint, asbestos, or other toxic substances

Statute of Frauds: Legal requirement that certain contracts must be in writing and signed to be enforceable

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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