As Is Home Purchase Agreement

As Is Home Purchase Agreement Template for United States

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Key Requirements PROMPT example:

"I need an As Is Home Purchase Agreement for a fixer-upper property in Florida, with a purchase price of $250,000 and closing date of March 15, 2025, including a 14-day inspection period but no financing contingency as it's a cash purchase."

Document background

The As Is Home Purchase Agreement is utilized when selling residential property without the typical warranties or seller obligations to repair. This contract type is commonly used for properties needing renovation, foreclosures, or when sellers want to minimize post-sale liability. While the agreement reduces seller obligations, it must still comply with federal and state disclosure requirements. The document includes property details, purchase price, closing terms, and explicit acknowledgment of the as-is condition. It's particularly relevant in U.S. jurisdictions where distressed or quick-sale properties are common.

Suggested Sections

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

2. Background: Brief context of the sale and property description

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price: Amount and payment terms

6. As Is Clause: Explicit statement that property is sold in current condition

7. Closing: Closing date, location, and requirements

8. Representations and Warranties: Limited representations due to as-is nature

Optional Sections

1. Inspection Period: Terms for buyer's inspection rights and timeline for conducting inspections

2. Financing Contingency: Conditions related to buyer obtaining financing and mortgage approval requirements

3. Personal Property: Specific items included or excluded from the sale of the property

4. Lead-Based Paint Disclosure: Federal requirement for properties built before 1978 regarding lead-based paint disclosure

Suggested Schedules

1. Property Description Schedule: Detailed legal description and property boundaries

2. Personal Property Schedule: Itemized list of included and excluded personal property items

3. Disclosure Forms: State-mandated property disclosure forms and related documentation

4. Inspection Reports: Any existing property inspection or engineering reports

5. Title Documents: Title report and related property ownership documentation

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

alex.den.21@genieai.co

Relevant legal definitions

Agreement

Effective Date

Business Day

Clauses

Relevant Industries

Real Estate
Construction
Banking
Insurance

Relevant Teams

Real Estate
Legal
Finance
Operations
Compliance

Relevant Roles

Real Estate Agent
Property Manager
Real Estate Attorney
Title Officer
Mortgage Broker

Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring disclosure of information to potential buyers in certain land sales transactions

Truth in Lending Act (TILA): Federal law mandating disclosure of credit terms and protecting consumers in credit transactions involving real estate

Real Estate Settlement Procedures Act (RESPA): Federal law requiring disclosure of real estate settlement processes and prohibiting certain practices in real estate transactions

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure of known lead-based paint hazards in properties built before 1978

State Property Laws: State-specific laws governing property rights, transfers, and real estate transactions

State Real Estate Transfer Laws: State-specific requirements for transferring real property ownership

State Disclosure Requirements: State-mandated disclosures about property condition, even in 'as is' sales

State Contract Laws: State-specific requirements for valid contract formation and enforcement

State Real Estate Licensing Requirements: State regulations governing real estate professional licensing and conduct

Municipal Codes: Local regulations affecting property use and transfers

Zoning Regulations: Local laws governing property use and development restrictions

Local Transfer Tax Requirements: Municipal or county requirements for taxes on property transfers

Local Inspection Requirements: Municipal requirements for property inspections during sale

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Doctrine of Caveat Emptor: Legal principle of 'buyer beware' particularly relevant in 'as is' sales

Contract Formation Requirements: Legal elements necessary for valid contract creation including offer, acceptance, and consideration

Consideration Requirements: Legal requirement for exchange of value in contract formation

Legal Capacity: Requirements regarding parties' legal ability to enter into binding contracts

'As Is' Condition Definition: Clear legal definition of what constitutes 'as is' condition in property sales

Warranty Disclaimers: Legal requirements for properly disclaiming warranties in 'as is' sales

Buyer's Inspection Rights: Legal rights of buyers to inspect property despite 'as is' status

Material Defects Disclosure: Requirements to disclose known material defects despite 'as is' sale status

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Let's create your As Is Home Purchase Agreement

Authors

Alex Denne

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