Although making an “as-is” purchase may be a calculated risk in certain situations, an attorney that focuses on real estate law might caution against applying this approach when buying real estate. In the parlance of real estate law, such “as-is” language might be termed inspection and mortgage contingencies.
Of course, this advice might be easier said than followed, especially in a seller’s market and/or when a buyer has fallen in love with a prospective new property. Fortunately, an attorney can help a buyer avoid making such emotion-based decisions in the heat of the moment. An inspection can reveal serious flaws, such as areas requiring plumbing or electrical work, a roof in need of repairs, or termite damage.