Real Estate Law FAQs
If you’ve ever leased a property, purchased a house or condo, or subletted an apartment unit, then you may understand how complex real estate transactions can be. There are many legal implications that accompany the purchase, sale, and leasing of a property. At Schnell Hardy Jones LLP, our team of real estate lawyers in Sylvan Lake and Red Deer want to help bring some clarity to your real estate legal needs. Below are answers to a few questions we get asked the most about real estate law and the legal terminology that real estate transactions involve.
Question #4: What does “as is where is” mean in a purchase or sale agreement?
“As is”, in the real estate context, basically means the seller is not guaranteeing that the property is in perfect condition; it is the buyer’s responsibility to fully assess the property being sold and determine that it is satisfactory for his or her purposes, by conducting whatever searches or due diligence checks necessary.
“Where is” simply means that the property is located wherever it is and the seller will not assist the buyer in any expenses associated with getting to the property or moving anything on or included with the property.
Put together, “as is where is” is a common clause contained within real estate agreements that means the buyer agrees to take the property at his or her own risk. The existence of this clause is why it is important for a buyer to consult with a lawyer to conduct all due diligence necessary to ensure that the buyer will be satisfied with her or her purchase and to ensure that all encumbrances are brought to light and understood by the buyer.
Contact Sylvan Lake’s Schnell Hardy Jones LLP for a Real Estate Lawyer
Our real estate lawyers have the experience to provide you with guidance and assistance with your real estate law needs. We can help to ensure that you are confident and content with your purchase, sale, or lease. Contact us for your real estate law consultation in Sylvan Lake, Stettler or Red Deer.