What does the term "as-is" mean?

Sometimes in a real estate transaction a property is sold "as is". This means that the seller is selling the property "as-is" with no repairs to property being required prior to sale.

However, the seller MUST disclose all known defects to the homebuyer. Selling "as-is" does NOT mean that the seller is exempt from disclosing known problems with the property. Homes sold "as is" will often attract a lower selling price because repairs are generally required to the property.

A buyer should arrange for a professional home inspection to help identify any faults or areas that are in need of work.