Updated on April 16th, 2023
An “as is” purchase agreement addendum is attached to a real estate contract to add that the seller makes no warranties regarding the property’s condition. The seller is required by law to disclose any known property defects to the buyer, and the buyer has the right to inspect the property before closing. However, by accepting the property “as is,” the buyer agrees that any needed repairs discovered or damage made to the property after closing will be their responsibility.
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“AS IS” PURCHASE AGREEMENT ADDENDUM
1. THE PARTIES. This “As Is” Purchase Agreement Addendum (“Addendum”) made this [MM/DD/YYYY] is by and between:
Seller: [SELLER’S NAME] (“Seller”) and
Buyer: [BUYER’S NAME] (“Buyer”).
The Seller and Buyer are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL AGREEMENT. This Addendum is being added to the purchase agreement between the Parties, dated [MM/DD/YYYY], for the property located at [PROPERTY ADDRESS] (“Original Agreement”).
3. PROPERTY SOLD “AS IS.” The Parties agree that, except for the Seller’s representations and warranties set forth in the Original Agreement, the Seller is selling the property in “As Is” condition. The Buyer acknowledges and agrees they accept the property “As Is” without any warranties, representations, or guarantees, either expressed or implied, of any kind, nature, or type whatsoever from or on behalf of the Seller.
4. DISCLOSURES & INSPECTIONS. The Parties understand that the Seller is obligated by law to reveal all known material defects of which they are aware. The Parties do not intend by this Addendum to waive any legal provision requiring the Seller to furnish disclosure statements, nor do the Parties intend to waive any provisions of local laws requiring inspections or reports.
5. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Seller’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [SELLER’S NAME]
Buyer’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [BUYER’S NAME]