"Sold as is" Properties
I saw a home listed with the message “Property Sold Totally As Is. No Representations or Warranties. Purchaser Pays Transfer Tax & Stamps.” Should one be cautious about these type of properties? Is it safe to assume there are issues with the home? Has anyone bought a home listed with “no warranty”. Also, what does…
I saw a home listed with the message “Property Sold Totally As Is. No Representations or Warranties. Purchaser Pays Transfer Tax & Stamps.” Should one be cautious about these type of properties? Is it safe to assume there are issues with the home? Has anyone bought a home listed with “no warranty”. Also, what does one “pay stamps” mean?
Thanks!
federated did a very thorough home inspection for me two weeks ago, and they charge only $500 which includes a termite inspection. http://www.fcshomeinspectors.com/
as bob mentioned above, an inspection should be done by any buyer looking at any property. without a professional eye you might get yourself into an ugly situation.
“If you decide to investigate the purchase make sure you have an attorney carefully review all the paperwork and make sure that you get a good, thorough title search and title insurance policy!”
Are there EVER any times when a buyer wouldn’t want to do all these things on ANY RE purchase?
I bought my house “as is” many years ago from an elderly women in a nursing home who was being represented by her nephew. He lived on the east end of L.I. and didn’t want to be bothered with coming to Brooklyn. Actually, he was obviously AFRAID of coming to Brooklyn and, in 1974, might well have been right,although it didn’t seem so to someone young and foolish like me.
I knew that the house had been neglected for years and needed new plumbing, roof, electric service, etc. What attracted me was that all the details were intact AND that the house was priced at 1/2 the going rate for the neighborhood. The inspection confirmed what I already knew, but what I was really interested in was whether the house had any serious structural defects that would make the deal untenable. I was quite happy with an engineering report that pointed out many problems, but NOT a concern that the house was about to collapse. 34v years later,I’m glad to report that all went well.
and finally any one can sell what ever right they have to a property(that is what a quit claim deed is) but you take it subject to any lien that is of record(this is a notice and record state- some states aren’t)
and pay the increased premium for the title that will reimburse you the value of the property and not just what you paid for it.
one more point make sure the contract allows you only to close if you can obtain good and clear marketable title to the property free and clear of all liens and encumberances. You should care less about what the seller represents or warrants other then they are who they say they are and own the property-
I’d look out with “As-Is.” It could refer to the condition of the property (as another poster noted it could be a shambles) but it could also refer to the quality of the title.
Your seller might be trying to pass off a quitclaim deed or sell you a property that he doesn’t have clear title to and therefore can’t legally sell. If you decide to investigate the purchase make sure you have an attorney carefully review all the paperwork and make sure that you get a good, thorough title search and title insurance policy!
and its not necessarily a foreclosure. Sometimes its an estate issue and sometimes it just someone wanting to sell something quickly.
I disagree with the issue of the stamps and transfer tax, yes these are fees the state charges to record the deed and transfer the ownership but who pays these are a matter of convention not state law. The State doesn’t care who pays them as long as they are paid. Traditionally in NY the seller pays these fees but not always and its not required by law.
1. you need to do your own inspection before hand.
2. You must have a lawyer do a title search and get title insurance.
Pretty much all property is sold as is really…its buyer beware. The warranties and reps normally are only as to title issues…its a word of art…