As Is Purchase Agreement for the United Kingdom

As Is Purchase Agreement Template for England and Wales

An As Is Purchase Agreement is a legally binding document under English and Welsh law that facilitates the sale of assets in their current condition, with limited or no warranties from the seller. The agreement explicitly acknowledges that the buyer accepts the asset with all existing faults and defects, whether known or unknown. This type of agreement provides significant protection for sellers while placing the burden of due diligence on buyers, all within the framework of English and Welsh contract law.

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What is a As Is Purchase Agreement?

The As Is Purchase Agreement is commonly used when selling assets where the seller wishes to limit their liability for the condition of the asset being sold. This document, governed by English and Welsh law, is particularly relevant in situations involving used or potentially defective assets, distressed sales, or where the seller lacks detailed knowledge of the asset's condition. The agreement typically includes detailed descriptions of the asset, explicit disclaimers of warranties, and acknowledgments from the buyer regarding their acceptance of the asset's current condition. This type of contract provides clarity and legal certainty while protecting the seller's interests.

What sections should be included in a As Is Purchase Agreement?

1. Parties: Identification and details of the seller and buyer

2. Background: Context of the sale and brief description of the asset

3. Definitions: Key terms used throughout the agreement

4. Asset Description: Detailed description of the asset being sold

5. Purchase Price: Amount and payment terms

6. As Is Provisions: Explicit statement of sale without warranties

7. Closing Provisions: Details of completion and transfer of ownership

8. Governing Law: Confirmation of English and Welsh law application

What sections are optional to include in a As Is Purchase Agreement?

1. Due Diligence: Buyer's inspection rights and acknowledgments - used for complex assets requiring inspection

2. Broker Provisions: Terms relating to any brokers involved - used when intermediaries are part of the transaction

3. Environmental Matters: Environmental disclaimers and acknowledgments - used for real estate or industrial equipment

4. Third Party Rights: Contracts (Rights of Third Parties) Act provisions - used when third party rights need addressing

What schedules should be included in a As Is Purchase Agreement?

1. Asset Schedule: Detailed inventory or specification of assets

2. Condition Report: Current condition and known defects

3. Title Documents: Proof of ownership and chain of title

4. Inspection Report: Results of any professional inspections

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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What is a As Is Purchase Agreement?

What sections should be included in a As Is Purchase Agreement?

What sections are optional to include in a As Is Purchase Agreement?

What schedules should be included in a As Is Purchase Agreement?

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