Legal Templates
As Is Residential Contract For Sale And Purchase

As Is Residential Contract For Sale And Purchase for the United States

As Is Residential Contract For Sale And Purchase Template for United States

The As Is Residential Contract for Sale and Purchase is a legally binding agreement used in the United States for residential real estate transactions where the property is sold in its current condition, with no warranties or representations from the seller regarding the property's condition. This contract type specifically acknowledges that the buyer accepts the property with any existing defects, making it distinct from standard residential purchase agreements. While the seller still must disclose known material defects as required by law, they are not obligated to make repairs or improvements.

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What is a As Is Residential Contract For Sale And Purchase?

The As Is Residential Contract For Sale And Purchase is designed for situations where sellers wish to transfer residential property without the obligation to make repairs or improvements. This contract type is commonly used for properties that may need renovation, foreclosures, estate sales, or situations where sellers want to minimize post-sale liability. While operating under U.S. jurisdiction, the contract maintains seller disclosure requirements for known material defects but explicitly states that the property is being sold in its current condition. The document includes essential elements such as purchase price, closing terms, property description, and specific as-is provisions.

What sections should be included in a As Is Residential Contract For Sale And Purchase?

1. Parties: Identification of buyer and seller with complete legal names and addresses

2. Background: Brief context of the transaction and property identification

3. Definitions: Key terms used throughout the contract

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price and Payment Terms: Amount and method of payment, including deposit details

6. As Is Clause: Specific language regarding the as-is nature of the sale

7. Closing and Possession: Date, location, and conditions for closing

8. Title and Survey: Requirements for clear title and survey provisions

What sections are optional to include in a As Is Residential Contract For Sale And Purchase?

1. Financing Contingency: Optional section for when buyer requires mortgage financing

2. Home Inspection Period: Optional section for timeline and terms for property inspection when buyer wants inspection rights despite as-is nature

3. Lead-Based Paint Disclosure: Optional section required for pre-1978 homes per federal law

4. HOA/Condo Association: Optional section for properties within HOA or condo associations detailing terms related to association membership

What schedules should be included in a As Is Residential Contract For Sale And Purchase?

1. Property Disclosure Statement: Seller's disclosure of property condition and known defects

2. Personal Property Inventory: List of included/excluded personal property items

3. Title Exceptions: List of title exceptions and encumbrances

4. Environmental Reports: Any environmental assessments or reports

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 | Serial Founder & Legal AI Author

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Jurisdiction

United States

Publisher

Genie AI

Document Type

Sale Agreement

Sector

Real Estate

Cost

Free to use
Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing the manner in which costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act (RESPA): Federal law requiring lenders, mortgage brokers, and servicers to provide disclosures to borrowers about real estate settlement costs and prohibiting kickbacks

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure of known lead-based paint hazards in properties built before 1978

State Property Laws: State-specific laws governing real property rights, transfers, and obligations within the specific state jurisdiction

State Real Estate Licensing Laws: Regulations governing real estate professionals' licensing requirements and professional conduct in the state

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts that must be provided to buyers

State Contract Laws: State-specific laws governing contract formation, enforcement, and remedies

State Real Estate Transfer Laws: State-specific requirements for transferring real property title and recording deeds

Consumer Protection Statutes: Federal and state laws protecting consumers from unfair practices in real estate transactions

Environmental Regulations: Federal and state laws requiring disclosure of environmental hazards and protecting environmentally sensitive areas

Local Zoning Ordinances: Municipal regulations governing property use, restrictions, and development requirements

Building Codes: Local regulations establishing minimum standards for construction, maintenance, and occupancy of buildings

Local Transfer Tax Requirements: Municipal or county requirements for taxes due upon transfer of real property

'As Is' Clause Requirements: State-specific regulations governing the use and limitations of 'as is' provisions in real estate contracts

Title Insurance Requirements: State regulations regarding title insurance and protection of property ownership rights

Recording Requirements: Local and state requirements for recording real estate documents and maintaining public records

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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