What does the term "as-is" mean in a property sale?

The term "as-is" in a property sale signifies that the buyer is accepting the property in its current condition, without any guarantees or warranties from the seller regarding its state or quality. This means that the seller is not obligated to make any repairs or address any issues that may exist, and the buyer assumes the risk associated with those existing conditions.

This practice is often seen in real estate transactions where the seller may not want to invest time or money into fixing up the property, or in cases where the buyer is willing to take on any potential problems for the opportunity to purchase the property at a possibly lower price. Understanding this term is crucial for buyers, as they should perform their due diligence, such as inspections, to fully comprehend what they are agreeing to when they purchase a property "as-is."