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Except for the Seller's express representations and warranties in Section Except as expressly set forth in this Agreement, Purchaser has not relied and will not rely on, and Seller has not made and is not liable for or bound by, any express or implied warranties, guarantees, statements, representations or information pertaining to the Assets or relating thereto including specifically, without limitation, property information packages distributed with respect to the Assets made or furnished by Seller, or any property manager, real estate broker, agent or third party representing or purporting to represent Seller, to whomever made or given, directly or indirectly, orally or in writing.
Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and that, except as expressly set forth in this Agreement, it is relying solely on its own expertise and that of Purchasers consultants in purchasing the Assets and shall make an independent verification of the accuracy of any documents and information provided by Seller.
Purchaser will conduct such inspections and investigations of the Assets as Purchaser deems necessary, including, but not limited to, the physical and environmental conditions thereof, and shall rely upon same. By failing to terminate this Agreement prior to the expiration of the Inspection Period, Purchaser acknowledges that Seller has afforded Purchaser a full opportunity to conduct such investigations of the Assets as Purchaser deemed necessary to satisfy itself as to the condition of the Assets and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from the Assets, and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement.
Upon Closing, except as otherwise expressly set forth in this Agreement, Purchaser shall assume the risk that adverse matters, including, but not limited to, adverse physical or construction defects or adverse environmental, health or safety conditions, may not have been revealed by Except as expressly set forth in this Agreement, Purchaser has not relied and will not rely on, and Seller has not made and is not liable for or bound by, any express or implied warranties, guarantees, statements, representations or information pertaining to the Properties or relating thereto including specifically, without limitation, property information packages distributed with respect to the Properties made or furnished by Seller, Seller's property manager, or any real estate broker, agent or third party representing or purporting to represent Seller, to whomever made or given, directly or indirectly, orally or in writing.
Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and that, except as expressly set forth in this Agreement, it is relying solely on its own expertise and that of Purchaser's consultants in purchasing the Properties and shall make an independent verification of the accuracy of any documents and information provided by Seller. Purchaser will conduct such inspections and investigations of the Properties as Purchaser deems necessary, including, but not limited to, the physical and environmental conditions thereof, and shall rely upon same.
By failing to terminate this Agreement prior to the expiration of the Inspection Period, Purchaser acknowledges that Seller has afforded Purchaser a full opportunity to conduct such investigations of the Properties as Purchaser deemed necessary to satisfy itself as to the condition of the Properties and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from the Properties, and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement.
Certain types of implied warranties must be specifically disclaimed, such as the implied warranty of title. This is the classic " buyer beware " situation, where the careful buyer should take the time to examine the item before accepting it, or obtain expert advice. On the other hand, the phrase "as is" does not disclaim express warranties, such as those created by the seller's description of an item.
What does 'As is where is' mean?
In other words, the item may be sold "as is," but if the item does not conform to the seller's description, the buyer has a right to reject it. For example, a seller of a used automobile sells his car to a buyer, and puts into the contract of sale the statement: Unless the buyer can show that there was some fraud involved, or the seller breached an express warranty, the buyer is not entitled to a refund. This would be a specific example where fraud in the inducement could outweigh anything in the contract, express or implied: Disgruntled buyers of real estate , and their respective improvements, may be faced with other complicated property law issues if a deed is conveyed as a result of a contract with an "as is" clause.
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In real estate, these are the larger potential problems than issues with the structure itself, which can be drawn out with an inspector. Searching public records is often difficult, and often done lazily by the seller; this means that the buyer may be burdened with liens on the home, and face various fees related to things such as public utilities.
Error (Forbidden)
In many jurisdictions disclaimer of various implied warranties is void. For instance, laws on consumer protection , and unfair contract terms may limit the ability of a manufacturer or seller to limit or exclude liability for various types of damage. From Wikipedia, the free encyclopedia. This article is about the legal term. For other uses, see As is disambiguation. This article has multiple issues.
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