The Option also provided (under special condition G) that, "the property is sold on an 'as is where is' basis and the Purchaser shall be deemed to have inspected the Property on or before signing this Agreement and to be satisfied as to the state and condition thereof or otherwise." A term used to describe a sales transaction in which the seller offers goods in their present, existing condition to prospective buyers. Does as is mean no inspection? The buyer is free to inspect the goods before purchase; but if any hidden defects are discovered after purchase, the buyer has no recourse against the seller. Pay attention to the “as is where is” language to be included, in writing, on the actual agreement. From Longman Business Dictionary as is, where is as ˌis, where ˈis adjective, adverb if something is being sold as is, where is, it is being sold in its present condition and place, even though this may not be very good All items are sold on an as is, where is basis. “Alteration” is widely defined and includes rebuilding, re-erecting, repairing, enlarging and extending a building. basis definition: 1. the most important facts, ideas, etc. For example, if you have a 2003 car, it is obviously NOT worth what you paid for it new, so if it is totalled, it is paid for by the insurance on the BASIS-meaning value --of what it was worth ONE SECOND before it was destroyed. The definition of building work includes “work for, or in connection with the construction, alteration, demolition or removal of a building”. How to use basis in a sentence. Is it better to fix up a house or sell as is? In conclusion, if a property is being sold on an “as is where is” basis, this means that it is being sold in its current condition, whatever this condition happens to be. As is. The term as is gives notice to buyers that they are taking a risk on the quality of the goods. Learn more. The term "as-is" in a real estate listing indicates that the buyer must be willing to accept the home exactly as it currently is, foregoing any opportunity to request that the seller make repairs or offer credits for problems with the property. Basis Definition. Earthquake repairs are likely to be construed as alterations. What is an AS IS condition clause? Basis definition is - the bottom of something considered as its foundation. What does provided as is mean? What is the effect of an as is clause in a purchase agreement? What are the basis? It means that the owner (or seller in the case of a trustee/foreclosure/estate sale) will not provide any repairs or improvements and will not assume any liability for any damages, problems, physical issues and condition of title. What makes a house harder to sell? 6. How do you use the word basis? more. Basis has many meanings in finance, but most frequently refers to the difference between the price and expenses in a transaction when calculating taxes. What does the term as is in real estate mean? "as is BASIS" means something is valued at what it would cost to replace it in its current depreciated state today. from which something is developed: 2. a way or method of….