The As Is Sales Agreement is commonly used when sellers wish to transfer property or goods without providing warranties or guarantees about their condition. This contract type is particularly relevant in the United States where it must comply with both federal and state-specific regulations, including the Uniform Commercial Code. The agreement typically includes clear disclaimers of warranties, detailed property descriptions, and known defect disclosures. It's especially useful for sales of used items, distressed properties, or situations where the seller wants to limit post-sale liability.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of goods/property being sold
5. Purchase Price: Amount and payment terms
6. As Is Clause: Clear disclaimer of warranties and condition of sale
7. Signing and Closing: Execution requirements and closing process
1. Inspection Period: Optional section specifying terms for buyer's inspection rights before finalizing sale
2. Broker Provisions: Optional section covering terms relating to broker involvement when applicable
3. Financing Contingency: Optional section detailing conditions related to buyer's financing when sale is contingent on financing
1. Property Inventory: Detailed list of items included in sale
2. Known Defects Schedule: List of known issues or defects
3. Disclosure Statement: Required disclosures based on jurisdiction
4. Inspection Reports: Any existing inspection or condition reports
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