"As Is"

It depends on what the meaning of the word 'is' is.

--President Bill Clinton testifying at the
grand jury investigating the Lewinsky affair.

"As is" does not mean much in and of itself. Sellers still have to tell buyers what "is" is. There are a variety of laws regulating what must be disclosed in a residential real estate transaction. In California sellers are specifically required to disclose any knowledge of un-permitted work, the existence of lead based paint, a death on the property during the past three years, and a host of other things. Agents involved in the transaction are also required to make disclosures. Once the sellers and the agents have done their statutory and fiduciary duties, they can then negotiate for buyers to take the property "as is", meaning really "as disclosed". Even so, buyers can expand the definition of "is" by having inspections. Sometimes buyers will waive inspections, relying on their own knowledge and the existing documentation. There is nothing wrong with that. It can be a good tactic to make an otherwise unacceptable offer attractive to a seller. But any seller who insists that a buyer cannot have inspections is begging for a lawsuit for fraud. It's one thing to shorten the inspection period. The seller does not want to waste time or lose other offers. It's something else entirely to preclude any inspection. If a seller wants a buyer to purchase a property "as is" then the seller should give the buyer an opportunity to determine for themselves exactly what the meaning of "is" is.