By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Real Estate Law and Contract Law Attorney
Recently our firm represented a client who was selling her investment property to a buyer. Our client did not use a realtor and wanted me to draft the contract of sale. She was selling the property “as is” with no repairs.
I thought you might be interested in the wording within a paragraph of the real estate sales contract conveying the property in “as is” condition.
“The property is being sold in its present “As Is” condition, subject to ordinary “wear and tear” prior to Settlement. The Buyer acknowledges that the Seller does not make any claims, representations or promises about the condition or value of the property, (except as may otherwise be expressly state in this Contract). The Buyer has inspected the property and relies on this inspection (or has the right to inspect the property and will rely upon such rights) as provided for in Paragraph ____ of this Contract.”
New Jersey Contract law requires strict disclaimer language in real estate contracts. It is a pro-consumer friendly state. Imagine if the buyer finds some defect with the property and you purposely or unintentionally failed to disclose it or did not sell the property “as is” with sufficient disclosures about the “as is” feature(s). It’s a lawsuit ready to be open.
To discuss your NJ Real Estate Contract matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com. Please ask us about our video conferencing consultations if you are unable to come to our office.