Have you brought "As Is"

Discussion in 'Legal Issues' started by Samuel Subritzky, 11th Sep, 2020.

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  1. Samuel Subritzky

    Samuel Subritzky Member

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    Hi all!

    Has anyone bought "as is"
    Is this normal for a old run down house that would be purchased for a reno.

    Any advice would be fantastic

    Thanks
     
    Samuel Subritzky, 11th Sep, 2020
    #1
  2. Joynz

    Joynz Well-Known Member

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    All houses are ‘as is’ aren’t they? Or do you mean bought without doing a building and pest inspection?
     
    Joynz, 11th Sep, 2020
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  3. Morgs

    Morgs Well-Known Member Business Member

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    Yep... why?

    [​IMG]
     
    Morgs, 11th Sep, 2020
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  4. wylie

    wylie Moderator Staff Member

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    We've bought old, rundown houses and slowly improved them, using our own sweat equity in the early days, until just recently in fact.
     
    wylie, 11th Sep, 2020
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  5. Lacrim

    Lacrim Well-Known Member

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    I've tried the old "mate, building inspection says it needs x, y, z done, appreciate if you can reduce the price by $25K for rectification works, otherwise I might have to pass". Always get told where to go.
     
    Lacrim, 11th Sep, 2020
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  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Every purchase is...as is. Your contract is what varies that. Or a sensible building and pest as well as a contract that is...subject to. Allowing you to jump off
     
    Paul@PAS, 11th Sep, 2020
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  7. Samuel Subritzky

    Samuel Subritzky Member

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    OK not that run down :confused: haha
     
    Samuel Subritzky, 11th Sep, 2020
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  8. Samuel Subritzky

    Samuel Subritzky Member

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    It is a separate annexure with a number of clauses stating that the seller has no liability over anything from power, gas, plumbing to any approvals it may or may not have. But still subject to a structural building inspection and pest inspection.
     
    Samuel Subritzky, 11th Sep, 2020
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  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Hope you got a building inspection done?
     
    Terry_w, 11th Sep, 2020
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  10. spludgey

    spludgey Well-Known Member

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    Double brick, nice!
     
    spludgey, 11th Sep, 2020
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  11. skater

    skater Well-Known Member

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    Open plan. Lovely.
     
    skater, 12th Sep, 2020
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  12. skater

    skater Well-Known Member

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    We tried that one. Probably about 15 years ago now. Inspection came back with $10k of plumbing works. Got $10k off purchase price. The surprise was, that after settlement we got a plumber in & they only charged $700. :D
     
    skater, 12th Sep, 2020
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  13. BunnyXiao

    BunnyXiao Well-Known Member

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    Ah so 'As Is' is really about thinking they can dodge out of Disclosures requirements? Trying to self educate here. How many years do owners need to disclose for before the can stop disclosing? Any statute on limitations?
    Buying a Home: 8 Disclosures Sellers Must Make
     
    BunnyXiao, 12th Sep, 2020
    #13
  14. craigc

    craigc Well-Known Member

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    US logic there. Different states in Aus have different requirements. Mainly down to buyer doing own d/d.
    Victoria does have some included under s32 sale disclosure document, but Qld for example has less standard disclosures and relies on purchaser to conduct more checks.
    One of the conveyances or solicitors can probably explain this better.
     
    craigc, 13th Sep, 2020
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  15. BunnyXiao

    BunnyXiao Well-Known Member

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    ok cool. Not American....just found that article and thought it was interesting. So that sounds better there. Seems they can't go after you for forever and eternity then
     
    BunnyXiao, 13th Sep, 2020
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