Buying real estate, particularly a home for your family, can be exciting and terrifying, all at the same time. When you have looked long and hard and finally found a home that fits the needs of your family as well as your budget, you may skim over the words “as-is.” In some cases, that may not be a problem, but in others, you could find yourself on the wrong end of months or years of expensive repairs.
If you are looking to buy an Illinois home, it is a good idea to have an experienced real estate attorney by your side to help ensure no mistakes ruin your pleasure in your new home. A Yorkville attorney with significant knowledge regarding buying real estate will guide you through the process in the best way possible.
What Does “As-Is” Mean in a Multi-Board Residential Real Estate Contract?
The Multi-Board Residential Real Estate Contract is the standard contract for buying residential real estate in Illinois. Real estate sales without an as-is clause are governed by Illinois real estate disclosure laws. If your real estate contract has the term “as-is” written in, this means you must be willing to accept the home in its current condition.