For Illinois homebuyers, a bargain price on a fixer-upper can look tempting – until they learn what “as-is” really means. Illinois sellers may assume that labeling a property as-is allows them to walk away clean with no worries about disclosure. It is important for sellers and buyers alike to have a full understanding of what “as-is” really means, and to involve a real estate lawyer in any transactions.
Buyers could inherit costly problems in an as-is sale, while sellers must understand that labeling a property “as-is” does not erase the duty to be honest about known defects. Whether you are selling a fixer-upper or inherited property, or buying without understanding disclosure limits, you could find yourself with a serious problem after the paperwork is signed. An experienced Waukegan, IL real estate lawyer can help ensure no mistakes are made that can come back to haunt you later on.