AS – IS CONTRACT

The AS IS Contract has had significant changes in its clauses. Next we will show you 3 of its points that have had these modifications.

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I. Paragraph 1. Property Description:

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(d) Personal Property: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items which are owned by Seller and existing on the Property as of the date of the initial offer are included in the purchase:

range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), drapery rods and draperies, blinds, window
treatments, smoke detector(s), garage door opener(s), thermostat(s), doorbell(s), television wall mounts and television mounting hardware, security gate and other access devices, mailbox keys, and storm shutters/storm protection items panels and hardware (“Personal Property”).

Explanation of revision to Paragraph 1(d)

Items were added to list of personal property to be conveyed to the buyer (excluding those not owned by the seller, not present on the property on the initial date of the offer or omitted by the contract).

New items: Thermostats and doorbells (due to the increase in smart home devices), TV wall mounts and TV mounting hardware (due to the popularity of securing televisions to walls), alternative storm protection devices and hardware, and mailbox keys. Deleted item: intercom

III. Paragraph 4. Closing Date:

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4. CLOSING; CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur when all funds required for closing are received by Closing Agent and Collected pursuant to STANDARD S. and the all closing documents required to be furnished by each party pursuant to this Contract shall be are delivered (“Closing”).

Unless modified by other provisions of this Contract, the Closing shall occur on _____________________________ (“Closing Date”), at the time established by the Closing Agent.

Explanation of revision to Paragraph 1(d)

The paragraph was retitled Closing, Closing Date to help people locate this information in one paragraph and understand the elements of closing.

Another addition: The definition of closing includes closing agent’s receipt and collection of all funds required by the contract (meaning funds are actually and finally collected and deposited in Closing Agent’s account), along with the language from the previous contract that all documents be furnished at closing.

VI. Paragraph 7. Assignability

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ASSIGNABILITY: (CHECK ONE): Buyer _____ may assign and thereby be released from any further liability under this Contract; _______may assign but not be released from liability under this Contract; or ______may not assign this Contract. IF NO BOX IS CHECKED, THEN BUYER MAY NOT ASSIGN THIS CONTRACT.

Explanation of revision to Paragraph 7
Where parties fail to select whether the contract is assignable, a default has been added that the contract will NOT be assignable. This is a change from the previous version of the contract, which did not contain default language.

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Learn more about the changes in the clauses that AS-IS Contract has had downloading our: PowerPoint or PDF presentation.