As Is Clause In Purchase Agreement

The transfer of the load, the idea that liability moves from the seller to the buyer, does not relieve the sellers of the disclosure of known defects to the buyer. The «as is» clause does not cover these circumstances. Sellers must use an appropriate portion of the way they sell the property, but they must also not fraudulently mislead, distort or conceal latent or known defects in the property. Any attempt to do so is considered a flagrant breach of the sales contract. Sellers are required to sign the property disclosure form by the seller at least ten days before the property is passed on to the buyer. The purpose of the «as is» agreement is to compensate the seller for repair costs – which is non-negotiable. However, even if it exists, the seller must represent the property «properly» for the «as is» clause to mean anything. To determine whether a disclaimer is applicable, the courts consider all the circumstances and whether: the buyer had agreed to acquire a property, «Lots 223-224 and 223-229, Mukim 26, with Building 125 Joo Chiat Place, Singapore.» The option also provided (on special condition G) that «the property be sold on the basis of what it is» and that the purchaser inspected the property at or before signing this agreement and that he be convinced of the condition and the terms of the end.» 6 . In the event of an intrusion on the land, the buyer must be allowed to retract the contract.

There is a significant difference between what the seller informs the buyer before signing a confidentiality clause and the buyer`s attempts to obtain this information from the buyer. If the buyer does not make much effort to inquire about the condition of the property while agreeing to sign the confidentiality agreement, the seller will be released from several obligations, but not all. Buyers should therefore inquire about the property. The buyer then found an intervention in the property, which was identified as a wood store between a neighbouring lot 3310 and lots 223-224. The buyer tried to revoke the contract and repay the 10% down payment. The sellers replied that the purchaser had no right to return from the agreement, as the seller`s obligation to deliver the property illegally should not be met until after completion and any intrusion would be lifted on or before the completion date.