The phrase signifies a clause added to a contract, often in real estate transactions, indicating the seller offers the property in its current condition. No repairs or improvements will be undertaken by the seller. For instance, a property with a known leaky roof might be sold with this stipulation, placing the onus of addressing the issue directly on the buyer. The buyer acknowledges and accepts the property’s existing state, including any defects or necessary repairs.
This provision offers sellers protection from future claims regarding the property’s condition post-sale. It can expedite the transaction process by removing the negotiation phase around repairs. Its prominence grew with increased awareness of property condition issues and the desire for sellers to limit their liability. Buyers benefit by potentially negotiating a lower purchase price reflecting the property’s condition and the anticipated costs of repair.
