NABOR Contracts

A simplified breakdown of the main differences between "Sales Contract AS IS (Residential Improved Property)" and "Sales Contract (Residential Improved Property)"

AS IS Contract: This contract is used when the property is being sold in its existing condition. The seller is not obligated to make any repairs or improvements before the sale.

Standard Sales Contract: This might involve negotiations regarding the property's condition and could include obligations for the seller to make certain repairs or improvements.

AS IS Contract: The buyer accepts the property 'as is' and assumes the risk for any problems with the property. This is clear from the provisions that discuss the buyer's responsibility to conduct inspections and accept the property in its current state.

Standard Sales Contract: Typically, more conditions are included that might allow the buyer to request repairs or adjustments based on inspections. This contract may also provide warranties or guarantees regarding the property's condition.

AS IS Contract: The buyer has a due diligence period to inspect the property and must decide within this period whether to proceed or terminate the contract based on the findings. The seller discloses less about the property’s condition.

Standard Sales Contract: There is usually a more extensive process for inspections and disclosures, and the seller may be required to disclose more information about the property’s condition and any known issues.

AS IS Contract: The financial and legal stipulations focus heavily on the buyer's understanding and acceptance of the as-is condition, emphasizing the buyer's responsibilities.

Standard Sales Contract: There might be more provisions for financing, with clauses that protect the buyer's interests, such as financing contingencies that allow the buyer to back out if a loan cannot be secured.

AS IS Contract: The seller's obligations regarding the property's condition are minimized. The buyer is more responsible for verifying the property's state and dealing with any issues post-purchase.

Standard Sales Contract: The seller might have more obligations to ensure the property meets certain standards or to make agreed-upon repairs based on the outcome of inspections.