As-Is Purchase Addendum

# As-Is Purchase Addendum This As-Is Purchase Addendum ("Addendum") is entered into as of ___________ and amends and supplements the Real Estate Purchase Agreement dated ___________ ("Purchase Agreement") between ___________ ("Buyer") and ___________ ("Seller") for the real property and all improvements, fixtures, and personal property included in the sale located at ___________, ___________, ___________, ___________ ("Property"). All capitalized terms not defined herein have the meanings given in the Purchase Agreement. --- ## 1. As-Is Sale Buyer agrees to purchase the Property in its present, "as-is" condition, including all known and unknown defects, faults, and conditions of every kind and nature, whether patent or latent, physical, structural, environmental, mechanical, or legal. Seller shall have no obligation to make any repairs, replacements, improvements, or modifications to the Property prior to or after closing as a condition of the sale. ## 2. Seller's Disclosure Obligation Not Waived The "as-is" nature of this sale does not relieve Seller of any statutory obligation to disclose material defects or conditions of which Seller has actual knowledge as required by applicable state law. Seller's disclosure statement provided to Buyer on ___________ forms part of the record of this transaction. Nothing in this Addendum constitutes a waiver of Seller's duty of disclosure under applicable law. ## 3. Buyer's Inspection Right Buyer retains the right (but not the obligation) to conduct inspections of the Property at Buyer's cost during the inspection period ending ___________ ("Inspection Deadline"). Inspections may include, without limitation: general home inspection, structural inspection, roof inspection, pest and wood-destroying organism inspection, mold assessment, environmental testing, and any other inspection Buyer deems appropriate. Buyer's election to conduct or not conduct an inspection does not affect the "as-is" character of this sale. Seller shall provide Buyer and Buyer's inspector(s) reasonable access to the Property with at least ___________ hours' written notice. ## 4. Termination Right Based on Inspection ___________ **If Buyer has a termination right:** If, after completing inspections, Buyer is dissatisfied with the condition of the Property for any reason, Buyer may terminate the Purchase Agreement by delivering written notice of termination to Seller on or before the Inspection Deadline. Upon timely termination, any earnest money deposit of ___________ held by ___________ shall be returned to Buyer in full, and neither party shall have further obligation to the other. Failure to deliver a timely termination notice constitutes Buyer's acceptance of the Property's condition and waives the termination right described in this Section. **If Buyer has no termination right:** Buyer acknowledges that no right of termination based on inspection findings is included in this transaction, and Buyer accepts all risk related to the physical and environmental condition of the Property. ## 5. No Repair Negotiation The parties agree that no repair requests, repair credits, or price reductions based on inspection findings will be presented to Seller following execution of this Addendum. Buyer waives any right to request repairs, replacements, or credits as a condition of proceeding to closing, except as expressly provided in Section 4 above. ## 6. Seller Representations Seller represents and warrants to Buyer, to Seller's actual knowledge as of the date of this Addendum, that: (a) Seller has disclosed in the disclosure statement all material defects of which Seller is actually aware; (b) the Property has not been used for the manufacture, storage, or disposal of hazardous materials, except as disclosed in writing to Buyer; and