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My broker told me that purchases in New York are generally on an “as-is” basis. What does that mean?
New York is a “caveat emptor” state, which in Latin means “buyer beware.” This means that it’s up to the buyer to make sure that the property is in acceptable condition. With very limited exceptions, the standard residential real estate contract in New York says that the buyer is purchasing the property in “as-is” condition, meaning that at closing it must be in the condition that it was at the time that the contract was signed. So, if there was a scratch on the floor when you signed the contract, you must accept the property with that scratch at the closing. The only way to get around this is to put language into the contract that makes the seller responsible for this. Of course, the seller would have to agree to this.
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