[youtube_video] QjTTZyz_bnY [/youtube_video]
Video Transcription
Aloha. This is George Krischke with Honolulu HI 5.
Today, we’re going to discuss the “As Is” condition addendum. The standard Hawaii real estate purchase contract does not obligate the seller to do any repairs to the property for sale. In fact, unless it is specifically written under special terms, sellers are off the hook. They don’t have to do any repairs. Sellers like that. They like to stress it by adding the “As Is” condition addendum to the purchase contract. It basically says, “The Property is sold in As Is condition.”
Now, the “As Is” condition addendum does not diminish the seller’s obligation to fully disclose anything about the property. And it does not diminish the buyer’s right to do a thorough detailed home inspection of the property. And if the inspection of the property revealed something is defective that the buyer is concerned about, it does not diminish the buyer’s right to make a request for a credit or for a repair, that the seller may be agreeable to. But if the seller insists, “No, I’m not going to give the buyer a credit,” or, “I’m not going to agree to do any repairs while the buyer asked for it,” then the buyer’s recourse is to cancel the purchase contract.
As long as the cancellation takes place within the home inspection contingency period, the buyer gets the full deposit back. And that’s it for today.
Thanks for watching. ~Aloha.