"As Is"

What does "as is" mean when it comes to purchasing real property? It does NOT mean that a buyer must go ahead with the purchase if during inspection a "deal-breaker" turns up. No buyer should waive the right to inspection a property unless he has such a great deal that whatever should turn up is of no consequence. What an "as is" purchase does mean is that should a repair issue turn up during the buyer's inspection period, the seller won't make any corrections - not a drop in price, not a repair, nothing. No way, no how. Are there exceptions? There probably are exceptions to everything - at least almost everything. Let's say the seller did not know there were termites. The buyer found termites during inspection. Now the seller knows. Would it be smarter for the seller to pay for a termite inspection and keep the current buyer happy than it would be to refuse and find another buyer and run the risk of that buyer cancelling too? Sure. But smart does not always enter into the transaction - especially if the sales price already reflects discounts for repairs. So - most of the time - when a buyer signs an "as is addendum" at the time he extends the offer, he needs to understand that there may be issues at inspection and if so, he has choices. 1) He can proceed with the purchase; 2) he can cancel the contract. If he cancels within the inspection period, unless he has agreed to nonrefundable earnest money, he is entitled to a full refund of his earnest money.