Legal Question in Real Estate Law in Missouri

''as is'' property sale
If I sign a contract for purchase of a single family dwelling in Missouri and accept the purchase price with an ''AS IS'' clause can I back out of the contract and reclaim my earnest money deposit if the home inspection is completed within the time limits established by the contract and something is found during the inspection that I do not wish pay for.

Asked on 11/19/03, 6:27 pm

2 Answers from Attorneys

Michael R. Nack Michael R. Nack, Attorney at Law

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Re: ''as is'' property sale

An attorney would need to read the contract you signed before providing you with any legal advice concerning your rights under the contract. However, in many residential real estate contracts there is a paragraph making the buyer's obligations contingent upon the approval of the home inspection. Most contracts also provide that the buyer notifies the seller of any defects disclosed by the home inspection and allow a very brief time within which the seller may correct the problem. Sometimes at this point the buyer and seller renegotiate the price considering the cost of necessary repairs, inconvenience to the buyer and other factors. If you are not represented by legal counsel, you should consult with an attorney. I would be happy to speak with you, and you may call me at 314-727-2822.

Answered on 11/19/03, 11:17 pm

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