As-Is Deals May Not Be So As-Is

By: Elizabeth P. Levin | Grace D. Winters | Tom Muller
– Globe St.

Owners of real property rely on "as-is" and "independent investigation" clauses in their real estate contracts and leases to shield them from litigation over mistaken or misinterpreted statements made in the course of negotiations. However, recent court decisions have called into question the effectiveness of these provisions, giving buyers and tenants an unexpected new weapon in contract litigation. Property owners should tread cautiously from the beginning of negotiations to minimize litigation risk.

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