"As-Is" vs. 10.2 modified.

Please never forget, regardless of the type of the sale, the seller must disclose material defects of the property that they know about.

So, what the difference "As-Is" and 10.2 modified? In an "as-is" sale, a seller property condition disclosure form is filled out. The seller disclosures what is known, and section 10.2 applies. In this case, the Buyer will most likely find out either in the inspection or on the seller dicsloures that there are some problems, and the seller knows about it, and will not do anything about it. The price better be right to compensate for it. When "as-is" property is advertised, buyer often concern that they would not have right to inspection, and would need to purchase the house as it. It is not true, you have a right to inspection, you may not have a right to request sellers to fix these problems. In "as-is" sale correct as-is addendum must be used.

In a situation of modified 10.2, seller only fills out the addendum, and some or all sections of 10.2 are removed. It is not enough to advertise the property "10.2 removed" as you can sometimes see on the lising. Buyer need to agree to this addendum. So, the biggest difference is whenever some or all items of 10.2 are removed, seller does not warrant them anymore.