For those of you who are not quite sure what this means, here’s an expanded explanation in a commercial Offer:
“Purchaser’s Acknowledgements
10 (a) “As Is” and “Where Is”: The Purchaser acknowledges that the Vendor is selling and the Purchaser is purchasing the Real Property on an “as is, where is” basis subject to whatever defects, conditions, impediments, Hazardous Materials, or deficiencies that may exist on Closing, including, without limiting the generality of the foregoing, any latent or patent defects in the Real Property. No representation, warranty or condition is expressed or can be implied as to fitness for purpose, location, merchantability, quantity, the existence or non-existence of any Hazardous Materials, compliance with any or all Environmental Laws, condition or quality, or in respect of any other matter or thing whatsoever concerning the Real Property, including any law, bylaw, regulation, code, standard or agreement of, or administered by, any municipality, utility or other government authority, fire insurance underwriters, or any other party, save and except as expressly provide for in this Agreement. Without limiting the generality, any and all conditions, warranties and representations expressed or implied pursuant to the Sale of Goods Act of Ontario do not apply hereto and have been waived by the Purchaser. The descriptions of the Real Property contained in this Agreement are for the purposes of identification only and no representation, warranty or condition has or will be given by the Vendor concerning the accuracy of such descriptions. Notwithstanding the above, the Vendor will provide title to the assets free clear of any and all encumbrances, pursuant to the Approval and Vesting Order and the encumbrances set out therein and subject to any Permitted Encumbrances outlined in Schedule “B” attached hereto.”
Comment
So, if you weren’t quite sure before, now you know with all the expanded language!
Brian Madigan LL.B., Broker