DC: New Contract Changes Mean All Homes To Be Sold As-Is

Washington DC Real EstateThis year, when we ring in 2012 with a glass of bubbly, we will also be ringing in a new era of how D.C.-area residents buy and sell real estate.

As of the first of the new year, a new Regional Sales Contract will be implemented in D.C., Northern Virginia and Montgomery County, Md., that will have major changes and new implications for the condition of a property when a buyer moves in or a seller moves out.

The contract currently in effect until the end of the year has a paragraph (“paragraph seven”) in which the sellers warrant that they will deliver all plumbing, heating, cooling, electrical equipment, appliances and smoke and heat detectors to the purchaser in proper working order. All other items in the home (such as structural issues, roof, etc.) are sold “as-is.” If the purchaser has a home inspection contingency, they can negotiate for the seller to fix any items not covered under paragraph seven. In order for the contract to move forward, both parties would need to agree on which additional items would be fixed by the seller (again, always assuming that all paragraph seven items would be fixed). Unless agreed upon, the sellers are under no obligation to fix any items not warranted in paragraph seven.

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