As-Is

{
  "id": "MLC-T-ENV-002198",
  "term": "As-Is",
  "field": "Environment",
  "definition": "A risk allocation tool used in property transactions that involves an express statement that the seller makes no representations or warranties about the condition of the property. It is intended to preclude buyer from recovering damages from seller for known or unknown conditions at time of sale. Also, it is intended to assist enforceability. Specific environmental conditions, including latent defects, should be disclosed to buyer and indemnification should expressly state that the property transfer includes all risks associated with listed federal and state environmental laws.",
  "subject": "Land, waste and cleanup",
  "references": [
    "Environmental Insurance and Risk Management Tools Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/as-is/"
}