A real estate transaction conducted without warranties regarding the condition of the dwelling or land constitutes a sale in its existing state. For example, a house with a leaky roof offered at a reduced price due to the needed repairs would exemplify this type of sale. The buyer accepts the responsibility for any necessary renovations or repairs upon purchase.
Such transactions offer potential advantages to both sellers and buyers. Sellers can expedite the sales process, avoid repair costs, and minimize liability for undisclosed defects. Buyers, in turn, may acquire properties at lower prices, providing opportunities for profit through renovation or customization. This practice has long been a component of the real estate market, offering a distinct pathway to property ownership.
