The ‘buy as is’ is a type of real estate transaction in which the price of the property is not determined by its exact surface area or dimensions, but rather by a fixed, unchanging global price. This means the buyer accepts the property as it is, without any price adjustments for discrepancies between cadastral or registry data.

This article analyzes the legal framework, implications, and critical aspects of this contractual modality. Buy as is have implications for both the buyer and the seller, especially when there are physical or legal complexities that could lead to misunderstandings.

What is a buy as is?

In a buy as is, the property price is agreed upon without considering the exact surface area, meaning that any discrepancies between the actual square footage and the recorded data do not lead to price adjustments. This is common in situations where parties want to avoid complications from differences between official documents (such as the Cadastre or Property Registry) and the physical reality of the property. In regions like the Costa del Sol and the Canary Islands, where the demand for new housing is high, this type of sale simplifies the purchasing process.

Legal meaning of buy as is

The buy as is is regulated by Article 1471 of the Spanish Civil Code. This article states that in the sale of a property at a lump sum price, no price adjustments are made even if the actual surface area differs from what is specified in the contract. The validity of the agreed price does not depend on the exact surface area, underscoring the importance of conducting a detailed inspection before formalizing the sale.

What does “buy as is” mean in a deed?

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In a public deed, “buy as is” indicates that the buyer acquires the property in its current condition, and the surface area is not crucial to determine the price or form contractual consent. The property description does not guarantee the accuracy of the surface area, and any discrepancy does not result in financial consequences. This simplifies the transaction and avoids litigation, shifting the risk to the buyer.

Legal implications for buyer and seller

The buyer accepts the property as it is and cannot demand a price reduction or terminate the contract if the surface area is less than recorded. However, the seller remains responsible for hidden defects and contractual breaches. The buyer must rely on the seller’s good faith regarding the absence of hidden defects that may affect the property’s value or habitability.

Differences between buying by buy as is and by unit of measure

The main difference between buy as is and sales by unit of measure lies in how the property price is determined. In a sale by unit of measure, the price is set according to the property’s surface area, and any discrepancy can lead to price adjustments or contract termination.

In a buy as is, the price is fixed and is not adjusted for surface area differences. This modality is common in properties where precise measurements are less relevant, while sales by unit of measure are used when surface area is essential, such as agricultural or commercial land.

Advantages and disadvantages of buying by buy as is

The buy as is transaction has advantages and risks that must be considered, especially when conducted through Gilmar Off Plan, who helps you understand the key differences and details of this process.

Advantages for the buyer

  • Contractual simplicity: facilitates the transaction by avoiding disputes over surface area.
  • Speed: in high-demand markets like the Costa del Sol, it allows deals to be closed without worrying about minor discrepancies.
  • Fewer surprises: if the buyer inspects the property beforehand, unexpected issues regarding the property’s condition are minimized.

Disadvantages and risks

  • No price adjustments: the buyer cannot claim a reduction if the surface area is less than specified.
  • Risk of discrepancies: this can be problematic if significant discrepancies are discovered.
  • Assumption of property condition: the buyer takes on the risk related to the property’s condition, which requires careful evaluation.

Buy as is second-hand properties

In second-hand properties, buy as is are common due to the inherent characteristics of used properties, which often show discrepancies with official records. The buyer must be aware that they assume any difference between the actual and recorded surface area, as well as unregistered improvements. This modality implies full acceptance of the property’s condition at the time of purchase.

Does buy as is include furniture?

Whether furniture and other items are included depends on what is stipulated in the contract. It is essential to specify if furniture is included, especially in luxury or new properties that are often furnished. Lack of clarity on this point could lead to disputes, so it is advisable to detail all elements considered part of the sale.

FAQs about buy as is

How does buy as is affect the seller’s responsibilities?

The seller must deliver the property as described in the deed. Although they are not responsible for discrepancies in the surface area, they are still liable for hidden defects. If non-apparent defects are found that affect the property’s use or value, the buyer can take legal action against the seller.

When is it advisable to choose sale by unit of measure?

Sale by unit of measure is recommended when the property’s surface area is crucial, such as in agricultural or commercial properties. In new housing developments in the Costa del Sol and Canary Islands, the accuracy of the surface area can be key to determining the investment’s viability, providing security and predictability for both parties.

Can claims be made after a buy as is?

The buyer can only make claims in cases of hidden defects or breaches of contract, not for discrepancies in the surface area. Therefore, a thorough inspection before the purchase is essential. Although the modality limits claims regarding size, it does not exempt the seller from ensuring the property is free of significant hidden defects.

What should be considered when buying a property by buy as is?

It is crucial for the buyer to personally inspect the property before purchasing and ensure they are satisfied with its condition and description. In addition to the physical inspection, legal advice is recommended to review the documents and avoid unexpected surprises. In high-demand areas like the Costa del Sol, making decisions quickly is important, but careful evaluation should always be prioritized.