The legal disclaimer every bidder must understand.
'As is Where is', 'As is What is', and 'Whatever there is' are the standard legal phrases in every auction notice.
What it means
It acts as a comprehensive disclaimer for the bank. It means:
- Physical Condition: The bank is not responsible for repairs. If the roof leaks, it's your problem.
- Legal Status: The bank sells whatever rights it holds. If there is a tenant, you buy the property *with* the tenant.
- Encumbrances: The bank is not responsible for unknown third-party dues (though known dues should be disclosed).
This places the entire burden of due diligence on the buyer. You cannot sue the bank later saying 'I didn't know the bathroom was broken'.