In auction terminology, what phrase indicates that the buyer accepts the property in its current state?

The phrase "As is, Where is Condition" is the term commonly used in auction terminology to indicate that the buyer accepts the property in its existing state, without any warranties or guarantees from the seller. This means that the buyer understands they are purchasing the property with all of its current defects and issues, whether visible or hidden, and they are responsible for any repairs or modifications needed after the sale.

This terminology is crucial in real estate transactions, especially at auctions, because it shifts the risk of property deficiencies from the seller to the buyer. The inclusion of "Where is" specifies that the buyer accepts the property at its current location, further solidifying the idea that the property is being sold in its present condition.

Other choices may convey similar ideas but lack the comprehensive clarity of the full phrase “As is, Where is Condition.” For example, “As-is Condition” is close, but it doesn’t include the geographical acceptance aspect inherent in the complete phrase. Similarly, terms like “Present Condition” and “Seen and Unseen” are less formal and do not necessarily encompass the legal clarity required in auction settings. Hence, "As is, Where is Condition" most accurately reflects the buyer's acceptance of the property's current state.