Final answer:
The designation meaning property will be sold in its current condition, generally with disclosure of any defects is called AS-IS.
Step-by-step explanation:
The designation meaning property will be sold in its current condition, generally with disclosure of any defects is called AS-IS.
When a property is sold AS-IS, it means that the buyer is purchasing the property with all its existing conditions and without any warranty or guarantees from the seller regarding its condition or any potential defects.
The seller is not required to make any repairs or improvements to the property.
For example, if a house is listed as being sold AS-IS, the buyer would be purchasing the property in its current state, including any visible or hidden defects, without any recourse to the seller after the sale.