The form contracts associated with selling or buying a home (or a vehicle for that matter) usually contain a clause that the sale is "as is." Generally this means defects not otherwise hidden or disclosed may not give rise to redress after the deal closes.
However, language in the same contracts may undercut the as is clause. Especially more specific language elsewhere may give rise to a cause of action for failing to tell the other side about known "adverse material facts" - in addition to misrepresentation, nondisclosure, concealment of defects or of course downright fraud.
The bottom line is that "as is" will not protect in all circumstances and does not immunize from potential costly liability.
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