Contracts
An Alaska purchase agreement includes an 'as-is' clause. This provision means:
AThe seller has no obligation to disclose known defects
BThe buyer accepts the property in its current condition but the seller must still disclose known material defects✓ Correct
CThe buyer waives the right to any inspection
DThe seller is completely protected from all post-closing claims
Explanation
An 'as-is' clause requires the buyer to accept the property in its present condition but does NOT relieve the seller of the duty to disclose known material defects. Sellers must still disclose problems they are aware of — the 'as-is' clause shifts the risk of unknown conditions to the buyer.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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