Contracts
In Illinois real estate, 'as-is' language in a purchase contract means:
AThe seller makes no warranties and has no obligation to disclose known defects
BThe buyer agrees to purchase in the current condition but the seller must still disclose known material defects under Illinois law✓ Correct
CThe buyer waives their right to conduct any inspections
DThe property's condition at closing may differ from its condition at contract signing
Explanation
'As-is' language means the seller will not make repairs or negotiate repair credits, and the buyer accepts the property in its current condition. However, 'as-is' does NOT eliminate the seller's obligation to disclose known material defects under the Illinois Residential Real Property Disclosure Act. Sellers must still complete and provide the disclosure form honestly. Buyers purchasing 'as-is' should conduct thorough inspections and price accordingly.
Related Illinois Contracts Questions
- What is the significance of 'delivery and acceptance' in an Illinois deed?
- Which of the following would make a real estate contract voidable?
- An exclusive right-to-sell listing agreement differs from an exclusive agency listing in that:
- In Illinois, the attorney review period in a residential real estate contract typically lasts:
- In contract law, 'consideration' is best defined as:
- A 'subordination clause' in a lease agreement means:
- The 'meeting of the minds' in contract law refers to:
- Under Illinois contract law, which of the following is sufficient 'consideration' in a real estate purchase agreement?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →