Contracts
In Indiana, an 'as-is' clause in a purchase agreement means that:
AThe seller has no obligation to disclose known defects
BThe buyer accepts the property in its current condition but the seller still must disclose known material defects✓ Correct
CThe buyer waives all inspection rights
DThe seller provides no warranties whatsoever including title
Explanation
An as-is clause means the buyer accepts the property's current physical condition and the seller won't make repairs. However, Indiana sellers still must disclose known material defects on the Seller's Disclosure form — as-is does not eliminate the disclosure obligation.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
State-Specific Concepts
Disclosure Requirements
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