Contracts (alternative)
A Maryland purchase agreement includes an 'as-is' clause. This means the buyer:
ACannot conduct any home inspections
BAccepts the property in its current condition but does not waive the right to inspect before closing✓ Correct
CCannot request any repairs or credits
DIs protected from all seller misrepresentation automatically
Explanation
An 'as-is' clause means the buyer accepts the property's current condition and waives the right to request repairs—but they still retain the right to inspect the property and may withdraw if the inspection reveals unacceptable conditions.
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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.
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