Contracts
What is an 'as-is' addendum in a Maryland sales contract?
AThe buyer waives all inspection rights
BThe seller agrees to make all repairs discovered during inspection
CThe buyer accepts the property in its current condition, but the seller still must disclose known defects✓ Correct
DThe seller is not required to provide any disclosures
Explanation
An 'as-is' sale means the buyer accepts the property in its current condition, but the seller in Maryland must still disclose known material defects.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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