Contracts
A Massachusetts buyer's P&S agreement includes an 'as-is' clause and an inspection contingency. These clauses:
AAre contradictory and cannot coexist
BCan coexist—the buyer accepts the property as-is but retains the right to inspect and cancel if unsatisfied✓ Correct
CThe as-is clause automatically waives the inspection contingency
DThe inspection contingency automatically overrides the as-is clause
Explanation
An 'as-is' clause and an inspection contingency can coexist—the as-is clause means the seller won't make repairs, but the buyer retains the right to inspect and cancel the contract (within the contingency period) if they find the condition unacceptable.
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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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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