Contracts
An 'as-is' clause in a Massachusetts purchase and sale agreement means:
AThe seller warrants the property is in perfect condition
BThe buyer accepts the property in its current condition and waives all repair requests✓ Correct
CThe seller has no duty to disclose known defects
DThe buyer cannot conduct inspections
Explanation
An 'as-is' clause means the buyer accepts the property in its existing condition. However, the seller still has a duty to disclose known material defects, and the buyer generally retains the right to inspect.
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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.
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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