Contracts
A Mississippi purchase contract includes an 'as-is' clause. This means:
AThe seller has no duty to disclose any defects
BThe buyer accepts the property in its current condition, but the seller still must disclose known material defects✓ Correct
CThe buyer waives all rights to inspect the property
DThe seller warranties the property against all defects
Explanation
An 'as-is' clause means the buyer accepts the property in its current condition and the seller will not make repairs. However, in Mississippi, the seller still must disclose known material defects—an 'as-is' clause does not excuse fraudulent concealment.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
Math Concepts
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