Contracts
A Nebraska contract contains an 'as-is' clause. This means:
AAll warranties are waived and the buyer takes the property in its current condition✓ Correct
BThe seller need not disclose any defects known to them
CThe buyer waives the right to inspect
DOnly patent defects are covered
Explanation
An 'as-is' clause means the buyer accepts the property in its current condition. However, even with an as-is clause, sellers and agents must still disclose known material defects — as-is does not authorize concealment of known 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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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