Contracts
Which of the following is an example of an 'as-is' clause in a purchase agreement?
AThe seller agrees to repair all defects before closing
BThe buyer accepts the property in its current condition without requiring repairs✓ Correct
CThe seller warrants the property is free of all defects
DThe buyer waives only the right to a home inspection
Explanation
An 'as-is' clause means the buyer accepts the property in its present condition. However, it does not necessarily eliminate the seller's obligation to disclose known material defects.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA 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.
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