Contracts
An 'as-is' sale in North Carolina means:
AThe seller warrants the property is in perfect condition
BThe buyer accepts the property in its current condition but the seller's disclosure obligations still apply✓ Correct
CNo inspections are permitted
DThe seller is not liable for any defects under any circumstances
Explanation
Even in an as-is sale, North Carolina sellers must still complete and provide the RPOADS and disclose known material defects. An as-is clause does not eliminate disclosure obligations.
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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.
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.
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.
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