Contracts
An Ohio purchase contract contains an 'as-is' clause. This means the buyer:
AHas no right to a home inspection
BAccepts the property in its current condition but the seller must still disclose known material defects✓ Correct
CCannot request repairs under any circumstances
DWaives all rights under Ohio consumer protection laws
Explanation
An 'as-is' clause means the buyer accepts the property in its present condition, but the seller is still obligated to disclose known material defects on the Ohio Residential Property Disclosure Form.
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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.
State-Specific Concepts
Disclosure Requirements
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