Contracts
What does 'as-is' mean in a Pennsylvania real estate purchase agreement?
AThe buyer waives all rights to know about property defects
BThe seller makes no warranties about the property's condition; the buyer accepts the property in its current state, though disclosure and inspection rights typically remain✓ Correct
CThe seller is not required to provide a Seller's Property Disclosure Statement
DAll inspection contingencies are automatically waived
Explanation
An 'as-is' clause means the seller makes no warranties about the property's condition and will not make repairs. However, in Pennsylvania, an as-is clause does not override: (1) the seller's duty to disclose known material defects on the Seller Disclosure Statement; (2) the buyer's right to conduct inspections (unless separately waived); or (3) claims for fraud or misrepresentation.
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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.
State-Specific Concepts
Disclosure Requirements
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