Contracts
A Rhode Island real estate contract that contains an 'as-is' clause means the buyer:
AWaives the right to a home inspection
BAccepts the property in its current condition but does not waive the right to inspect✓ Correct
CCannot request any seller repairs
DTakes title free of all liens
Explanation
An 'as-is' clause means the buyer accepts the property in its current condition but does not waive the right to inspect. The buyer may still cancel if the inspection reveals unacceptable defects.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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