Contracts
In Rhode Island, a purchase agreement states the property is being sold 'as-is.' Can the buyer still conduct a home inspection?
ANo, an as-is sale waives all inspection rights
BYes, an as-is clause does not prevent the buyer from conducting inspections, though it limits the buyer's ability to demand repairs✓ Correct
CYes, but only if it is included in an inspection contingency
DNo, because the buyer accepted the property's condition
Explanation
An as-is clause means the buyer accepts the property in its current condition and the seller will not make repairs—but the buyer may still inspect the property. If the inspection reveals serious issues, the buyer can negotiate, renegotiate, or walk away (if there is an inspection contingency).
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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