Contracts
A Vermont purchase contract contains an 'as-is' clause. This means:
AThe seller has no obligation to disclose known material defects
BThe buyer accepts the property in its current condition but the seller must still disclose known material defects✓ Correct
CThe buyer waives all rights to inspect the property
DThe seller warrants the property is free of all defects
Explanation
An 'as-is' clause means the buyer accepts the property in its current condition. However, even with an as-is clause, the seller is still obligated to disclose known material defects.
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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.
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