Contracts
A West Virginia real estate contract includes an 'as-is' clause. This means the buyer:
ACannot conduct any inspections of the property
BAccepts the property in its present condition, but sellers must still disclose known material defects✓ Correct
CHas waived all rights to seek remedies for any defects
DAgrees to pay for all repairs discovered after closing
Explanation
An 'as-is' clause means the buyer accepts the property in its current condition without expecting the seller to make repairs. However, the seller is still obligated to disclose known material defects — 'as-is' does not allow sellers to conceal known defects.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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