Contracts
An 'as-is' clause in a West Virginia real estate contract means:
AThe seller has no disclosure obligations whatsoever
BThe buyer accepts the property in its current condition but the seller still must disclose known material defects✓ Correct
CThe property is exempt from inspection requirements
DThe seller warrants the property is free from all defects
Explanation
An as-is clause means the buyer accepts the property in its present condition and the seller makes no warranties about its condition. However, West Virginia law still requires sellers to disclose known material defects even in as-is sales.
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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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