Contracts
In West Virginia, an 'as-is' clause in a commercial purchase contract typically means the buyer:
ACannot sue the seller for any defects under any circumstances
BAccepts the property as found but cannot waive statutory fraud or concealment claims✓ Correct
CHas no right to inspect the property
DMay require the seller to make all identified repairs
Explanation
An 'as-is' clause shifts repair responsibility to the buyer but does not absolve the seller from liability for fraudulent concealment of known defects. The buyer accepts the property's condition but retains claims for active fraud or statutory misrepresentation.
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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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