Contracts
An 'as-is' clause in a Wyoming real estate contract:
AEliminates the seller's duty to disclose known material defects
BDoes not eliminate the seller's duty to disclose known material defects✓ Correct
CWaives all of the buyer's inspection rights
DIs prohibited by Wyoming real estate law
Explanation
Even with an 'as-is' clause, a Wyoming seller must still disclose known material defects on the Seller's Disclosure of Property Condition form. An as-is clause primarily means the seller won't make repairs, not that they can conceal known problems.
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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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