In the TREC One to Four Family Residential Contract, Paragraph 3 addresses the sales price and financing. If a buyer is obtaining third-party financing, the agent must:
Correct Answer
C) Complete Paragraph 3 with the sales price and attach the Third Party Financing Addendum
When a buyer is obtaining third-party financing, the license holder must complete Paragraph 3 with the sales price information and also attach the TREC Third Party Financing Addendum, which contains the specific financing terms and conditions.
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Under the TREC One to Four Family Residential Contract, all of the following are addressed in Paragraph 6 (Title Policy and Survey) EXCEPT:
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Paragraph 7 of the TREC One to Four Family Residential Contract addresses property condition. A buyer receives the Seller's Disclosure Notice and discovers that the seller has disclosed a previous foundation repair. The buyer wants to terminate the contract based on this information. Under the contract, the buyer: