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:
Correct Answer
B) May exercise the unrestricted right to terminate during the option period regardless of the disclosure timing
If the buyer has negotiated an option period (Paragraph 23), the buyer has an unrestricted right to terminate during that period for any reason, including concerns about disclosed defects. The buyer does not need to justify the termination during the option period.
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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:
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Under Paragraph 2 of the TREC One to Four Family Residential Contract, all of the following items are typically included as part of the property EXCEPT: