Agent Park is completing Paragraph 9 of the TREC One to Four Family Residential Contract, which addresses closing. The buyer and seller have agreed on a closing date of March 15. If the title company cannot complete the closing by March 15, what happens under the contract?
Correct Answer
D) Either party may terminate the contract if closing does not occur by the agreed date, subject to the contract's default provisions
Under the TREC contract, if closing does not occur by the specified date, the parties may exercise their rights under the contract's default provisions. The contract does not automatically terminate or extend. The non-defaulting party may pursue remedies as specified in the contract.
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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:
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