In the TREC One to Four Family Residential Contract, Paragraph 10 addresses possession. If the parties agree that the buyer will take possession at closing and funding, what does this mean?
Correct Answer
D) The buyer receives possession when the sale is closed and the lender has funded the loan
Under the TREC contract, 'closing and funding' means the buyer takes possession when both the closing process is complete and the lender has disbursed the loan funds. In Texas, funding typically occurs the same day as closing or shortly after.
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Previous Question
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?
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Under Paragraph 12 of the TREC One to Four Family Residential Contract, the settlement is typically handled by which entity in Texas?