Under the TREC One to Four Family Residential Contract, Paragraph 21 specifies the accepted methods of delivering notices between parties. Which of the following is a recognized delivery method?
Correct Answer
A) Hand delivery, mail, or other method specified in the contract
Paragraph 21 of the TREC contract specifies accepted notice delivery methods including hand delivery, mail, and other methods as specified in the contract (which may include email or fax). Notices must be sent to the addresses listed in the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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Previous Question
A buyer and seller in Texas execute the TREC One to Four Family Residential Contract. The buyer plans to obtain an FHA loan. Which TREC addendum must be attached to the contract to address the financing terms?
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A seller accepts a buyer's offer using the TREC One to Four Family Residential Contract. Two days later, the seller receives a higher offer from another buyer. The seller wants to accept the second offer. Under the executed contract, the seller: