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:
Correct Answer
D) May not accept the second offer because the seller is bound by the executed contract with the first buyer
Once the seller accepts the first buyer's offer and the contract is executed, the seller is bound by the contract. The seller cannot unilaterally terminate to accept a higher offer. The option period gives the buyer, not the seller, the unrestricted right to terminate.
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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?
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Under the TREC One to Four Family Residential Contract, Paragraph 6C addresses the title commitment. The buyer receives the title commitment and discovers an existing lien from the seller's unpaid contractor. The buyer objects within the allowed timeframe. What must the seller do?