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?
Correct Answer
B) The seller must cure the lien objection within a reasonable time or the buyer may terminate
Under the TREC contract, when the buyer properly objects to a title defect, the seller is obligated to cure the objection within a specified timeframe. If the seller fails to cure, the buyer may terminate the contract and receive the earnest money back.
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Previous Question
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:
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Under the TREC One to Four Family Residential Contract, Paragraph 17 addresses attorney's fees. What does this paragraph generally provide?