Under the TREC One to Four Family Residential Contract, Paragraph 17 addresses attorney's fees. What does this paragraph generally provide?
Correct Answer
B) The prevailing party in any legal proceeding related to the contract may recover reasonable attorney fees
Paragraph 17 provides that the party prevailing in any legal proceeding related to the contract may recover reasonable attorney's fees from the non-prevailing party. This encourages compliance with contract terms.
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Previous Question
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?
Next Question
In a Texas real estate transaction using the TREC One to Four Family Residential Contract, the buyer agrees to purchase a home for $350,000 with a 7-day option period. On Day 5, the buyer's agent discovers that the property is in a flood zone. The buyer's agent should advise the buyer that: