In the TREC One to Four Family Residential Contract, Paragraph 22 addresses the agreement of the parties. It states that the contract constitutes the entire agreement. A buyer claims the seller verbally promised to include a riding lawnmower in the sale, but it is not listed in the contract. Under the contract:
Correct Answer
C) The verbal promise is not part of the contract because the written contract is the entire agreement between the parties
Paragraph 22 establishes that the written contract constitutes the entire agreement between the parties (the 'merger' or 'integration' clause). Verbal promises not included in the written contract are generally not enforceable.
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Under the TREC One to Four Family Residential Contract, what is the purpose of the executed date (also known as the effective date) of the contract?
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Under the TREC One to Four Family Residential Contract, Paragraph 20 addresses the federal tax requirements for foreign sellers. If the seller is a foreign person under FIRPTA (Foreign Investment in Real Property Tax Act), what must occur at closing?