A buyer and seller execute a TREC One to Four Family Residential Contract. The contract specifies a closing date of April 30. On April 25, the buyer's lender informs the agent that the loan will not be approved by April 30 due to a documentation delay. The buyer has not received loan denial. Under the contract provisions, the buyer:
Correct Answer
A) Should request an amendment to extend the closing date, and may face default if the seller refuses and closing does not occur timely
The buyer should request an amendment to extend the closing date. If the seller agrees, the closing date is extended. If the seller refuses and the buyer cannot close by the original date, the buyer may be in default under Paragraph 15 unless the Third Party Financing Addendum provides otherwise.
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Agent Kim completes a TREC One to Four Family Residential Contract where the buyer is purchasing a property with a pool and spa. Under Paragraph 2, how should the pool and spa be addressed?
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