Under the TREC One to Four Family Residential Contract, the contract is binding on which parties?
Correct Answer
B) The buyer, seller, and their respective heirs, executors, and successors
The TREC contract is binding on the parties and their respective heirs, executors, administrators, successors, and assigns. This ensures the contract obligations survive if a party dies or transfers their interest.
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More Promulgated Contract Forms Questions
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Previous Question
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:
Next Question
In the TREC One to Four Family Residential Contract, if the buyer makes an offer and the seller responds with a counteroffer, what happens to the original offer?