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?
Correct Answer
C) The seller's counteroffer constitutes a rejection of the original offer and creates a new offer
Under contract law principles applicable to Texas real estate, a counteroffer constitutes a rejection of the original offer and creates a new offer. The buyer is no longer bound by the original offer and may accept, reject, or counter the seller's new terms.
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Under the TREC One to Four Family Residential Contract, the contract is binding on which parties?
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Under the TREC One to Four Family Residential Contract, Paragraph 7F addresses the seller's obligation regarding the condition of the property at closing. The seller must deliver the property with all items in working condition except for ordinary wear and tear. If the buyer discovers at the final walkthrough that the air conditioning system has failed, the buyer should: