All of the following are TREC promulgated addenda that may be attached to the One to Four Family Residential Contract EXCEPT:
Correct Answer
A) Addendum for Buyer's Right to Unlimited Contract Extensions
There is no TREC promulgated 'Addendum for Buyer's Right to Unlimited Contract Extensions.' This is a fictitious addendum. TREC does not promulgate an addendum that gives either party the right to unlimited extensions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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