A Texas buyer is purchasing a property in a coastal area that may be subject to the Open Beaches Act. Which TREC addendum addresses this situation?
Correct Answer
A) The Addendum for Coastal Area Property
The TREC Addendum for Coastal Area Property is required for properties located in coastal areas that may be subject to the Texas Open Beaches Act and other coastal regulations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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