Under the TREC Addendum for Property in a Propane Gas System Service Area, the addendum requires disclosure about the property's propane system. This addendum is used when:
Correct Answer
C) The property is served by a propane gas system that is owned by a distribution system retailer
The TREC Addendum for Property in a Propane Gas System Service Area is used when the property is served by a community propane gas distribution system owned by a retailer. This addendum discloses the terms of the propane service agreement.
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Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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