Under the TREC One to Four Family Residential Contract, Paragraph 6A addresses the title commitment. Within what timeframe must the seller provide the title commitment to the buyer?
Correct Answer
B) Within the number of days specified in the contract after the effective date
The TREC contract specifies the number of days after the effective date by which the seller must furnish the title commitment. This timeframe is filled in by the parties during contract preparation.
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Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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.
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