Under the TREC One to Four Family Residential Contract, the closing provisions address all of the following EXCEPT:
Correct Answer
D) The buyer's mortgage interest rate and monthly payment amount
The buyer's mortgage interest rate and monthly payment are addressed in the Third Party Financing Addendum, not in the closing provisions of the base contract. The closing provisions deal with the mechanics of closing, prorations, and cost allocations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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