Under the TREC contract, who typically selects the title company that will handle the closing?
Correct Answer
B) The party specified in the contract, which is negotiable between buyer and seller
The selection of the title company is a negotiable term in the TREC contract. Typically, the seller selects the title company since the seller usually pays for the owner's title policy, but this can be negotiated.
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Related Topics & Key Terms
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Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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.
More Promulgated Contract Forms Questions
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