Under Paragraph 6 of the TREC One to Four Family Residential Contract, the buyer may object to all of the following items shown in the title commitment EXCEPT:
Correct Answer
A) The purchase price listed in the contract
The purchase price is not a title exception or survey item. Title objections relate to matters affecting the quality of title, such as liens, easements, restrictions, and encroachments—not contract terms like the purchase price.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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