Under the TREC contract, Paragraph 6B addresses surveys. Which of the following statements about surveys is correct?
Correct Answer
B) The contract allows the buyer to accept an existing survey or obtain a new one, depending on the parties' agreement
Paragraph 6B of the TREC contract addresses whether the buyer will accept an existing survey or obtain a new one. This is a negotiable term, and the parties agree on how the survey will be handled.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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.
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