Under the TREC contract, if the buyer requests a new survey and the survey reveals that a neighbor's fence encroaches onto the property by 3 feet, the buyer may:
Correct Answer
D) Object to the encroachment within the title/survey objection period and negotiate resolution with the seller
A fence encroachment revealed by the survey is a title/survey objection item. The buyer may object within the specified timeframe and negotiate with the seller for resolution, which might include the seller addressing the encroachment or the buyer accepting it.
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Related Concepts
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.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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