Under the TREC Seller's Temporary Residential Lease, if the seller remains in the property after closing, the seller must:
Correct Answer
D) Pay rent and comply with the lease terms as specified in the temporary lease
Under the TREC Seller's Temporary Residential Lease, the seller becomes a tenant and must pay rent and comply with all lease terms for the post-closing occupancy period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
More Promulgated Contract Forms Questions
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