Under the TREC Unimproved Property Contract, all of the following provisions are typically included EXCEPT:
Correct Answer
A) Builder warranty for structural components
The Unimproved Property Contract does not include builder warranty provisions because the property is vacant land with no structures. Builder warranties are specific to new construction contracts.
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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.
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