The TREC New Home Contract (Completed Construction) is used when:
Correct Answer
D) A buyer purchases a newly built home that has already been completed by the builder
The New Home Contract (Completed Construction) is used when a buyer purchases a new home that has been fully completed by the builder and is ready for occupancy.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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Under the TREC contract, a TREC Amendment is effective when:
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