Under the TREC Farm and Ranch Contract, which of the following items can be included in the sale of a ranch property?
Correct Answer
B) Land, structures, fencing, livestock handling facilities, water rights, and specified personal property
The Farm and Ranch Contract is comprehensive and can include land, structures, fencing, livestock handling facilities, water rights, and specified personal property such as farm equipment. The parties agree on what is included.
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Related Topics & Key Terms
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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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