All of the following are TREC promulgated contract forms for specific property types EXCEPT:
Correct Answer
D) Commercial Office Building Contract
TREC does not promulgate a Commercial Office Building Contract. TREC promulgated forms cover residential, farm/ranch, unimproved property, and new construction—not commercial office buildings.
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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.
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