Under the TREC New Home Contract (Incomplete Construction), who determines the plans and specifications for the home being built?
Correct Answer
A) The plans and specifications are determined by the agreement between the builder and the buyer, as specified in the contract
The plans and specifications are agreed upon between the builder and buyer and are incorporated into the contract. These documents define the scope of construction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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.
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