Under the TREC New Home Contract (Incomplete Construction), the contract specifies a completion date. If construction delays are caused by severe weather (such as a hurricane), the completion date:
Correct Answer
C) May be extended due to force majeure events like severe weather, as addressed in the contract
The TREC New Home Contract (Incomplete Construction) typically includes force majeure provisions that allow for extension of the completion date due to events beyond the builder's control, such as severe weather, natural disasters, or material shortages.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
More Promulgated Contract Forms Questions
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