Under the TREC contract, Paragraph 21 specifies notice requirements. Which of the following is a recognized method of delivering notices between parties?
Correct Answer
C) Delivering notice by hand delivery to the address specified in the contract
Hand delivery to the address specified in the contract is a recognized notice delivery method under Paragraph 21. Notices must be sent to the addresses and using the methods specified in the contract.
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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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