The buyer and seller in a Texas transaction have executed the TREC contract. The buyer's lender now requires the seller to make repairs costing $3,500. The seller agrees. How should this agreement be documented?
Correct Answer
A) The parties execute a TREC Amendment specifying the repair amount, scope, and deadline
Any changes to the executed contract must be documented through a TREC Amendment form. The amendment should specify the repair amount, scope of work, completion deadline, and any other relevant terms.
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Related Topics & Key Terms
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Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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