Under the TREC contract, valid notices between parties must comply with all of the following requirements EXCEPT:
Correct Answer
B) Notices must be notarized by a licensed notary public
Notices under the TREC contract do NOT require notarization. While notices must be in writing and delivered to the specified addresses using specified methods, there is no notarization requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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Under the TREC contract, a TREC Amendment is effective when:
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