Under the TREC contract, the buyer sends a termination notice to the seller during the option period. The notice is sent to the address specified in the contract. For the notice to be effective, it must be:
Correct Answer
A) Delivered to the specified address within the option period using an acceptable delivery method
For a termination notice to be effective, it must be delivered to the address specified in the contract, within the option period timeframe, using a delivery method recognized by the contract (Paragraph 21).
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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