Under the TREC contract, if the buyer wants to change the escrow agent (title company) after the contract is executed, the buyer must:
Correct Answer
D) Execute a TREC Amendment with the seller's agreement to change the escrow agent
Changing the escrow agent is a material contract modification that requires both parties' agreement through a TREC Amendment. The original and new escrow agents must also coordinate the transfer of the earnest money.
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Related Concepts
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.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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