A buyer under a TREC contract sends a notice objecting to title exceptions found in the title commitment. The notice must be sent to the seller within:
Correct Answer
A) The number of days specified in the contract after the buyer receives the title commitment
The TREC contract specifies the number of days after the buyer receives the title commitment within which the buyer must object to title exceptions. This timeframe is filled in by the parties during contract preparation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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