Under the TREC contract, the buyer's obligation to provide notice of title objections applies to items found in:
Correct Answer
A) The title commitment and the survey, including any exceptions, easements, and encroachments
The buyer's title objection rights under Paragraph 6 apply to items found in both the title commitment and the survey. The buyer may object to title exceptions, easements, encroachments, and other items revealed by either document.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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