Under the TREC contract, the seller receives a notice from the buyer objecting to specific title exceptions. The seller has a specified number of days to respond. If the seller fails to respond within the timeframe, what typically happens?
Correct Answer
B) The buyer may terminate the contract if the title objections are not resolved
If the seller fails to cure title objections within the specified timeframe, the buyer typically has the right to terminate the contract. The buyer is not required to accept title with unresolved objections.
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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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