Under the TREC contract, the buyer sends a notice to the seller requesting repairs based on the home inspection. This request is sent during the option period. Under the contract:
Correct Answer
A) The repair request is a negotiation tool; it does not modify the contract unless both parties agree through an amendment
A repair request during the option period is part of the negotiation process. It does not automatically modify the contract. If the parties agree on repairs, the agreement must be documented through a TREC Amendment.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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