Under the TREC contract, if the seller wants to provide notice to the buyer about a newly discovered defect after the contract is executed, the seller should:
Correct Answer
D) Provide written notice to the buyer as soon as the defect is discovered, using the notice provisions in the contract
The seller has an ongoing obligation to disclose known defects. If a defect is discovered after the contract is executed, the seller should provide written notice to the buyer promptly using the notice provisions specified in the contract.
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Related Topics & Key Terms
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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.
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