After the contract is executed, the buyer's lender requires the seller to sign a lender-specific addendum that was not included at the time of contracting. The seller:
Correct Answer
C) May decline to sign; if the parties agree, it should be documented through a TREC Amendment acknowledging the additional addendum
The seller is not automatically obligated to sign new documents after the contract is executed. If the parties agree to include the lender's addendum, this should be acknowledged through a TREC Amendment to document the change.
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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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