- 1 What is the notice to prospective buyer form?
- 2 What is a notice to buyer?
- 3 What should the real estate agent do with the TREC notice to prospective buyer form?
- 4 What is a trec 1/4 contract?
- 5 Which addendum will the purchaser use when purchasing a property for cash?
- 6 Which of the following is legal for the licensee to draw up?
- 7 What happens if buyer does not remove contingencies?
- 8 Can a buyer cancel an offer to purchase?
- 9 What does it mean buyer could not perform?
- 10 At what point does an offer become a contract?
- 11 Who is responsible for filling in the effective date on the TREC promulgated purchase contract?
- 12 Can you make an offer on a house that has already accepted an offer?
- 13 What are the four types of legal contracts real estate?
- 14 Which party is required to pay for lender required repairs and treatments?
- 15 Which of the following is an example of a restrictive covenant?
What is the notice to prospective buyer form?
This notice acknowledges that the buyer has been advised by a license holder to have the abstract covering the property examined by an attorney or to obtain a title insurance policy. It also gives information regarding statutory notices that are required if the property is in a Utility District.
What is a notice to buyer?
What is a Notice to Perform? A notice to perform is a legal tool you can use to force a buyer or seller to fulfill contractual duties they agreed to in your purchase contract in a timely manner. It allows the party issuing the notice to cancel the sale if certain conditions are not met within a 48 hour time period.
What should the real estate agent do with the TREC notice to prospective buyer form?
Who should sign the TREC OP-I – Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies form? What should the licensee do with the TREC OP-C – Notice to Prospective Buyer form? Give a copy to the seller and the original to the buyer. Give a copy to the buyer and the original to the seller.
What is a trec 1/4 contract?
One to Four Family Residential Contract (Resale) (Form ID: 20-16) 09/01/2021. Description: This is the most frequently used contract form. It is used for the resale of residential properties that are either a single family home, a duplex, a tri-plex or a four-plex.
Which addendum will the purchaser use when purchasing a property for cash?
8. Which addenda will the Purchaser use when purchasing a property for cash? None- no addendum will be used.
Which of the following is legal for the licensee to draw up?
Which of the following is legal for the licensee to draw up? none of these. The TRELA clearly establishes that it is illegal for the licensee to draw a deed, note, deed of trust, will, or other written instrument that transfers or may transfer an interest in or title to real property.
What happens if buyer does not remove contingencies?
Under the standard CA purchase agreement that most buyers use, the contingency period doesn’t really end automatically. If buyer hasn’t actively removed contingencies when the deadline passes, the deal effectively goes into a sort of dormancy until seller issues what’s called a “notice to perform”.
Can a buyer cancel an offer to purchase?
An offer to purchase a property can be rescinded or withdrawn at any time before it is accepted. For a rescission to be effective it must be given as a notice in writing and received by the other party. Rescission of an offer is not effective until it is delivered to the other party.
What does it mean buyer could not perform?
A notice to perform is a real estate tool designed to make buyers stick to agreed-upon deadlines that are defined in the real estate purchase agreement. If they refuse, the buyers can either proceed or terminate the contract.
At what point does an offer become a contract?
An offer must be made with the intention to become legally binding upon acceptance. A contract becomes binding when the offer has been unconditionally accepted. The two main parties involved in making an offer include: The offeror, which is the individual making the offer to the other (also called proposer)
Who is responsible for filling in the effective date on the TREC promulgated purchase contract?
What is the effective date and what date should I put for the effective date on my contract? The effective date should always be filled in on page 8 of the contract and the responsibility for completion falls to the Realtors involved in the transaction.
Can you make an offer on a house that has already accepted an offer?
A question that often gets asked is, ‘can one make an offer on a property that is under offer or sold subject to contract? ‘ The simple answer is yes, even if the property is already under offer, the agent is legally obliged to pass on your offer to the owner. After that, the ball is in the seller’s court.
What are the four types of legal contracts real estate?
There are essentially four types of real estate contracts: purchase agreement contracts, contracts for deed, lease agreements, and power of attorney contracts. They each have different uses and stipulations.
Which party is required to pay for lender required repairs and treatments?
LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither party is obligated to pay for lender required repairs, which includes treatment for wood destroying insects.
Which of the following is an example of a restrictive covenant?
The agreement you made to refrain from using the home as a business is an example of a restrictive covenant. Generally, a covenant is a promise that one party makes to another in a contract. In the above example, the restriction exists in the prohibition of business use at the property.