Knowledebase Tag: One to Four Family Residential Contract
- My buyer is purchasing his first home. His option period has ended, and it’s eight days from closing. My client still hasn’t received the seller’s disclosure notice, and asked me if he can terminate the contract. Can he?
- Can a buyer deliver the termination option fee to the title company?
- My client has a contract to purchase a home. The One to Four Family Residential Contract has Paragraph 6C(1) checked regarding the survey, with the buyer agreeing to pay for a new survey if the existing survey is not approved by the title company or the buyer’s lender. The seller’s agent just told me that the seller can’t find his existing survey, so my buyer will have to pay for a new survey. Is this right?
- When calculating deadlines for my buyer in the One to Four Family Residential Contract (Resale), should I include weekend days or federal holidays?
- How do I determine the last day to terminate under my client’s 10-day option period in the One to Four Family Residential Contract (Resale)?
- I submitted an offer on a home for my client and included the Third Party Financing Addendum for Credit Approval for a conventional loan. In Paragraph 12A (1)(b) of the TREC One to Four Family Residential Contract (Resale), we wrote that the seller would contribute to the buyer’s expenses not to exceed $1,500. The listing agent told me I cannot put a seller contribution amount in this paragraph because the buyer isn’t seeking an FHA or VA loan. Can the seller contribution apply to a buyer’s expense in a conventional loan?
- What time does the option fee need to be paid by under Paragraph 23 in the One to Four Family Residential Contract (Resale)?
- Can you explain the language in Paragraph 7D of the One To Four Family Residential Contract (Resale) (TAR 1601, TREC 20-8)?
- My buyer client asked me to explain the Mediation Paragraph in the One to Four Family Residential Contract (Resale) before she submits an offer on the form. Does agreeing to this paragraph mean she can’t sue the seller if he breaches the contract?
- How do you determine if an item is “permanently installed and built-in” with regard to Paragraph 2 of the One to Four Family Residential Contract?
