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Video instructions and help with filling out and completing Termination of contract trec
Instructions and Help about Termination of contract trec
Hello dawn mortally gence title company today's topic was brought up by one of the brokers at my legal update class today we were discussing Trek forum 36 8 which is your addendum for property subject to mandatory membership in a property owners association during the course we were discussing the various options under that addendum for the sellers provision of the subdivision information to the buyer there are four choices the first choice under that addendum is that the seller provides the subdivision information to the buyer after you execute the contract but then it gives the buyer three days after receipt of that subdivision information to terminate the contract for any or no reason option number two under the addendum is that the buyer obtains the subdivision information and pays for it but option number two gives the buyer the right to terminate within three days of receipt of that subdivision information for any reason or no reason the third choice under this addendum is where the seller gives the subdivision information to the buyer before the buyer execute the contract the buyer then can negotiate for an update of that subdivision information and then the buyer can only terminate the contract if there's a material change in the subdivision information under choice three the buyer does not have just the free right to terminate the contract it is tied to the information in the homeowners subdivision information the fourth choice under this addendum is the buyer simply waves getting the subdivision information that's not a choice I recommend clearly I always recommend that the seller obtained the subdivision information for the buyer before the buyer execute the contract the subdivision information is not certified or not particular to a particular buyer but it's rather a statement of the condition of the homeowners association when that subdivision information is prepared therefore a seller could order it during the listing period and give it to every give a copy of it to every potential buyer but then we started discussing in the least if the seller is not willing to order this subdivision information during the listening period he would rather wait to receive a contract then in this day and age were unfortunately many contracts are opting out in the least if the seller has already obtained subdivision information under a prior contract under the second contract don't have the seller order a new set of information just check item three pra copy of that subdivision information you already have to the new buyer let the buyer negotiate for an update or not and let the buyer only have an out under that contract under that provision if there is a material change in the subdivision information I hope this will be helpful for you as you start negotiating these contracts with mandatory membership associations involved we keep ordering new subdivision information but more importantly than just the cost we expend on this we're also giving.