Yes, yes. In this situation, if the buyer chooses to apply for an extension of the termination option instead of exercising the standard corrective measures available to him in the contract, he must give his consent in return to the seller to ensure that the extension is legally enforceable. This is often done by paying an additional termination fee. Note that the conclusion of repairs and treatments in TREC contracts requires that the seller be to someone who is authorized to do the repairs, or, if no license is required by law, the seller must use someone who is commercially employed commercially to provide such repairs – unless the buyer and seller otherwise agree in writing. My buyer`s right to terminate the section 23 contract has expired, but his inspector has identified serious basic problems and possible mold as a result of a previous roof leak. Because of these problems, can the buyer terminate the contract after the option period has expired? No no. The right to inspect the property is in paragraph 7A of the contract and is not contractually bound by the termination option referred to in paragraph 23. However, most buyers will want to complete their inspections during the notice period in order to exercise their right to terminate if they are not satisfied with the condition of the property after receiving the inspector`s report. Form TREC 39-8 is generally used to modify or renew contracts. Filling out the form is quite simple. But what about reflection? Let us say, for example, that the parties want to extend the deadline by 30 days. Does the buyer have to pay a renewal fee? The answer is no, unless the parties clearly state that the payment and receipt of a levy is a precedent.
“The words the parties choose are the best indicators of the intention to set a precedent. For the benefit to be specifically related to conditions, a term such as “if,” “provided that” or a similar formulation of the conditional language is normally used. KIT Projects, LLC v. PLT Partnership, 479 S.W.3d 519 (Tex.App.-Houston [14th Dist.] 2015, no pet.). In KIT, the court decided that a renewal contract was valid, although the buyer cancelled the renewal fee! What for? The necessary magic words were not used in the treaty amendment. (4) Hardening coatings. The TREC contract allows the buyer to object to the seller`s investigation or promise of a “hardening” title, provided there is no charge to the seller. The seller should want to clarify that the seller is not bound by the obligation to heal objections; In addition, the seller is not required to spend any charges or costs when attempting to do so. The seller, for example, does not want to have to heal property disputes “within 15 days,” as required by the contract.