Questions and Answers
What is not required for a new home contract completed construction?
Who is responsible for paying rollback taxes?
The seller
Chapter 27 of the Texas Property Code requires that buyers follow certain procedures in order to ______.
recover damages for construction defects
Which Texas promulgated form is most like the TREC New Home Contract (Completed Construction)?
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Chapter 27 of the Texas Property Code specifies that, in order to recover damages for a construction defect, buyers must notify the contractor ______ days before the date they file suit to recover damages.
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What does the New Home Contract (Completed Construction) not contain in the property section?
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Study Notes
New Home Contract Overview
- No seller's disclosure is required for new home contracts upon completion of construction.
- Responsibility for paying rollback taxes lies with the seller in a new home transaction.
Texas Property Code
- Chapter 27 of the Texas Property Code mandates specific procedures for buyers to recover damages for construction defects.
- Buyers must notify the contractor 60 days prior to filing a lawsuit to recover damages for construction defects.
Related Promulgated Forms
- The Texas promulgated form most similar to the TREC New Home Contract (Completed Construction) is the New Home Contract (Incomplete Construction).
Key Differences in Contracts
- The New Home Contract (Completed Construction) lacks details on improvements, accessories, or exclusions, distinguishing it from the One to Four Family Residential Contract.
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Description
Test your knowledge on new home contracts and related Texas Property Code. This quiz includes essential terms and procedures buyers must follow, as well as the responsibilities of sellers. Prepare to improve your understanding of home buying in Texas!
