Ch. 5 - Closing, Possession and More

According to the TREC promulgated Seller's Temporary Lease, how long does the landlord have to itemize and provide to the tenant any deductions to the security deposit?

30 days

What is the maximum amount of days that is allowed using the Seller's Temporary Lease?

90

Using the Texas Real Estate Commission promulgated Buyer's Temporary Residential Lease, a buyer can lease a property up to ______ prior to closing.

90 days

What is the maximum about of time allowed to lease on the TREC promulgated Buyer's Temporary Lease?

90 days

With the Seller's Temporary Lease, who is the landlord?

Buyer

TREC No. 16-5

Buyer's Temporary Residential Lease

Which of the following questions should be asked at a listing appointment?

Is the property homesteaded? Are payments on the property current? Are you keeping the mineral rights?

When will the closing of a transaction be held?

It is negotiable between the buyer and seller.

TREC OP-M

Non-realty items addendum

At what time is the rent due according to the Seller's Temporary Lease?

On the date of closing of the purchase agreement

If a home is being leased back to the seller under TREC Seller's Temporary Lease, when should a walk-through of the home be performed?

Prior to closing and prior to the end of the lease term

TREC No. 15-5

Seller's Temporary Residential Lease

According to the Buyer's Temporary Lease, who is responsible for all repairs during the lease period?

Tenant

Under TREC 16-5, who is responsible for any injuries that occur during the lease agreement?

The buyer

On the TREC No 15-5 Seller's Temporary Residential Lease, the ____________ is the landlord and the ____________ is the tenant.

buyer, seller

The Seller's Temporary Residential Lease calculates rent on a

daily rate.

Mediation

method of resolving conflicts in which a mediator listens to each side and helps make a mutually agreeable decision

How does the Seller's Temporary Lease handle the tenant making improvements?

must have the owner's prior written permission during the period of this lease. If the tenant gets permission, any and all of those improvements become the property of the landlord.

Default

one or both parties do not perform according to the terms of the contract

what transaction does TREC discourage a licensee fro getting involved in?

the buyer leases the property for a period of time and then either buys or exercises an option to purchase the property at the end of that time

Pro-rations

the dividing of expenses between the buyer and seller

If a buyer terminates a Buyer's Temporary Residential Lease prior to the closing date, the security deposit

the seller must give the deposit back to the buyer if he or she moves out without closing, minus any reasonable deductions.

executory

time between the first agreement and closing

when are both parties released from any further liability?

when the earnest money is disbursed

executed contract

completed and closed

executory contract

contract not fully performed on both sides - Texas does not allow licensees to write - completed by an attorney