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Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of January 31. The roof of the complex is partially destroyed by a fire on February 3. Seller notified buyer on February 5 of the fire. What is the latest date buyer can terminate the contract because of the fire

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Answer: February 12

Explanation:

Part of the Texas Real Estate Commission(TREC) Residential Agreement calls for the Seller to send a Seller's Disclosure to the buyer. This will tell the buyer the condition of the house.

After the buyer receives the disclosure, they are allowed to terminate the contract within 7 days of the receipt of said disclosure. 7 days from February 5 is February 12 so this is the latest date the buyer can terminate the contract because of the fire.

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