Answer:
The TREC One-to-Four Family Residential Contract (Resale) states that if the license holder is a party to the transaction and owns more than 10 percent of the property, the other party must be notified in writing before entering into a contract.
Explanation:
- Any contract that is about to be signed and entered into is subject to the knowledge of all the parties that are involved in the contract.
- Moreover, if the object of the contract has more than one owner, it is mandatory that all the co-owners of the object are individually a party to the contract with full and unequivocal consent to the deal.
