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.
<u>Explanation:
</u>
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.
