Texas Real Estate Sales Contract Form PDF Details

Embarking on the journey of purchasing or selling real estate in Texas requires navigating through the Texas Real Estate Sales Contract, a critical document that outlines the terms and conditions of the property transaction. This form, promulgated by the Texas Real Estate Commission (TREC) as of December 5, 2011, serves as the backbone of real estate deals, ensuring both buyers and sellers are on the same page regarding key aspects such as the identities of the parties involved, property details, the sales price, and financing specifics. It meticulously details the obligations concerning earnest money deposits, title policies, surveys, and how to handle possible objections to the title. Additionally, the form addresses aspects of property condition, required disclosures, broker fees, closing conditions, possession details, and special provisions, ensuring clarity and protection for all parties. By encompassing settlement and other expenses, prorations, and tax considerations, alongside provisions for casualty loss, default, dispute resolution, and attorney fees, this contract not only facilitates a smooth transaction process but also equips buyers and sellers with the information needed to make informed decisions. Understanding the nuances of this form is essential for navigating the complexities of real estate transactions in Texas effectively.

QuestionAnswer
Form NameTexas Real Estate Sales Contract Form
Form Length9 pages
Fillable?No
Fillable fields0
Avg. time to fill out2 min 15 sec
Other namesreal estate contract texas, sales contract real estate texas, contract for home sale, texas real estate sales form

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Cont r act Concer ning PROMULGATED BY THE TEXAS REAL ESTATE COMMI SSI ON ( TREC)Page of 9 12-05-2011

( Addr ess of Pr oper t y )

N EW H OM E CON TRACT

EQU AL H OU SI N G OPPORT U N I T Y

( I n com ple t e Con st r u ct ion )

NOTI CE: Not For Use For Condom inium Tr ansact ions or Closings Prior t o Com plet ion of Const r uct ion

1

. PARTI ES: The par t ies t o t his cont ract ar e

 

 

 

 

 

 

 

 

( Seller ) and

 

 

 

 

 

 

 

 

 

( Buyer ) . Seller agr ees t o sell and

 

convey t o Buyer and Buyer agrees t o buy from Seller t he Propert y defined below .

2

. PROPERTY:Lot

 

 

,Block

 

,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Addit ion, Cit y of

 

 

 

 

 

 

 

,Count y of

 

 

 

Texas, know n

 

as

 

 

 

 

 

 

 

 

 

 

( address/ zip code) , or as

 

descr ibed on at t ached exhibit , t oget her w it h: ( i)

im provem ent s, fixt ures and all ot her propert y

 

descr ibed in t he

Const r uct ion Docum ent s; and

( ii) all right s, privileges and appur t enances

 

t heret o, including

but not lim it ed t o: perm it s,

easem ent s,

and cooperat ive and associat ion

m em berships. All propert y sold by t his cont ract is called t he “ Propert y” .

3 . SALES PRI CE:

A.Cash por t ion of Sales Price payable by Buyer at closing ..................... $

B.Sum of all financing described below ( excluding any loan funding

fee or m ort gage insurance prem ium ) .............................................. $

C.Sales Pr ice ( Sum of A and B) ......................................................... $

4 . FI N AN CI N G: The port ion

of Sales Price not payable in

cash w ill

be paid

as

follow s: ( Check

applicable boxes below )

 

 

 

 

 

 

 

 

A. THI RD PARTY FI NANCI NG: One or m ore t hird part y m ort gage loans

in

t he

t ot al am ount

of $

 

 

( excluding any loan funding fee or m or t gage insur ance pr em ium ) .

( 1) Propert y Approval:

I f

t he Propert y does not

sat isfy

t he

lenders'

underw rit ing

requirem ent s for t he loan( s) , ( including, but not

lim it ed t o

appraisal,

insurabilit y and

lender required repairs) ,

Buyer m ay t erm inat e t his cont ract by

giving

not ice t o Seller

prior t o closing and t he earnest m oney w ill be r efunded t o Buyer .

 

 

 

 

( 2) Cr edit Approval: ( Check one box only)

( a) This cont ract is subj ect t o Buyer being approved for t he financing described in t he at t ached Third Part y Financing Addendum for Cr edit Approval.

( b) This cont ract is not subj ect t o Buyer being approved for financing and does not involve FHA or VA financing.

B. ASSUMPTI ON: The assum pt ion of t he unpaid principal balance of one or m ore prom issory

 

not es described in t he at t ached TREC Loan Assum pt ion Addendum .

 

 

 

 

 

 

 

 

C. SELLER

 

FI NANCI NG: A prom issory not e

from Buyer t o Seller of $

 

 

,

 

secur ed

by vendor 's and deed of t r ust liens, and cont aining t he

t er m s

and condit ions

 

descr ibed in t he at t ached TREC Seller Financing

Addendum . I f an

 

owner

policy of t it le

 

insurance is furnished, Buyer shall furnish Seller w it h a m ort gagee policy of t it le insurance.

5 . EARN EST M ON EY: Upon execut ion of t his cont ract

by

all part ies,

 

Buyer

shall deposit

$

 

 

 

as ear nest m oney w it h

 

 

 

 

 

 

 

 

 

, as

escr ow agent ,

 

at

 

 

 

 

 

 

 

 

 

 

 

( address) . Buyer shall deposit addit ional earnest m oney of $

 

 

 

 

w it h escrow

agent w it hin

 

 

 

 

days aft er t he effect ive dat e of t his cont ract . I f Buyer fails t o deposit t he

earnest m oney as required by t his cont ract , Buyer w ill be in default .

 

 

 

 

 

 

 

6 . TI TLE POLI CY AN D SURV EY:

 

 

 

 

 

 

 

 

 

 

A. TI TLE POLI CY: Seller shall furnish t o Buyer at

Seller’s

Buyer’s expense an ow ner policy of

 

t it le insur ance ( Tit le Policy) issued by

 

 

 

 

 

 

 

 

( T i t l e

Com pany) in t he am ount of t he Sales Price, dat ed at or aft er closing, insuring Buyer against loss under t he provisions of t he Tit le Policy, subj ect t o t he prom ulgat ed exclusions ( including exist ing building and zoning or dinances) and t he follow ing except ions:

( 1)

Rest rict ive covenant s com m on t o t he plat t ed subdivision in w hich t he Pr oper t y is locat ed.

( 2)

The st andard print ed except ion for st andby fees, t axes and assessm ent s.

( 3) Liens creat ed as part of t he financing described in Paragraph 4 .

( 4) Ut ilit y easem ent s creat ed by t he dedicat ion deed or plat of t he subdivision in w hich t he Propert y is locat ed.

( 5) Reservat ions or except ions ot herw ise perm it t ed by t his cont ract or as m ay be approved by

 

Buyer in w rit ing.

( 6)

The st andard print ed except ion as t o m arit al right s.

( 7)

The st andard print ed except ion as t o w at ers, t idelands, beaches, st ream s, and relat ed

m at t ers.

( 8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachm ents or protrusions, or overlapping im provem ents. Buyer, at Buyer’s expense,

m ay have the exception am ended to read, "shortages in area" .

 

B. COMMI TMENT: Wit hin 20 days aft er

t he Tit le Com pany receives a copy of t his cont ract ,

Seller shall furnish t o Buyer a com m it m ent for t it le insurance ( Com m it m ent ) and, at Buyer's

expense, legible copies of rest rict ive covenant s and docum ent s evidencing except ions in t he

Com m it m ent ( Except ion Docum ent s)

ot her t han t he st andard print ed

except ions. Seller

aut horizes t he Tit le Com pany t o deliver t he Com m it m ent and Except ion Docum ent s t o Buyer

I nit ialed for ident ificat ion by Buyer

 

 

 

 

and Seller

 

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 2 of 9

12-05-2011

 

 

 

 

 

 

 

 

 

 

 

 

( Addr ess of Pr oper t y )

 

 

 

 

 

 

 

at Buyer's address show n in Paragraph 21.

I f t he Com m it m ent

and Except ion Docum ent s

are not delivered t o

Buyer

w it hin

t he specified

t im e,

t he t im e

for

 

deliv ery

w ill be

aut om at ically

ext ended

up t o 15 days or t he Closing Dat e,

whichever

is ear lier . I f,

due t o

fact ors beyond Seller’s cont rol, t he Com m it m ent and Except ion Docum ent s are not delivered

w it hin t he t im e required, Buyer m ay t erm inat e t his cont ract

and t he earnest m oney w ill be

refunded t o Buyer .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C. SURVEY:

The sur vey m ust be m ade aft er t he Subst ant ial Com plet ion Dat e by a r egist er ed

professional land surveyor accept able t o t he Tit le Com pany and Buyer’s lender( s) .

 

( Check one box only)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 1)

At

least

 

 

 

days prior t o t he Closing Dat e, Seller , at Seller’s expense, shall

 

provide a new survey t o Buyer .

 

 

 

 

 

 

 

 

 

 

 

( 2)

At

least

 

 

 

days prior t o t he Closing Dat e, Buyer, at Buyer’s expense, shall

 

obt ain

a new survey . Buyer is deem ed t o receive t he survey on

t he dat e of act ual

 

receipt or t he dat e specified in t his paragraph, w hichever is earlier .

 

 

 

D. OBJECTI ONS: Buyer m ay obj ect in w r it ing t o defect s, except ions, or encum br ances t o t it le:

disclosed on t he survey ot her t han

it em s

6A( 1) t hrough ( 7)

above;

 

disclosed

in t he

Com m it m ent ot her t han it em s 6A( 1) t hr ough ( 8) above; or w hich prohibit t he follow ing use

or act ivit y:

 

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buyer m ust obj ect t he earlier of ( i) t he Closing Dat e or ( ii)

 

 

days

aft er Buyer r eceives

t he Com m it m ent , Except ion Docum ent s, and t he sur vey . Buyer ’s failur e t o obj ect w it hin t he

t im e allow ed w ill const it ut e a w aiver of Buyer’s right t o obj ect ; except t hat t he requirem ent s

in Schedule C of t he Com m it m ent are not w aived by Buyer .

Provided Seller is not obligat ed

t o incur any expense,

Seller shall cure t he

t im ely

obj ect ions of

Buyer or any t hird part y

lender w it hin 15 days

aft er

Seller receives

t he obj ect ions and

t he

Closing Dat e

w ill be

ext ended as necessary .

I f obj ect ions are not cured w it hin such 15 day period, t his cont ract

w ill t erm inat e

and t he

earnest m oney

w ill be refunded t o

Buyer

unless Buyer w aives t he

obj ect ions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E. TI TLE NOTI CES:

( 1) ABSTRACT OR TI TLE POLI CY: Broker advises Bu y er t o have an abst ract of t it le covering

 

t he Propert y exam ined by an at t orney of Buyer’s select ion, or Bu y er should be furnished

 

w it h or obt ain a

Tit le

Policy .

 

I f

a Tit le Policy is

furnished,

t he

 

Com m it m ent should be

 

prom pt ly r ev iew ed by an

at t orney of

Bu y er ’s

choice due

t o

 

t he t im e

lim it at ions

on

 

Buyer’s right t o obj ect .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 2 ) MEMBERSHI P

I N PROPERTY OWNERS ASSOCI ATI ON( S) : The

 

Propert y

is

is

not

 

subj ect t o m andat ory m em bership in a propert y ow ners associat ion( s) . I f t he Propert y is

 

subj ect

t o m andat ory

m em bership in

a

propert y ow ners

associat ion( s) ,

Seller

not ifies

 

Buyer

under §5 . 012,

Texas

Propert y

Code, t hat ,

as a

purchaser of propert y

in

t he

 

r esident ial com m unit y ident ified in Par agr aph 2A in w hich t he Propert y is locat ed, you are

 

obligat ed t o be a

m em ber

of t he propert y ow ners associat ion( s) . Rest rict ive

covenant s

 

gover ning t he use and occupancy of t he Propert y and all

 

dedicat ory inst rum ent s

 

governing t he est ablishm ent ,

 

m aint enance, and operat ion

of t his resident ial com m unit y

 

have been or w ill be recorded in t he Real Propert y Records of t he count y in w hich t he

 

Propert y is locat ed. Copies of t he rest rict ive covenant s and dedicat ory inst rum ent s m ay

 

be obt ained from t he count y clerk . You

a r e obliga t e d t o

pa y a sse ssm e n t s

t o

t h e

 

pr ope r t y ow n e r s a ssocia t ion ( s) . Th e

a m ou n t of t h e

a sse ssm e n t s is su bj e ct t o

 

 

 

 

 

ch a n ge . You r fa ilu r e t o pa y t h e a sse ssm e n t s cou ld r e su lt in e n for ce m e n t of t h e

 

a ssocia t ion ’s lie n on a n d t h e for e closu r e of t h e Pr ope r t y .

 

 

 

 

 

 

 

Sect ion 207 . 003,

Propert y

Code,

ent it les an ow ner

t o receive

copies of

any

docum ent

 

t hat governs t he

est ablishm ent ,

m aint enance, or operat ion

of

a subdivision,

including,

 

but not lim it ed t o, rest rict ions, bylaw s, rules and regulat ions, and a resale cert ificat e from

 

a propert y ow ners' associat ion .

A resale cert ificat e

cont ains inform at ion

including,

but

 

not lim it ed t o, st at em ent s specifying t he am ount

and fr equency of regular assessm ent s

 

and t he st yle and cause num ber of law suit s t o w hich t he proper t y owner s' associat ion is a

 

part y, ot her t han law suit s relat ing t o unpaid ad valorem t axes of an individual m em ber of

 

t he associat ion .

 

These docum ent s m ust be m ade

available

t o y ou by t he propert y

 

ow ners' associat ion or t he associat ion's agent on your r equest .

 

 

 

 

 

 

 

I f Bu y e r is con ce r n e d a bou t t h e se m a t t e r s, t h e TREC pr om u lga t e d Adde n du m for

 

Pr ope r t y Su bj e ct t o

M a n da t or y M e m be r sh ip

in

a Pr ope r t y Ow n e r s Associa t ion

 

sh ou ld be u se d .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 3)

STATUTORY TAX DI STRI CTS: I f

t he Propert y is sit uat ed

in

a ut ilit y or ot her

st at ut orily

 

creat ed dist rict providing w at er, sew er, drainage, or

flood cont rol facilit ies and services,

 

Chapt er 49, Texas Wat er Code, requires Seller t o deliver and Buyer t o sign t he st at ut ory

 

not ice relat ing t o t he t ax r at e, bonded indebt edness, or st andby fee of t he dist rict prior t o

 

final execut ion of t his cont r act .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 4)

TI DE WATERS:

I f t he Propert y abut s t he t idally

influenced w at ers of t he st at e, §33 . 135,

 

Texas Nat ural Resources Code, requires a not ice regarding coast al area propert y t o be

 

included in t he cont r act .

An addendum

cont aining

t he not ice

 

pr om ulgat ed

by

TREC or

 

required by t he part ies m ust be used.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 5)

ANNEXATI ON: I f t he Proper t y is locat ed out side t he lim it s of a m unicipalit y, Seller not ifies

 

Buyer under §5 . 011, Texas Pr oper t y Code, t hat t he Propert y m ay now or lat er be included

I nit ialed for ident ificat ion by Buyer

 

 

 

 

 

 

 

and Seller

 

 

 

 

 

 

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

Page 3 of 9 12-05-2011

( Addr ess of Pr oper t y )

in t he ext rat er r it or ial j ur isdict ion of a m unicipalit y and m ay now or lat er be subj ect t o annexat ion by t he m unicipalit y . Each m unicipalit y m aint ains a m ap t hat depict s it s boundaries and ext rat errit or ial j ur isdict ion . To det er m ine if t he Pr opert y is locat ed w it hin a

m unicipalit y's

ext r at er r it or ial

j ur isdict ion or is likely

t o

be locat ed w it hin a

m unicipalit y’s

ext rat errit orial

j urisdict ion,

cont act

all

m unicipalit ies

locat ed in t he general

proxim it y of

t he Proper t y for furt her inform at ion .

 

 

 

 

 

( 6) PROPERTY

LOCATED I N

A CERTI FI CATED SERVI CE

AREA OF A UTI LI TY SERVI CE

PROVI DER:

Not ice required

by §13 . 257, Wat er Code:

The real propert y, described in

Paragraph 2, t hat you are

about t o purchase m ay be

locat ed in a cert ificat ed w at er or

sew er service area, w hich is

aut horized by law t o provide w at er or sew er service t o t he

propert ies in t he cert ificat ed area.

I f your propert y is locat ed in a cert ificat ed area t here

m ay be special cost s or charges t hat

you w ill be required t o pay before you can receive

w at er or sew er service.

There m ay

be a period required t o const ruct lines or ot her

facilit ies necessary t o provide w at er or sew er service t o your propert y . You are advised t o det erm ine if t he propert y is in a cert ificat ed area and cont act t he ut ilit y service provider t o det erm ine t he cost t hat you w ill be required t o pay and t he period, if any, t hat is required t o provide w at er or sew er service t o your propert y . The undersigned Buyer hereby

 

acknow ledges receipt of t he foregoing not ice at or before

t he execut ion of a

binding

 

cont ract for t he purchase of t he real propert y described in Paragraph 2 or at closing of

 

purchase of t he real propert y .

 

 

 

 

 

 

 

 

 

 

 

 

( 7) PUBLI C I MPROVEMENT DI STRI CTS: I f t he

Propert y is in a public

im provem ent

dist rict ,

 

§5 . 014, Propert y Code, requires Seller t o not ify Buyer as follow s: As a purchaser of t his

 

parcel of real propert y you are obligat ed t o pay an assessm ent t o a m unicipalit y or count y

 

for an im provem ent proj ect undert aken by

a public im provem ent

dist rict

under

Chapt er

 

372, Local

Governm ent Code. The assessm ent m ay

be

due annually

or

in

periodic

 

inst allm ent s.

More

inform at ion concerning

t he am ount

of t he assessm ent and

t he

due

 

dat es of t hat

assessm ent m ay be obt ained

from t he m unicipalit y

or count y

levying

t he

 

assessm ent .

The am ount of t he assessm ent s is subj ect t o change.

Your failure t o pay t he

 

assessm ent s could result in a lien on and t he foreclosure of your propert y .

 

 

 

 

 

 

( 8) TRANSFER FEES: I f t he Propert y is subj ect

t o a privat e

t ransfer fee obligat ion,

§5 . 205,

 

Propert y Code, requires Seller t o not ify Buyer as follow s: The privat e t ransfer fee

 

obligat ion m ay be governed by Chapt er 5, Subchapt er G of t he Texas Propert y Code.

 

7 . PROPERTY CON D I TI ON :

 

 

 

 

 

 

 

 

 

 

 

A. ACCESS AND I NSPECTI ONS: Seller shall perm it Buyer and Buyer’s

agent s access t o

t he

 

Propert y at reasonable t im es. Buyer m ay have t he Propert y inspect ed by inspect ors select ed

 

by Buyer and licensed by TREC or ot herw ise per m it t ed by law t o m ake inspect ions.

 

 

B. CONSTRUCTI ON DOCUMENTS: Seller

shall com plet e all im pr ovem ent s t o t he Proper t y

w it h

 

due diligence in

accor dance w it h t he

Const ruct ion Docum ent s.

“ Const r uct ion

Docum ent s”

 

m eans t he plans and

specificat ions, t he finish

out schedules, any change orders,

and

any

 

allow ances relat ed t o t he plans and specificat ions, finish out schedules, and change orders.

 

The Const ruct ion Docum ent s have been signed by t he part ies and are incor por at ed int o t his

 

cont ract by reference.

 

 

 

 

 

 

 

 

 

 

 

 

C. COST ADJUSTMENTS:

All change orders m ust be in w rit ing.

I ncrease in cost s result ing from

 

change orders or it em s select ed by

Buyer w hich exceed

t he

allow ances specified in

t he

 

Const ruct ion Docum ent s w ill be paid by Buyer as follow s:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

A decrease

in cost s result ing from change orders and unused allow ances w ill reduce t he Sales Price, w it h proport ionat e adj ust m ent s t o t he am ount s in Paragraphs 3A and 3B as required by lender .

D. BUYER’S SELECTI ONS: I f t he Const r uct ion Docum ent s perm it select ions by Buyer, Buyer’s select ions w ill conform t o Seller’s norm al st andards as set out in t he Const r uct ion Docum ent s

or w ill not , in Seller’s j udgm ent , adversely affect

t he m arket abilit y of t he Propert y . Buyer w ill

m ake required select ions w it hin

 

 

 

 

days aft er not ice from Seller .

 

 

 

 

E. COMPLETI ON: Seller m ust com m ence const r uct ion no lat er t han

 

days aft er t he effect ive

dat e of

t his cont ract . The im provem ent s w ill

be subst ant ially

com plet ed

in accordance w it h

t h e

Co n s t r u c t i o n

D o c u m e n t s

a n d

 

r e a d y

f o r

 

o c c u p a n c y

n o t

l a t e r

t han

 

 

 

 

 

 

 

 

,

20

 

 

.

The im provem ent s w ill be deem ed t o be

subst ant ially com plet ed

in

accor dance

w it h

t he Const ruct ion

Docum ent s

upon t he final

inspect ion

and approval

by

all applicable

governm ent al

aut horit ies

and

any

lender

( Subst ant ial

Com plet ion

Dat e) .

Const r uct ion

delays caused by act s of God, fir e or ot her

casualt y, st rikes,

boycot t s

or

nonavailabilit y

of

m at er ials

for which

no

subst it ut e of

com parable

qualit y

and

price is

available w ill

be added

t o t he

t im e allow ed

for

subst ant ial

com plet ion of t he const ruct ion . How ever , in no event m ay t he t im e for subst ant ial com plet ion

ext end beyond t he Closing Dat e. Seller

m ay subst it ut e m at er ials, equipm ent and appliances

of com parable qualit y for t hose specified

in t he Const ruct ion Docum ent s.

F. WARRANTI ES: Except as expr essly set fort h in t his cont ract , a separat e w rit ing, or provided by law, Seller m akes no ot her express w arrant ies. Seller shall assign t o Buyer at closing all

assignable m anufact urer w arrant ies.

 

G. I NSULATI ON: As required by Federal Trade Com m ission Regulat ions,

t he inform at ion

relat ing t o t he insulat ion inst alled or t o be inst alled in t he I m provem ent s at

t he Propert y is:

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 4 of 9

12-05-2011

 

 

 

 

 

 

 

 

( Addr ess of Pr oper t y )

 

 

 

 

 

 

 

 

 

 

 

 

 

( check only one box below )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 1) as shown in t he at t ached specificat ions.

 

 

 

 

 

 

 

 

 

 

 

 

 

( 2) as follow s:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

Ext erior w alls of im proved liv ing areas: insulat ed w it h

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

insulat ion t o a t hickness of

 

 

 

 

inches which yields an R- Value of

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

Walls in ot her areas of t he hom e: insulat ed w it h

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

insulat ion t o a t hickness of

 

 

inches which yields an R- Value of

 

 

.

c)

Ceilings in im proved liv ing areas:

insulat ed w it h

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

insulat ion t o a t hickness of

 

 

 

 

inches which yields an R- Value of

 

 

.

 

d)

Floors of im proved

living areas

not applied t o a slab

foundat ion: insulat ed w it h

 

 

 

 

 

 

 

insulat ion t o a t hickness of

 

inches w hich yields an R-

 

Value of

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

Ot her insulat ed areas: insulat ed w it h

 

 

 

 

 

 

 

 

insulat ion t o a

 

t hickness of

 

 

inches which yields an R- Value of

 

.

 

 

 

 

 

All st at ed R- Values are based on inform at ion provided by t he m anufact urer of t he insulat ion .

H. ENVI RONMENTAL MATTERS: Buyer is advised t hat t he presence of w et lands, t oxic subst ances,

including

asbest os and

w ast es or

ot her

environm ent al

hazards,

or

t he

presence

of a

t hreat ened or endangered species or

it s

habit at

m ay affect Buyer ’s

int ended use

of

t he

Propert y . I f Buyer is concerned about

t hese m at t ers, an addendum

prom ulgat ed by TREC or

required by t he part ies should be used.

 

 

 

 

 

 

 

 

 

I . SELLER’S

DI SCLOSURE:

Except

as

ot her w ise

disclosed

in t his

cont r act ,

Seller has

no

know ledge of t he follow ing:

 

 

 

 

 

 

 

 

 

 

( 1) any flooding of t he Propert y w hich

has had a

m at erial

adverse

effect on

t he use

of

t he

Propert y;

 

 

 

 

 

 

 

 

 

 

 

( 2) any pending or t hreat ened lit igat ion, condem nat ion, or

special

assessm ent affect ing

t he

Pr oper t y;

 

 

 

 

 

 

 

 

 

 

 

( 3) any environm ent al hazards or condit ions m at erially affect ing t he Propert y;

 

 

 

( 4) any dum psit e, landfill, or underground t anks or cont ainers now or previously locat ed on t he Propert y;

( 5) any w et lands, as defined by federal or st at e law or regulat ion, affect ing t he Propert y; or

( 6) any t hreat ened or endangered species or t heir habit at affect ing t he Propert y .

8 . BROKERS' FEES: All obligations of the parties for paym ent of brokers’ fees are contained in separate

written agreem ents.

 

 

 

 

 

 

 

9 . CLOSI N G:

 

 

 

 

 

 

 

A. The closing of t he sale w ill be on or befor e

 

 

, 20

 

 

, or w it hin 7 days

aft er obj ect ions m ade under Paragraph 6D have been cured or w aived, w hichever dat e is lat er

( Closing Dat e) .

I f eit her par t y fails t o close t he sale by t he Closing Dat e,

t he non - default ing

part y m ay exercise t he rem edies cont ained in Paragraph 15 .

 

 

B. At closing:

 

 

 

 

 

 

 

( 1)

Seller shall execut e and deliver a general w arrant y deed conveying t it le t o t he Propert y t o

 

Buyer and show ing no addit ional except ions t o t hose perm it t ed in Paragraph 6 and furnish

 

t ax st at em ent s or cert ificat es show ing no delinquent t axes on t he Propert y .

( 2)

Buyer shall pay t he Sales Price in good funds accept able t o t he escrow agent .

( 3)

Seller and Buyer shall execut e and deliver any not ices, st at em ent s, cert ificat es, affidavit s,

 

releases, loan docum ents and ot her docum ent s reasonably required for

t he closing of t he

 

sale and t he issu an ce of t he Tit le Policy .

 

 

 

 

 

( 4)

There w ill be

no liens, assessm ent s, or securit y

int erest s against t he Propert y w hich w ill

not be sat isfied out of t he sales

pr oceeds unless securing paym ent of any loans assum ed

by Buyer and assum ed loans w ill

not be in default .

1 0 . POSSESSI ON : Seller shall deliver to Buyer possession of the Property:

upon closing and funding

according to a tem porary residential lease form prom ulgated by TREC or other written lease required by the parties. Any possession by Buyer prior to closing or by Seller after closing which is not authorized by a written lease will establish a tenancy at sufferance relationship between the parties.

Consult your insurance agent prior t o change of ow nership and possession because insurance coverage m ay be lim it ed or t erm inat ed. The absence of a w rit t en lease or appropriate insurance coverage m ay expose t he part ies t o econom ic loss.

1 1 . SPECI AL PROV I SI ON S: ( I nsert only fact ual st at em ent s and business det ails applicable t o t he sale. TREC rules prohibit licensees from adding fact ual st at em ent s or business det ails for w hich a cont ract addendum , lease or ot her form has been prom ulgat ed by TREC for m andat ory use. )

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 5 of

9

12-05-2011

 

 

 

 

 

 

 

( Addr ess of Pr oper t y )

 

 

 

 

 

 

 

 

 

 

 

1 2 . SETTLEM EN T AN D OTH ER EX PEN SES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. The follow ing expenses m ust be paid at or pr ior t o closing:

 

 

 

 

 

 

 

 

 

 

 

( 1) Expenses payable by Seller ( Seller's Expenses) :

 

 

 

 

 

 

 

 

 

 

 

 

( a) Releases of exist ing liens, including prepay m ent penalt ies and recording fees;

release of

Seller ’s loan liabilit y; t ax

st at em ent s or cert ificat es; preparat ion

of deed; one- half of

escrow fee; and ot her expenses payable by Seller under t his cont ract .

 

 

 

 

 

 

( b) Seller shall also pay an am ount not t o exceed $

 

 

 

 

t o

be applied in t he

follow ing order: Buyer’s Expenses which Buyer is prohibit ed from paying by FHA, VA,

Texas Vet erans Land Board or

ot her governm ent al loan program s,

and t hen

t o

ot her

Buyer’s Expenses as allow ed by t he lender .

 

 

 

 

 

 

 

 

 

 

 

 

( 2) Expenses

payable by

Buyer

( Buyer 's Expenses) : Appr aisal

fees;

 

loan applicat ion

fees;

adj ust ed originat ion charges;

credit report s; preparat ion

of

loan

docum ent s;

int erest on

t he not es

from dat e

of disbursem ent t o one

m ont h

prior t o

 

dat es

of first m ont hly

paym ent s;

recording

fees;

copies of

easem ent s

and rest rict ions;

loan

t it le

policy

w it h

endorsem ent s required by

lender; loan - relat ed inspect ion

fees;

phot os;

am ort izat ion

schedules;

one- half of escrow fee; all prepaid it em s, including required prem ium s for flood

and hazard insurance, reserve deposit s for insurance, ad valorem t axes and special

governm ent al

assessm ent s;

 

final

com pliance inspect ion;

courier

fee;

repair inspect ion;

underw rit ing

fee; w ire t ransfer

fee;

expenses incident

t o

any

loan;

Privat e

Mort gage

I nsurance

Prem ium ( PMI ) ,

VA Loan

Funding Fee, or FHA Mort gage I nsurance

Prem ium

( MI P) as required by t he lender; and ot her expenses payable by Buyer under t his cont ract . B. I f any expense exceeds an am ount expressly st at ed in t his cont ract for such expense t o be paid by a part y, t hat part y m ay t erm inat e t his cont ract unless t he ot her part y agrees t o pay such excess. Buyer m ay not pay charges and fees expressly prohibit ed by FHA, VA, Texas Vet erans

Land Board or ot her governm ent al loan program regulat ions.

1 3 . PRORATI ON S AN D ROLLBACK TAX ES:

A. PRORATI ONS: Taxes for t he cur rent year , m aint enance fees, assessm ent s, dues and r ent s w ill be prorat ed t hrough t he Closing Dat e. The t ax prorat ion m ay be calculat ed t aking int o considerat ion any change in exem pt ions t hat w ill affect t he cur r ent year 's t axes. I f t axes for t he

current year vary from t he am ount prorat ed at

closing, t he

part ies shall adj ust

t he prorat ions

w hen t ax st at em ent s for t he current year are

available. I f

t axes are not paid

at or prior t o

closing, Buyer w ill be obligat ed t o pay t axes for t he cur r ent year .

 

B. ROLLBACK TAXES: I f Seller’s change in

use of t he Propert y prior t o closing or denial of a special

use valuat ion on t he Propert y result s in

addit ional t axes, penalt ies or int er est ( Assessm ent s) for

periods prior t o closing, t he Assessm ent s w ill be t he obligat ion of Seller . Obligat ions im posed by t his paragraph w ill survive closing.

1 4 . CASUALTY LOSS: I f any part of t he Propert y is dam aged or dest royed by fire or ot her casualt y aft er t he effect ive dat e of t his cont ract , Seller shall rest ore t he Propert y t o it s previous condit ion as

soon as reasonably possible, but in any

event

by t he Closing Dat e. I f Seller fails t o do so due

t o fact ors beyond Seller’s cont rol, Buyer

m ay ( a)

t erm inat e t his cont ract and t he earnest m oney

w ill be refunded t o Buyer ( b) ext end t he t im e for perform ance up t o 45 days and t he Closing Dat e w ill be ext ended as necessary or ( c) accept t he Propert y in it s dam aged condit ion w it h an assignm ent of insurance proceeds and receive credit from Seller at closing in t he am ount of t he deduct ible under t he insurance policy . Seller ’s obligat ions under t his paragraph are independent of any ot her obligat ions of Seller under t his cont ract .

1 5 . D EFAULT: I f Buyer fails t o com ply w it h t his cont ract , Buyer w ill be in default , and Seller m ay ( a)

enforce specific perform ance, seek such

ot her relief as m ay be provided

by law , or bot h, or ( b)

t erm inat e t his cont ract and receive t he earnest m oney

as liquidat ed dam ages,

t hereby releasing

bot h part ies from t his cont ract . I f Seller

fails t o com ply

w it h t his cont ract

Seller

w ill be in default

and Buyer m ay ( a) enforce specific perform ance, seek such ot her relief as m ay be provided by law ,

or bot h, or ( b)

t erm inat e t his

cont r act and

r eceive t he earnest

m oney, t hereby releasing bot h

part ies from t his cont ract .

 

 

 

1 6 . M ED I ATI ON : I t

is t he policy

of t he St at e of

Texas t o encourage

resolut ion of disput es t hrough

alt ernat ive disput e resolut ion procedures such as m ediat ion . Subj ect t o applicable law , any disput e bet w een Seller and Buyer r elat ed t o t his cont ract w hich is not resolved t hrough inform al discussion

w ill w ill not be subm it t ed t o a m ut ually accept able m ediat ion service or provider . The part ies t o t he m ediat ion shall bear t he m ediat ion cost s equally . This paragraph does not preclude a part y from seeking equit able relief from a cour t of com pet ent j ur isdict ion .

1 7 . ATTORN EY' S FEES: A Buyer, Seller, List ing Broker, Ot her Broker, or escrow agent w ho prevails in any legal proceeding relat ed t o t his cont ract is ent it led t o recover reasonable at t orney’s fees and all cost s of such proceeding.

1 8 . ESCROW :

A. ESCROW: The escr ow agent is not ( i) a par t y t o t his cont ract and does not have liabilit y for t he perform ance or nonperform ance of any part y t o t his cont ract , ( ii) liable for int erest on t he

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

Page 6 of 9 12-05-2011

 

( Addr ess of Pr oper t y )

 

 

earnest m oney and ( iii) liable for t he loss of any earnest m oney caused by t he failure of any

financial inst it ut ion in w hich t he earnest m oney has been deposit ed

unless t he financial

inst it ut ion is act ing as escrow agent .

 

 

B. EXPENSES: At closing, t he earnest m oney m ust be applied first t o any cash dow n paym ent ,

t hen t o Buyer's Expenses and any excess refunded t o Buyer . I f no closing occurs, escrow

agent m ay: ( i) r equire a w r it t en r elease of liabilit y of t he escr ow agent

fr om all par t ies, ( ii)

require paym ent of unpaid expenses incurred on behalf of a part y, and ( iii) only deduct from t he earnest m oney t he am ount of unpaid expenses incurred on behalf of t he part y receiving t he earnest m oney .

C.DEMAND: Upon t erm inat ion of t his cont ract , eit her part y or t he escrow agent m ay send a release of earnest m oney t o each part y and t he part ies shall ex ecut e count erpart s of t he

release and deliver sam e t o t he escrow agent . I f eit her part y fails t o execut e t he release, eit her par t y m ay m ake a w r it t en dem and t o t he escrow agent for t he earnest m oney . I f only one part y m akes w rit t en dem and for t he earnest m oney, escrow agent shall prom pt ly provide a copy of t he dem and t o t he ot her part y . I f escrow agent does not receive w rit t en obj ect ion t o t he dem and from t he ot her part y w it hin 15 days, escrow agent m ay disbur se t he earnest m oney t o t he part y m aking dem and reduced by t he am ount of unpaid expenses incurred on behalf of t he part y receiving t he earnest m oney and escrow agent m ay pay t he sam e t o t he credit ors. I f escrow agent com plies w it h t he pr ovisions of t his par agr aph, each part y hereby releases escrow agent from all adverse claim s relat ed t o t he disbursal of t he earnest m oney .

D.DAMAGES: Any part y w ho w rongfully fails or refuses t o sign a release accept able t o t he escrow agent w it hin 7 days of receipt of t he request w ill be liable t o t he ot her part y for liquidat ed dam ages in an am ount equal t o t he sum of: ( i) t hree t im es t he am ount of t he

earnest m oney; ( ii) t he earnest m oney; ( iii) reasonable at t orney's fees; and ( iv) all cost s of suit .

E. NOTI CES: Escrow agent 's not ices w ill be effect ive w hen sent in com pliance w it h Paragraph 21 . Not ice of obj ect ion t o t he dem and w ill be deem ed effect ive upon receipt by escrow agent .

1 9

. REPRESEN TATI ON S: All covenant s,

represent at ions and w arrant ies in t his cont ract survive

 

closing. I f any represent at ion of Seller in t his cont ract is unt rue on t he Closing Dat e, Seller w ill

 

be in default .

Unless expressly prohibit ed by w rit t en agreem ent , Seller

m ay cont inue t o show

 

t he Propert y and receive, negot iat e and accept back up offers.

 

 

2 0

. FED ERAL TAX REQUI REM EN TS: I f Seller is a " foreign person,” as defined by applicable law, or

 

if Seller fails t o deliver an affidavit t o Buyer t hat Seller is not a " foreign person,” t hen Buyer shall

 

w it hhold from

t he sales proceeds an am ount sufficient t o com ply w it h

applicable t ax law and

 

deliver t he sam e t o t he I nt ernal Revenue Service t oget her w it h appropr iat e t ax for m s. I nt er nal

 

Revenue Service regulat ions require

filing w rit t en

report s if currency

in

excess of specified

 

am ount s is received in t he t ransact ion .

 

 

 

 

2 1

. N OTI CES: All

not ices from one part y

t o t he ot her

m ust be in w rit ing

and

are effect ive w hen

m ailed t o, hand- deliver ed at , or t ransm it t ed by facsim ile or elect ronic t ransm ission as follow s:

To Bu y e r a t :

To Se lle r a t :

Telephone:

(

)

Facsim ile:

(

)

Telephone:

(

)

Facsim ile:

(

)

E- m ail:

 

E- m ail:

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

 

 

Page 7 of 9

12-05-2011

 

 

( Addr ess of Pr oper t y )

 

 

 

2 2 . AGREEM EN T OF PARTI ES:

This cont ract

cont ains t he ent ire agr eem ent

of t he part ies and

cannot be changed except by

t heir w rit t en

agreem ent . Addenda w hich

are a part

of t his

cont ract are ( check all applicable boxes) :

Third Party Financing Addendum for Credit Approval

Seller Financing Addendum

Addendum for Pr oper t y Subj ect t o Mandat ory Mem bership in a Propert y Ow ners Associat ion

Buyer’s Tem porary Resident ial Lease

Loan Assum pt ion Addendum

Addendum for Sale of Ot her Pr oper t y by Buyer

Addendum for Reser vat ion of Oil, Gas and Ot her Minerals

Addendum for " Back - Up" Cont r act

Addendum for Coast al Area Pr oper t y

Environm ent al Assessm ent , Threat ened or Endangered Species and Wet lands Addendum

Seller’s Tem por ary Resident ial Lease

Shor t Sale Addendum

Addendum for Propert y Locat ed Seaw ard of t he Gulf I nt racoast al Wat erw ay

Ot her ( list ) :

2 3 . TERM I N ATI ON OPTI ON : For nom inal consider at ion, t he receipt

of which is hereby

acknow ledged by Seller , and Buyer's agreem ent t o pay Seller $

 

 

( Opt ion Fee)

w it hin 2 days aft er t he effect ive dat e of t his cont ract , Seller grant s Buyer t he unrest rict ed right t o

t er m inat e t his cont r act by giving not ice of t er m inat ion t o Seller w it hin

 

days aft er t he

effect ive dat e of t his cont ract ( Opt ion Period) . I f no dollar am ount is st at ed as t he Opt ion Fee or

if

Buyer fails t o pay t he Opt ion Fee t o Seller w it hin t he t im e prescribed, t his paragraph w ill not be

a

part of t his cont ract and Buyer shall not have t he unrest rict ed right t o t er m inat e t his cont r act .

I f Buyer

gives not ice of

t erm inat ion w it hin t he t im e prescribed, t he Opt ion Fee

w ill not be

refunded;

how ever, any

earnest m oney w ill be refunded t o Buyer . The Opt ion Fee

w ill

w ill

not be credit ed t o t he Sales Price at closing. Tim e is of t h e e sse n ce for t h is pa r a gr a ph

a n d

st r ict com plia n ce w it h t h e t im e for pe r for m a n ce is r e qu ir e d .

 

 

2 4 . CON SULT AN ATTORN EY: TREC rules prohibit real est at e licensees from giving legal advice. READ THI S CONTRACT CAREFULLY. I f you do not under st and t he effect of t his cont r act , consult an at t orney BEFORE signing.

Buyer's

 

Seller's

At t orney is:

 

At t orney is:

Telephone:

(

)

Telephone:

(

)

Facsim ile:

(

)

Facsim ile:

(

)

E- m ail:

 

 

 

E- m ail:

 

 

 

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 23 - 12

Cont r act Concer ning

 

Page 8 of 9 12-05-2011

 

( Addr ess of Pr oper t y )

EX ECUTED t h e

 

da y of

 

, 2 0

 

( EFFECTI V E D ATE) .

( BROKER: FI LL I N TH E D ATE OF FI N AL ACCEPTAN CE. )

 

 

 

This cont ract is subj ect t o Chapt er 27 of t he Texas Proper t y Code. The pr ovisions of t hat

chapt er m ay

affect your

right t o recover

dam ages arising from a const ruct ion defect .

I f

y ou h av e

a com plain t

con cer n in g

a

const r uct ion defect and t hat defect has not

been correct ed as

m ay be required by

law or

by cont ract , you

m ust provide t he

not ice

required by Chapt er 27 of t he Texas Propert y Code t o t he cont ract or by cert ified m ail, ret urn r eceipt r equest ed, not lat er t han t he 60t h day

before t he

dat e

you

file

suit

t o

recover

dam ages in

a

court

of

law

or

init iat e

arbit rat ion .

The

not ice

m ust

refer

t o

Chapt er

27of t he Texas Proper t y Code and m ust describe t he const ruct ion defect . I f r equest ed

by t he cont ract or, you

m ust provide

t he

cont ract or an opport unit y

t o inspect

and cure

t he defect as provided by Sect ion

27. 004

of

t he Texas Propert y Code.

 

 

 

Buyer

Buyer

Seller

Seller

The for m of t his cont r act has been appr oved by t he Texas Real Est at e Com m ission. TREC for m s ar e int ended for use only by t r ained r eal est at e licensees. No r epr esent at ion is m ade as t o t he legal validit y or adequacy of any pr ovision in any spe- cific t r ansact ions. I t is not int ended for com plex t r ansact ions. Texas Real Est at e Com m ission, P. O. Box 12188, Aust in, TX 78711 - 2188, ( 512) 936 - 3000 ( ht t p: / / w w w . t r ec. t exas. gov ) TREC NO. 23 - 12 . This for m r eplaces TREC NO. 23 - 11 .

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 23 - 12

 

 

 

Cont r act Concer ning

 

Page 9 of 9 12-05-2011

 

( Addr ess of Pr oper t y )

BROKER I N FORM ATI ON

Ot her Br ok er Fir m

 

License No.

r epr esent s

Buyer only as Buy er ’s agent

 

 

Seller as List ing Br oker ’s subagent

 

 

Licensed Super v isor of Associat e

Telephone

 

 

 

Associat e

 

Telephone

 

 

Ot her Br ok er 's Addr ess

Facsim ile

 

 

 

Cit y

St at e

Zip

Associat e Em ail Address

List ing Br oker Fir m

License No.

r epr esent s

Seller and Buy er as an int er m ediar y

 

Seller only as Seller ’s agent

 

 

 

Licensed Super v isor of Associat e

Telephone

 

 

 

List ing Associat e

 

Telephone

 

 

List ing Br oker ’s Office Addr ess

Facsim ile

 

 

 

Cit y

St at e

Zip

 

 

List ing Associat e’s Em ail Addr ess

 

 

 

 

Selling Associat e

 

Telephone

 

 

Selling Associat e’s Office Addr ess

Facsim ile

 

 

 

Cit y

St at e

Zip

Selling Associat e’s Em ail Addr ess

List ing Broker has agreed t o pay Ot her Brokerof t he t ot al sales price w hen t he List ing Broker’s

fee is received. Escrow agent is aut horized and direct ed t o pay ot her Broker from List ing Broker’s fee at closing.

 

 

OPTI ON FEE RECEI PT

 

Receipt of $

 

( Opt ion Fee) in t he for m of

 

is acknow ledged.

 

 

 

 

Seller or List ing Broker

 

Dat e

 

 

 

 

CON TRACT AN D EARN EST M ON EY RECEI PT

 

 

 

Receipt of Cont r act and $

 

Earnest Money in t he form of

 

 

 

is acknow ledged.

 

 

 

 

 

 

 

 

 

 

Escr ow Agent :

 

 

 

 

 

Dat e:

 

 

 

 

By:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Em ail Addr ess

 

 

 

 

 

 

 

 

 

 

Telephone (

)

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Facsim ile: (

 

)

 

 

 

 

 

 

 

 

 

Cit y

St at e

Zip

 

 

 

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 23 - 12

 

 

 

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