In navigating the complexities of real estate transactions, parties often encounter situations that require adjustments and special provisions to address unique circumstances. One such provision is encapsulated in the TREC No. 10-6 form, promulgated by the Texas Real Estate Commission (TREC). This particular addendum plays a crucial role in transactions where the purchase of a property is contingent upon the buyer selling their existing property. It outlines conditions that must be met for the transaction to proceed, including deadlines for the sale of the buyer's current property and the procedure should these conditions not be met, leading to the contract's termination. Furthermore, it details the steps required if the seller receives another offer or if the buyer decides to waive the contingency, emphasizing the importance of time and clear communication between parties. Specifically designed for real estate professionals, this form ensures that both buyers and sellers have a mutual understanding of the contingency's implications, providing a structured path for handling such situations, which, if not properly managed, could lead to complications. The form underscores the Texas Real Estate Commission's commitment to ensuring fair, orderly, and efficient real estate transactions, albeit with the stipulation that its usage is restricted to trained real estate licensees, signifying its specialized nature. The TREC No. 10-6 form, therefore, stands as a testament to the adaptive framework of real estate practices, accommodating the diverse needs of buyers and sellers in the dynamic Texas real estate market.
| Question | Answer |
|---|---|
| Form Name | Trec No 10 6 Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | trec addendum form, addendum sale property buyer, tx buyer form, addendum sale property |
PROMULGATED BY THE TEXAS REAL ESTATE COMMI SSI ON ( TREC)
AD D EN D U M FOR
SALE OF OTH ER PROPERTY BY BU YER
TO CON TRACT CON CERN I N G TH E PROPERTY AT
( Addr ess of Pr oper t y )
12 - 05 - 11
EQU AL H OU SI N G OPPORT U N I T Y
A. The cont r act is cont ingent upon Buy er 's r e ce ip t |
of |
t h e p r oce e d s fr om t he sale of Buy er 's pr oper t y |
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( Addr ess) on or befor e |
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, 20 |
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( t he Cont ingency ) . I f t he |
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Cont ingency is not sat isfied or w aiv ed by Buy er |
by t he abov e |
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dat e, |
t he cont r act |
w ill t er m inat e |
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aut om at ically and t he ear nest m oney w ill be r efunded t o Buy er . |
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NOTI CE: The dat e inser t ed in |
t his Par agr aph should be no lat er |
t han t he Closing Dat e specified in |
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Par agr aph 9 of t he cont r act . |
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B. I f Seller accept s a w r it t en offer t o sell t he Pr oper t y , Seller shall not ify Buy er ( 1) of such accept ance |
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AN D ( 2) t hat Seller r equir es Buy er t o w aiv e t he |
Cont ingency . Buy er m ust w aiv e t he |
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Cont ingency |
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on or before t he |
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day aft er Seller 's not ice t o Buy er ; |
ot h er w ise t he cont r act w ill |
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t er m inat e aut om at ically and t he ear nest m oney w ill be r efunded t o Buy er . |
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C. Buy er m ay w aiv e t he Cont ingency only by not ify ing Seller of t he w aiv er and deposit ing $ |
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w it h escr ow agent as addit ional ear nest m oney . |
All not ices and w aiv er s m ust be in w r it ing and ar e |
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effect iv e w hen deliv er ed in accor dance w it h t he cont r act . |
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D . I f Buy er w aiv es |
t he Cont ingency and fails t o close and |
fund |
solely due t o Buy er 's |
non - r eceipt |
of |
pr oceeds fr om Buy er 's pr oper t y descr ibed in Par agr aph |
A abov e, Buy er w ill be in default . I f such |
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default occur s, Seller m ay ex er cise t he r em edies specified in Par agr aph 15 of t he cont r act . |
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E. For pur poses |
of t his Addendum t im e is of t he essence; |
st r ict com pliance w it h |
t he t im es |
for |
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per for m ance st at ed her ein is r equir ed. |
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Buy er |
Seller |
Buy er |
Seller |
This for m has been appr ov ed by t he Tex as Real Est at e Com m ission for use w it h sim ilar ly appr ov ed or
pr om ulgat ed |
cont r act |
for m s. Such appr ov al r elat es t o t his for m |
only . TREC for m s ar e int ended |
for |
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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 v alidit y |
or |
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adequacy |
of |
any pr ov ision in any |
specific |
t r ansact ions. I t |
is not |
suit able for |
com plex t r ansact ions. |
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Tex as Real |
Est at e Com m ission, P. O. Box |
12188, Aust in, |
TX 78711 - 2 188, |
512 - 936 - 3000 ( ht t p: / / |
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w w w . t r ex . t ex as. gov ) |
TREC No. 10 - 6 . This for m r eplaces TREC No. 10 - 5 . |
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TREC No. 10 - 6