Property contracts are an important part of the home-buying process. However, there can be some ambiguity in the language used in these contracts. This can lead to disagreements between buyers and sellers down the road. A new form called the Unimproved Property Contract Form is looking to eliminate some of this ambiguity by providing more clarity on the terms of sale. This form was created by a team of legal professionals who saw a need for a clearer property contract. It is hoped that this form will help to streamline the buying process and prevent any future misunderstandings between buyers and sellers. Anyone considering purchasing property should take a look at this new form and see if it could benefit them during negotiations.
Below is the details in regards to the form you were looking for to fill out. It can show you just how long it will need to complete unimproved property contract, exactly what fields you will need to fill in, and so forth.
Question | Answer |
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Form Name | Unimproved Property Contract |
Form Length | 8 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 2 min |
Other names | commercial contract unimproved land sale, unimproved commercial property contract texas, property contract tar form, texas unimproved property |
Cont r act Concer ning |
PROMULGATED BY THE TEXAS REAL ESTATE COMMI SSI ON (PageTREC)1 of 8 12 - 05 - 2011 |
( Addr ess of Pr oper t y )
EQU AL H OU SI N G OPPORT U N I T Y
UN I M PROV ED PROPERTY CON TRACT
NOTI CE: Not For Use For Condom inium Transact ions
1 |
. PARTI ES: The part ies t o t his cont r act ar e |
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( Seller ) |
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and |
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( Buyer) . |
Seller agrees |
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t o sell and convey t o Buyer and Buyer agrees t o buy fr om Seller t he Proper t y defined below . |
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2 |
. PROPERTY: Lot |
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, Block |
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Addit ion, Cit y of |
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, Count y of |
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, |
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Texas, know n as |
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( address/ zip code) , or as described on at t ached |
exhibit t oget her |
wit h |
all right s, |
privileges and |
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appurt enances pert aining t heret o, including |
but |
not lim it ed t o: |
w at er |
right s, claim s, per m it s, |
st r ips and gor es, easem ent s, and cooper at ive or associat ion m em berships ( 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 |
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applicable boxes below ) |
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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 |
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$ |
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( excluding any loan funding fee or m or t gage insurance pr em ium ) . |
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( 1) Propert y Approval: |
I f |
t he Propert y does not sat isfy t he lenders' underw rit ing |
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requirem ent s for t he |
loan( s) ( including, but not lim it ed t o |
appraisal, |
insurabilit y and |
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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) Credit 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 Par t y Financing Addendum for Cr edit Appr oval.
( 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
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not es described in t he at t ached TREC Loan Assum pt ion Addendum . |
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C. SELLER FI NANCI NG: A prom issory not e from |
Buyer t o Seller of $ |
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secur ed by vendor 's and |
deed of t rust liens, and cont aining t he |
t er m s |
and condit ions |
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descr ibed in t he at t ached |
TREC Seller Financing Addendum . I f an |
ow ner |
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policy of |
t it le |
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insurance is furnished, Buyer shall furnish Seller w it h a m ort gagee policy of t it le insurance. |
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5 . EARN EST M ON EY: Upon execut ion of cont r act by all par t ies, Buyer shall deposit $ |
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as earnest m oney w it h |
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as |
escr ow |
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ag en t , |
at |
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( addr ess) . Buyer shall deposit |
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addit ional earnest m oney of $ |
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w it h escrow agent w it hin |
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days aft er t he |
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effect ive dat e of t his cont ract . |
I f Buyer fails t o deposit t he earnest |
m oney as r equired by |
t his |
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cont ract , Buyer w ill be in default . |
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6 . TI TLE POLI CY AN D SURV EY: |
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A. TI TLE POLI CY: Seller shall furnish t o Buyer at |
Seller’s Buyer’s expense an ow ner’s policy |
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of t it le insurance ( Tit le Policy) issued by |
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( 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
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Buyer in w rit ing. |
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( 6) |
The st andard print ed except ion as t o m arit al right s. |
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( 7) |
The st andard print ed except ion as t o w at ers, |
t idelands, beaches, st ream s, and relat ed |
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m at t ers. |
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( 8) |
The st andard print ed except ion as t o discrepancies, conflict s, short ages in area or |
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boundary lines, encroachm ent s or |
prot rusions, |
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or overlapping im provem ent s. Buyer, at |
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Buyer’s expense, m ay have t he except ion am ended t o read, " short ages in area" . |
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I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page 2 of 8 |
12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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B. COMMI TMENT: |
Wit hin 20 days aft er t he Tit le Com pany receives a copy of t his cont ract , Seller |
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shall fur nish t o Buyer a com m it m ent for t it le insurance ( Com m it m ent ) and, at Buyer's expense, |
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legible copies of rest rict ive covenant s and docum ent s evidencing except ions in t he Com m it m ent |
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( Except ion Docum ent s) ot her t han t he st andard print ed except ions. |
Seller aut hor izes t he Tit le |
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Com pany |
t o deliver t he Com m it m ent and |
Except ion Docum ent s t o |
Buyer at |
Buyer 's address |
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shown in Par agr aph 21 . |
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I f t he |
Com m it m ent and Except ion Docum ent s ar e |
not |
deliver ed t o |
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Buyer w it hin t he specified |
t im e, |
t he t im e for deliver y w ill |
be aut om at ically ext ended up |
t o 15 |
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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 |
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Com m it m ent and Except ion Docum ent s ar e not delivered w it hin t he t im e required, Buyer m ay |
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t erm inat e t his cont ract and t he earnest m oney w ill be refunded t o Buyer . |
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C. SURVEY: |
The sur vey m ust be m ade by a regist ered professional land surveyor accept able t o |
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t he Tit le Com pany and Buyer ’s lender ( s) . ( Check one box only) |
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( 1) Wit hin |
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days aft er t he effect ive dat e of t his cont ract , Seller shall furnish t o Buyer |
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and Tit le |
Com pany |
Seller's exist ing survey of t he Propert y and |
a |
Resident ial |
Real |
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Propert y |
Affidavit |
prom ulgat ed by t he Texas Depart m ent |
of I nsurance ( T- 47 |
Affidavit ) . |
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I f |
Se lle r |
fa ils |
t o |
fu r n ish t h e |
e x ist in g su r v e y or |
a ffida v it |
w it h in |
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t h e |
t im e |
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pr e scr ibe d, Bu y e r sh a ll obt a in a n e w su r v e y a t Se lle r ' s e x pe n se n o la t e r t h a n 3 |
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da y s pr ior |
t o Closin g D a t e . I f t he exist ing survey or affidavit is not accept able t o Tit le |
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Com pany or Buyer's lender( s) , Buyer shall obt ain a new survey at |
Seller's |
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Buyer's |
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expense no lat er t han 3 days prior t o Closing Dat e. |
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( 2) Wit hin |
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days aft er t he effect ive dat e of t his cont ract , Buyer |
shall obt ain a new |
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survey at Buyer's expense. Buyer is deem ed t o receive t he survey on t he dat e of act ual |
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receipt or t he dat e specified in t his paragraph, w hichever is earlier . |
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( 3) Wit hin |
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days aft er |
t he effect ive dat e of t his cont ract , |
Seller, |
at |
Seller's expense |
shall furnish a new survey t o Buyer .
D. OBJECTI ONS: Buyer m ay obj ect in w r it ing t o ( i) defect s, except ions, or encum brances t o t it le: disclosed on t he survey ot her t han it em s 6A( 1) t hrough ( 7) above; or disclosed in t he Com m it m ent ot her t han it em s 6A( 1) t hrough ( 8) above; ( ii) any port ion of t he Propert y lying in
a special flood hazard area ( Zone V or A) as show n on |
t he |
current Federal Em ergency |
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Managem ent Agency m ap; or ( iii) any except ions w hich prohibit t he follow ing use or |
act ivit y: |
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Buyer m ust obj ect t he earlier of ( i) t he Closing Dat e or ( ii) |
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days aft er Buyer r eceives t he |
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Com m it m ent , Except ion Docum ent s, and t he sur vey . Buyer ’s failur e t o obj ect |
wit hin |
t he t im e |
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allow ed w ill const it ut e a w aiver of Buyer ’s r ight |
t o obj ect ; |
except t hat t he |
r equirem ent s in |
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Schedule C of t he Com m it m ent are not w aived. |
Provided Seller |
is not obligat ed t o incur |
any |
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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 ar e not cur ed w it hin such 15 day per iod, t his cont r act 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: Br oker advises Buyer t o have an abst ract of t it le cover ing t he Propert y exam ined by an at t orney of Buyer ’s select ion, or Buyer 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
review ed by an at t orney of Buyer’s choice due t o t he t im e lim it at ions on |
Buyer’s right t o |
obj ect . |
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( 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 resident ial com m unit y
ident ified in Paragraph 2 |
in which t he Proper t 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 |
governing |
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 r ecor ded in t he Real Propert y Recor ds of t he count y in w hich t he Proper t 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 |
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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 |
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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
gover ns t he est ablishm ent , m aint enance, or oper at ion of a |
subdivision, |
including, |
but |
not |
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lim it ed t o, rest rict ions, bylaw s, rules |
and regulat ions, and a resale |
cert ificat e |
from a |
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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 frequency of regular assessm ent s and t he st yle and cause num ber of law suit s t o which t he propert y owners' 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 you by t he pr opert y owner s' associat ion or t he associat ion's agent on your request .
I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page 3 of 8 12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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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 |
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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 |
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sh ou ld be u se d . |
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( 3) |
STATUTORY TAX DI STRI CTS: I f |
t he |
Propert y |
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sit uat ed |
in |
a ut ilit y |
or ot her |
st at ut orily |
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creat ed dist rict providing w at er, sew er, drainage, or flood cont rol |
facilit ies and services, |
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Chapt er 49, |
Texas Wat er |
Code, requires Seller t o deliver |
and Buyer t o sign t he st at ut ory |
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not ice relat ing t o t he t ax rat e, bonded indebt edness, or st andby fee of t he dist rict prior t o |
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final execut ion of t his cont r act . |
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( 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, |
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Texas Nat ural Resources Code, requires a not ice regarding coast al area propert y t o be |
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included in |
t he |
cont r act . |
An addendum cont aining |
t he |
not ice prom ulgat ed by |
TREC or |
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required by t he part ies m ust be used. |
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( 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 |
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Buyer under §5 . 011, Texas Propert y Code, t hat t he Propert y m ay now or lat er be included |
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in t he |
ext rat er r it or ial j ur isdict ion |
of |
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m unicipalit y and m ay now |
or |
lat er be |
subj ect |
t o |
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annexat ion |
by |
t he m unicipalit y . |
Each |
m unicipalit y |
m aint ains a |
m ap t hat |
depict s |
it s |
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boundar ies and ext r at er r it or ial j ur isdict ion . To det er m ine if |
t he Pr opert y is locat ed w it hin a |
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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 |
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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 |
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Pr oper t y for furt her infor m at ion . |
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( 6) |
PROPERTY LOCATED I N A CERTI FI CATED SERVI CE AREA OF A UTI LI TY SERVI CE PROVI DER: |
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Not ice required by §13. 257, Wat er Code: The real propert y, described in Paragraph 2, t hat |
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you are about t o purchase m ay be |
locat ed in |
a cert ificat ed |
w at er |
or sew er service area, |
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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 |
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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 |
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or charges t hat you w ill be required t o pay before you can receive w at er or sew er service. |
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There m ay be a period required |
t o |
const ruct |
lines or ot her |
facilit ies necessary |
t o |
provide |
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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 |
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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 |
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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 |
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t o your pr oper t y . The under signed Buyer hereby acknow ledges receipt of t he foregoing |
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not ice at or before t he execut ion of a binding cont r act for t he pur chase of t he real propert y |
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described in Paragraph 2 or at closing of purchase of t he real propert y . |
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( 7) |
PUBLI C I MPROVEMENT DI STRI CTS: |
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I f |
t he Propert y |
is in a public im provem ent |
dist rict , |
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§5 . 014, Propert y Code, requires Seller t o not ify Buyer as follow s: As a purchaser of t his |
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parcel of real propert y you are obligat ed t o pay an assessm ent t o a m unicipalit y or count y |
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for an im provem ent proj ect undert aken by a public im provem ent dist rict under Chapt er 372, |
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Local |
Governm ent Code. The assessm ent m ay be due annually or in periodic inst allm ent s. |
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Mor e |
infor m at ion concer ning t he |
am ount of |
t he |
assessm ent and |
t he due dat es of t hat |
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assessm ent m ay be obt ained from t he m unicipalit y or count y levying t he assessm ent . The |
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am ount of t he assessm ent s is subj ect t o change. Your failur e t o pay t he assessm ent s could |
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r esult in a lien on and t he for eclosure of your proper t y . |
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( 8) |
TEXAS AGRI CULTURAL DEVELOPMENT DI STRI CT: The Propert y |
is |
is not locat ed in a |
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Texas |
Agricult ural Developm ent |
Dist r ict . For |
addit ional |
infor m at ion, |
cont act |
t he Texas |
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Depar t m ent of Agr icult ure. |
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( 9) |
TRANSFER FEES: I f t he Propert y |
is |
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subj ect t o a |
privat e |
t ransfer |
fee |
obligat ion, |
§5 . 205, |
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Propert y Code requires Seller t o not ify Buyer as follow s: The privat e t ransfer fee obligat ion |
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m ay be governed by Chapt er 5, Subchapt er G of t he Texas Propert y Code. |
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7 . PROPERTY CON D I TI ON : |
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A. ACCESS, I NSPECTI ONS AND UTI LI TI ES: |
Seller shall perm it Buyer and Buyer’s agent s access |
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t o |
t he Propert y at |
reasonable t im es. Buyer m ay have |
t he Propert y inspect ed by |
inspect ors |
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select ed by Buyer and licensed by TREC or ot herw ise perm it t ed by law t o m ake inspect ions. |
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Seller at |
Seller's expense shall im m ediat ely cause exist ing ut ilit ies t o be t urned on and shall |
keep t he ut ilit ies on during t he t im e t his cont ract is in effect .
N OTI CE: Buyer should det erm ine t he availabilit y of ut ilit ies t o t he Propert y suit able t o sat isfy Buyer’s needs.
B.ACCEPTANCE OF PROPERTY CONDI TI ON: ( Check one box only)
( 1) Buyer accept s t he Propert y in it s present condit ion .
( 2) Buyer accept s t he Propert y in it s present condit ion provided Seller, at Seller’s expense,
shall com plet e t he follow ing specific repairs and t reat m ent s:
. ( Do not inser t
general phrases, such as “ subj ect t o inspect ions,” t hat do not ident ify specific repairs. ) NOTI CE TO BUYER AND SELLER: Buyer’s agreem ent t o accept t he Pr oper t y in it s pr esent condit ion under Paragraph 7B ( 1) or ( 2) does not preclude Buyer from inspect ing t he Pr oper t y under Paragraph 7A, from negot iat ing repairs or t r eat m ent s in a subsequent am endm ent , or from t erm inat ing t his cont ract during t he Opt ion Period, if any .
C. COMPLETI ON OF REPAI RS: Unless ot herw ise agreed in w rit ing, Seller shall com plet e all agreed
repairs prior t o t he Closing Dat e. All required perm it s m ust |
be obt ained, and repairs m ust be |
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perform ed by persons w ho are licensed or ot herw ise perm it t ed by law t o provide such repairs. |
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At Buyer’s elect ion, any t ransferable w arrant ies r eceived by |
Seller w it h r espect t o t he r epairs |
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I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page |
4 of 8 12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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w ill be t ransferred t o Buyer |
at Buyer’s expense. I f Seller |
fails t o com plet e any |
agreed repairs |
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pr ior t o t he Closing Dat e, |
Buyer m ay exercise rem edies |
under Paragraph 15 |
or ext end t he |
Closing Dat e up t o 15 days, if necessary, for Seller t o com plet e repairs.
D. ENVI RONMENTAL MATTERS: Buyer is advised t hat t he presence of wet 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 |
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t hreat ened or endangered species or it s |
habit at m ay affect Buyer’s |
int ended use of |
t he |
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Propert y . I f Buyer is concerned about t hese m at t ers, an addendum |
pr om ulgat ed by TREC or |
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required by t he part ies should be used. |
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E. SELLER’S |
DI SCLOSURES: |
Except |
as |
ot herw ise disclosed |
in t his |
cont ract , Seller has |
no |
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know ledge of t he follow ing: |
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( 1) |
any flooding of t he Propert y; |
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( 2) |
any pending or t hreat ened lit igat ion, condem nat ion, or |
special |
assessm ent affect ing |
t he |
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Pr oper t y; |
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( 3) any environm ent al hazards or condit ions 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 Proper t y .
8 . BROKERS' FEES: All obligat ions of t he part ies for paym ent of brokers’ fees are cont ained in separat e w rit t en agreem ent s.
9 . CLOSI N G: |
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A. The closing of t he sale w ill be on or before |
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, 20 |
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, or w it hin 7 days |
aft er obj ect ions m ade under Paragraph 6D have been cured or w aived, whichever dat e is lat er |
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( 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 |
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part y m ay exercise t he rem edies cont ained in Paragraph 15 . |
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B. At closing: |
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( 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
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t ax st at em ent s or cert ificat es show ing no delinquent t axes on t he Propert y . |
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( 2) |
Buyer shall pay t he Sales Price in good funds accept able t o t he escrow agent . |
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( 3) |
Seller and Buyer shall execut e and deliver any not ices, st at em ent s, cert ificat es, affidavit s, |
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releases, loan |
docum ent s and ot her docum ent s reasonably required for t he closing of t he |
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sale and t he issuance of t he Tit le Policy . |
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( 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 |
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be sat isfied out of t he sales proceeds unless securing t he paym ent of any loans assum ed by |
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Buyer and assum ed loans w ill not be in default . |
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( 5) |
I f t he Pr opert y |
is subj ect t o a lease, Seller shall ( i) deliver t o |
Buyer t he lease( s) and t he |
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m ove- in condit ion form |
signed by t he t enant , if any, and ( ii) t ransfer securit y |
deposit s ( as |
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defined under |
§92 . 102, |
Propert y Code) , |
if any, t o Buyer . I n |
such an event , |
Buyer shall |
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deliver t o t he |
t enant a |
signed st at em ent |
acknow ledging t hat |
t he Buyer has received t he |
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securit y deposit and is responsible for t he r et ur n of t he secur it y deposit , and specifying t he |
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exact dollar am ount of t he secur it y deposit . |
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1 0 . POSSESSI ON : Seller shall deliver t o Buyer possession of t he Propert y in it s present or required condit ion upon closing and funding.
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 or ot her form has been prom ulgat ed by TREC for m andat ory use. )
1 2 . SETTLEM EN T AN D OTH ER EX PEN SES:
A. The follow ing expenses m ust be paid at or prior t o closing: ( 1) Expenses payable by Seller ( Seller's Expenses) :
( a) Releases of exist ing liens, including prepaym 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 |
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escrow fee; and ot her expenses payable by Seller under t his cont ract . |
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I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page |
5 of 8 |
12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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( b) Seller shall also pay an am ount not t o exceed $ |
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t o be applied in t he |
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follow ing order: Buyer’s Expenses which Buyer is prohibit ed from paying by FHA, VA, |
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Texas Vet erans Land Board or ot her governm ent al loan program s, and |
t hen |
t o |
ot her |
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Buyer’s Expenses as allow ed by t he lender . |
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( 2) Expenses payable by Buyer ( Buyer 's Expenses) : Appraisal fees; |
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loan |
applicat ion |
fees; |
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adj ust ed originat ion charges; credit report s; preparat ion |
of loan |
docum ent s; int erest on |
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t he not es |
fr om dat e |
of disbur sem ent t o one |
m ont h |
pr ior t o |
dat es |
of |
fir st |
m ont hly |
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paym ent s; |
recording |
fees; |
copies of |
easem ent s |
and rest rict ions; |
loan |
t it le policy |
w it h |
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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; |
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underw rit ing |
fee; w ire t ransfer fee; |
expenses incident |
t o any |
loan; |
Privat e |
Mort gage |
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I nsurance Prem ium ( PMI ) , VA Loan |
Funding |
Fee, or FHA Mort gage I nsurance |
Prem ium |
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( MI P) as required by t he lender; and ot her expenses payable by Buyer under t his cont ract . |
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B. I f any expense exceeds an am ount expressly st at ed in t his cont ract |
for such expense t o be |
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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 |
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such excess. |
Buyer m ay not pay charges and fees expressly prohibit ed by FHA, VA, Texas |
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Vet erans Land Board or ot her governm ent al loan program regulat ions. |
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1 3 . PRORATI ON S AN D ROLLBACK TAX ES: |
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A. PRORATI ONS: |
Taxes for t he cur r ent year, int erest , m aint enance fees, assessm ent s, dues and |
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rent 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 |
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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 |
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for t he current year vary from t he am ount prorat ed at closing, |
t he part ies shall |
adj ust t he |
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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 |
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prior t o closing, Buyer shall pay t axes for t he current year . |
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B. ROLLBACK TAXES: I f t his sale or Buyer’s use |
of t he Propert y aft er closing result s in t he |
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assessm ent of addit ional t axes, penalt ies or int erest ( Assessm ent s) for periods prior t o closing, |
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t he Assessm ent s w ill be t he obligat ion of Buyer . I f Seller’s change in use of t he Propert y prior |
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t o closing or denial of a special use valuat ion |
on t he Propert y |
claim ed |
by Seller |
result s in |
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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 r efunded t o Buyer ( b) ext end t he t im e for perform ance up t o 15 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 perfor m 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 |
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law , or bot h, or ( b) |
t erm inat e t his cont ract and receive t he earnest m oney, t hereby |
releasing |
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bot h part ies fr om t his cont r act . |
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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 |
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alt ernat ive disput e resolut ion |
procedures |
such as m ediat ion . Any disput e bet ween Seller and |
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Buyer relat ed t o t his cont ract |
which 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 court of com pet ent j urisdict 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 r ecover reasonable at t orney’s fees and all cost s of such proceeding.
1 8 . ESCROW : |
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A. |
ESCROW: |
The escrow agent is not ( i) a part y t o t his cont r act and does not have liabilit y for |
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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 |
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earnest m oney and ( iii) liable for t he loss of any earnest m oney caused by t he failure of any |
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financial inst it ut ion in w hich t he earnest m oney has been deposit ed unless t he financial |
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inst it ut ion is act ing as escrow agent . |
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B. |
EXPENSES: |
At closing, t he earnest m oney m ust be applied first t o any cash dow n paym ent , |
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t hen t o Buyer's Expenses and any excess refunded t o Buyer . I f no closing occurs, escrow |
I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page 6 of 8 12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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agent m ay: ( i) require a w rit t en release |
of liabilit y |
of t he |
escrow agent from all part ies, ( ii) |
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require paym ent of unpaid expenses incurred on behalf of a part y, and ( iii) only deduct fr om |
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t he earnest m oney t he am ount of unpaid expenses incurred on behalf of t he part y receiving |
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t he earnest m oney . |
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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 |
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release |
of |
earnest |
m oney |
t o |
each part y |
and |
t he |
part ies |
shall execut e count erpart s of t he |
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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 part y m ay m ake a w rit 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 par t y w it hin 15 days, escrow agent m ay disburse t he earnest m oney t o t he part y m aking dem and reduced by t he am ount of unpaid expenses incur red 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 provisions of t his paragraph, 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 par t y w ho w r ongfully fails or refuses t o sign a r elease accept able t o t he escr ow agent w it hin 7 days of r eceipt of t he r equest w ill be liable t o t he ot her par t 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 |
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suit . |
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E. NOTI CES: |
Escr ow agent 's not ices w ill be effect iv e 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 r act 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 : |
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To Se lle r a t : |
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Telephone: |
( |
) |
Facsim ile: |
( |
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Telephone: |
( |
) |
Facsim ile: |
( |
) |
E- m ail: |
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E- m ail: |
2 2 . AGREEM EN T OF PARTI ES: This cont ract cont ains t he ent ire agreem 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 |
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cont ract are ( check all applicable boxes) : |
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Third Party Financing Addendum for Credit |
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Addendum for " Back - Up" Cont r act |
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Approval |
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Seller Financing Addendum |
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Addendum for Coast al Area Pr oper t y |
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Addendum for Pr oper t y Subj ect t o |
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Environm ent al Assessm ent , Threat ened |
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Mandat ory Mem bership in a Propert y |
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or Endangered Species and Wet lands |
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Ow ner s Associat ion |
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Addendum |
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Buyer’s Tem porary Resident ial Lease |
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Addendum for Propert y Locat ed Seaw ard |
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of t he Gulf I nt racoast al Wat erw ay |
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Seller’s Tem por ary Resident ial Lease |
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Addendum for Sale of Ot her Pr oper t y by |
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Buyer |
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Addendum for Reser vat ion of Oil, Gas |
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Ot her ( list ) : |
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and Ot her Minerals |
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I nit ialed for ident ificat ion by Buyer |
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and Seller |
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TREC NO. 9- 10 |
Cont r act Concer ning |
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Page 7 of 8 |
12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
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2 3 . TERM I N ATI ON OPTI ON : For nom inal considerat ion, t he receipt |
of w hich |
is hereby |
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acknow ledged by Seller , and Buyer's agreem ent t o pay Seller $ |
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( 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 hindays 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 erm inat e t his cont ract .
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t erm inat ion w it hin t he t im e prescribed, t he Opt ion Fee |
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earnest m oney w ill be refunded t o Buyer . The Opt ion Fee |
w ill |
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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 |
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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 . |
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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 underst and t he effect of t his cont r act , consult an at t orney BEFORE signing.
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At t orney is: |
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At t orney is: |
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Facsim ile: |
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E- m ail: |
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E- m ail: |
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EX ECUTED t h e |
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da y of |
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( EFFECTI V E D ATE) . |
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( BROKER: FI LL I N TH E D ATE OF FI N AL ACCEPTAN CE. ) |
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Buyer |
Seller |
Buyer |
Seller |
The for m of t his cont r act has been approved by t he Texas Real Est at e Com m ission . TREC for m s are int ended for use only by t r ained real est at e licensees. No represent at ion is m ade as t o t he legal validit y or adequacy of any pr ovision in any specific t ransact ions. I t is not int ended for com plex t ransact 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 rec. t exas. gov) TREC NO. 9 - 10 . This form replaces TREC NO. 9 - 9 .
I nit ialed for ident ificat ion by Buyer |
and Seller |
TREC NO. 9- 10 |
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Cont r act Concer ning |
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Page 8 of 8 12 - 05 - 2011 |
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( Addr ess of Pr oper t y ) |
BROKER I N FORM ATI ON
Ot her Br ok er Fir m |
License No. |
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r epr esent s |
Buyer only as Buyer ’s agent |
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Seller as List ing Br oker ’s subagent |
List ing Br oker Fir m |
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r epr esent s |
Seller and Buy er as an int er m ediar y |
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Seller only as Seller ’s agent |
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Licensed Super v isor of Associat e |
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Licensed Super v isor of List ing Associat e |
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Associat e |
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List ing Associat e |
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Ot her Br ok er 's Addr ess |
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List ing Br oker ’s Office Addr ess |
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Associat e Em ail Address |
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List ing Associat e’s Em ail Addr ess |
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Selling Associat e |
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Selling Associat e’s Em ail Addr ess |
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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.
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OPTI ON FEE RECEI PT |
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Receipt of $ |
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( Opt ion Fee) in t he for m of |
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is acknow ledged. |
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CON TRACT AN D EARN EST M ON EY RECEI PT |
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Ear nest Money in t he form of |
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Escr ow Agent : |
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I nit ialed for ident ificat ion by Buyer |
and Seller |
TREC NO. 9- 10 |
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