Unimproved Property Contract – Fill Out and Use

Cont r act Concer ning

PROMULGATED BY THE TEXAS REAL ESTATE COMMI SSI ON (PageTREC)1 of 8 12 - 05 - 2011

1

. PARTI ES: The part ies t o t his cont r act ar e

( Seller )

and

( Buyer) .

Seller agrees

t o sell and convey t o Buyer and Buyer agrees t o buy fr om Seller t he Proper t y defined below .

2

. PROPERTY: Lot

, Block

,

Addit ion, Cit y of

, Count y of

,

Texas, know n as

( address/ zip code) , or as described on at t ached

exhibit t oget her

wit h

all right s,

privileges and

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,

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 insurance 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

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 rust 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

ow ner

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 cont r act by all par t ies, Buyer shall deposit $

as earnest m oney w it h

,

as

escr ow

ag en t ,

at

( addr ess) . 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 r equired 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’s policy

of t it le insurance ( Tit le Policy) issued by

( T i t l e

( 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

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 st andard print ed except ion as t o discrepancies, conflict s, short ages in area or

boundary lines, encroachm ent s or

prot rusions,

or overlapping im provem ent s. Buyer, at

Buyer’s expense, m ay have t he except ion am ended t o read, " short ages in area" .

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 9- 10

Cont r act Concer ning

Page 2 of 8

12 - 05 - 2011

( Addr ess of Pr oper t y )

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 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,

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 hor izes 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 at

Buyer 's address

shown in Par agr aph 21 .

I f t he

Com m it m ent and Except ion Docum ent s ar e

not

deliver ed t o

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

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 ar e 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 by a regist ered professional land surveyor accept able t o

t he Tit le Com pany and Buyer ’s lender ( s) . ( Check one box only)

( 1) Wit hin

days aft er t he effect ive dat e of t his cont ract , Seller shall furnish t o Buyer

and Tit le

Com pany

Seller's exist ing survey of t he Propert y and

a

Resident ial

Real

Propert y

Affidavit

prom ulgat ed by t he Texas Depart m ent

of I nsurance ( T- 47

Affidavit ) .

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

t h e

t im e

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

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

Com pany or Buyer's lender( s) , Buyer shall obt ain a new survey at

Seller's

Buyer's

expense no lat er t han 3 days prior t o Closing Dat e.

( 2) Wit hin

days aft er t he effect ive dat e of t his cont ract , Buyer

shall obt ain a new

survey at Buyer's expense. 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 .

( 3) Wit hin

days aft er

t he effect ive dat e of t his cont ract ,

Seller,

at

Seller's expense

a special flood hazard area ( Zone V or A) as show n on

t he

current Federal Em ergency

Managem ent Agency m ap; or ( iii) any except ions 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

wit hin

t he t im e

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

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

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

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 .

( 2) MEMBERSHI P I N PROPERTY OWNERS ASSOCI ATI ON( S) : The Propert y is

is not subj ect

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

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

gover ns t he est ablishm ent , m aint enance, or oper at 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

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 9- 10

Cont r act Concer ning

Page

5 of 8

12 - 05 - 2011

( Addr ess of Pr oper t y )

( 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) : Appraisal 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

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

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

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 r ent year, int erest , m aint enance fees, assessm ent s, dues and

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

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 shall pay t axes for t he current year .

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

assessm ent of addit ional t axes, penalt ies or int erest ( Assessm ent s) for periods prior t o closing,

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

t o closing or denial of a special use valuat ion

on t he Propert y

claim ed

by Seller

result s in

Assessm ent s

for

periods prior t o closing, t he Assessm ent s

w ill

be

t he

obligat ion

of Seller .

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 ract and receive t he earnest m oney, t hereby

releasing

bot h part ies fr om t his cont r act .

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 . Any disput e bet ween Seller and

Buyer relat ed t o t his cont ract

which is not

resolved t hrough inform al discussion w ill

w ill not

1 8 . ESCROW :

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

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

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

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 9- 10

Cont r act Concer ning

Page 6 of 8 12 - 05 - 2011

( Addr ess of Pr oper t y )

agent m ay: ( i) require a w rit t en release

of liabilit y

of t he

escrow agent from all part ies, ( ii)

require paym ent of unpaid expenses incurred on behalf of a part y, and ( iii) only deduct fr om

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 execut 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,

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:

Escr ow agent 's not ices w ill be effect iv e w hen sent in com pliance w it h Paragraph

To Bu y e r a t :

To Se lle r a t :

E- m ail:

E- m ail:

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

Addendum for " Back - Up" Cont r act

Approval

Seller Financing Addendum

Addendum for Coast al Area Pr oper t y

Addendum for Pr oper t y Subj ect t o

Environm ent al Assessm ent , Threat ened

Mandat ory Mem bership in a Propert y

or Endangered Species and Wet lands

Ow ner s Associat ion

Addendum

Buyer’s Tem porary Resident ial Lease

Addendum for Propert y Locat ed Seaw ard

of t he Gulf I nt racoast al Wat erw ay

Seller’s Tem por ary Resident ial Lease

Addendum for Sale of Ot her Pr oper t y by

Buyer

Addendum for Reser vat ion of Oil, Gas

Ot her ( list ) :

and Ot her Minerals

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 9- 10

Cont r act Concer ning

Page 7 of 8

12 - 05 - 2011

( Addr ess of Pr oper t y )

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

of w hich

is hereby

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

( Opt ion Fee)

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 .

Buyer's

Seller's

At t orney is:

At t orney is:

Telephone:

(

)

Telephone:

(

)

Facsim ile:

(

)

Facsim ile:

(

)

E- m ail:

E- m ail:

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. )

Buyer

Seller

Buyer

Seller

I nit ialed for ident ificat ion by Buyer

and Seller

TREC NO. 9- 10

Cont r act Concer ning

Page 8 of 8 12 - 05 - 2011

( Addr ess of Pr oper t y )

Licensed Super v isor of Associat e

Telephone

Licensed Super v isor of List ing Associat e

Telephone

Associat e

Telephone

List ing Associat e

Telephone

Ot her Br ok er 's Addr ess

Facsim ile

List ing Br oker ’s Office Addr ess

Facsim ile

Cit y

St at e

Zip

Cit y

St at e

Zip

Associat e Em ail Address

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

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 $

Ear nest 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. 9- 10