Unimproved Texas Real Estate Contract Details

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.

QuestionAnswer
Form NameUnimproved Property Contract
Form Length8 pages
Fillable?No
Fillable fields0
Avg. time to fill out2 min
Other namescommercial contract unimproved land sale, unimproved commercial property contract texas, property contract tar form, texas unimproved property

Form Preview Example

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

 

 

 

 

 

 

 

 

 

 

 

 

( 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,

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

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

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

 

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

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 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

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

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

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 .

 

( 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

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

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

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

 

 

 

and Seller

 

 

 

TREC NO. 9- 10

Cont r act Concer ning

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 3 of 8 12 - 05 - 2011

 

 

 

 

 

 

 

( Addr ess of Pr oper t y )

 

 

 

 

 

 

 

 

 

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 rat 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 prom 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 Propert y Code, t hat t he Propert y m ay now or lat er be included

 

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

 

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

 

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

 

Pr oper t y for furt her infor m 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 pr oper t y . The under signed Buyer hereby acknow ledges receipt of t he foregoing

 

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

 

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.

 

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

 

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 failur e t o pay t he assessm ent s could

 

r esult in a lien on and t he for eclosure of your proper t y .

 

 

 

 

 

 

 

( 8)

TEXAS AGRI CULTURAL DEVELOPMENT DI STRI CT: The Propert y

is

is not locat ed in a

 

Texas

Agricult ural Developm ent

Dist r ict . For

addit ional

infor m at ion,

cont act

t he Texas

 

Depar t m ent of Agr icult ure.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

( 9)

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, I NSPECTI ONS AND UTI LI TI ES:

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 perm it t ed by law t o m ake inspect ions.

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

perform ed by persons w ho are licensed or ot herw ise perm it t ed by law t o provide such repairs.

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

I nit ialed for ident ificat ion by Buyer

 

 

 

and Seller

 

 

 

TREC NO. 9- 10

Cont r act Concer ning

 

 

Page

4 of 8 12 - 05 - 2011

 

 

( Addr ess of Pr oper t y )

 

 

 

w ill be t ransferred t o Buyer

at Buyer’s expense. I f Seller

fails t o com plet e any

agreed repairs

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

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

pr om ulgat ed by TREC or

required by t he part ies should be used.

 

 

 

 

 

E. SELLER’S

DI SCLOSURES:

Except

as

ot herw ise disclosed

in t his

cont ract , Seller has

no

know ledge of t he follow ing:

 

 

 

 

 

 

 

( 1)

any flooding 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 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:

 

 

 

 

 

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

 

 

, 20

 

 

, 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

( 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 ent s and ot her docum ent s reasonably required for t he closing of t he

 

sale and t he issuance 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 proceeds unless securing t he paym ent of any loans assum ed by

 

Buyer and assum ed loans w ill not be in default .

 

 

( 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

 

m ove- in condit ion form

signed by t he t enant , if any, and ( ii) t ransfer securit y

deposit s ( as

 

defined under

§92 . 102,

Propert y Code) ,

if any, t o Buyer . I n

such an event ,

Buyer shall

 

deliver t o t he

t enant a

signed st at em ent

acknow ledging t hat

t he Buyer has received t he

 

securit y deposit and is responsible for t he r et ur n of t he secur it y deposit , and specifying t he

 

exact dollar am ount of t he secur it y deposit .

 

 

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

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

 

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

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 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 .

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

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

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 :

 

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,

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

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

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 :

 

To Se lle r a t :

 

 

 

 

 

 

 

 

 

Telephone:

(

)

Facsim ile:

(

)

Telephone:

(

)

Facsim ile:

(

)

E- m ail:

 

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

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)

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 .

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 underst 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:

 

 

 

 

 

 

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

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

 

 

 

Cont r act Concer ning

 

Page 8 of 8 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 Buyer ’s agent

 

 

Seller as List ing Br oker ’s subagent

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

 

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

 

 

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 $

 

 

 

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