Fill - Free fillable NEW HOME CONTRACT PROMULGATED BY THE TEXAS REAL PDF form

TREC NO. 24-6

Contract Concerning Page of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

EQUAL HOUSING

OPPORTUNITY

PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)

NEW HOME CONTRACT

(Completed Construction)

NOTICE: Not For Use For Condominium Transactions or Closings Prior to Completion of Construction

1. PARTIES: (Seller) agrees to

sell and convey to

(Buyer) and

Buyer agrees to buy from Seller the Property described below.

2. PROPERTY: Lot

,Block ,

Addition, City of

,County of ,

Texas, known as

(address/zip code), or as described on attached exhibit, together with: (i) improvements,

fixtures and all other property located thereon; and (ii) all rights, privileges and appurtenances

thereto, including but not limited to: permits, easements, and cooperative and association

memberships. All property sold by this contract is called the “Property”.

3. SALES PRICE:

A. Cash portion of Sales Price payable by Buyer at closing ..................$

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

fee or mortgage insurance premium)...........................................$

C. Sales Price (Sum of A and B)......................................................$

4. FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check

applicable boxes below)

 A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of

(excluding any loan funding fee or mortgage insurance premium).

(1) Property Approval: If the Property does not satisfy the lenders' underwriting

requirements for the loan(s), this contract will terminate and the earnest money will be

refunded to Buyer.

(2) Financing Approval: (Check one box only)

 (a) This contract is subject to Buyer being approved for the financing described in the

attached Third Party Financing Condition Addendum.

 (b) This contract is not subject to Buyer being approved for financing and does not

involve FHA or VA financing.

 B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory

notes described in the attached TREC Loan Assumption Addendum.

 C. SELLER FINANCING: A promissory note from Buyer to Seller of $ ,

secured by vendor's and deed of trust liens, and containing the terms and conditions

described in the attached TREC Seller Financing Addendum. If an owner policy of title

insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance.

5. EARNEST MONEY: Upon execution of this contract by both parties, Buyer shall deposit

as earnest money with ,

as escrow agent, at

(address). Buyer shall deposit additional earnest money of $

with escrow

agent within

days after the effective date of this contract. If Buyer fails to deposit the

earnest money as required by this contract, Buyer will be in default.

6. TITLE POLICY AND SURVEY:

A.TITLE POLICY: Seller shall furnish to Buyer at

Seller’s Buyer’s expense an owner policy of

title insurance (Title Policy) issued by

(Title Company) in the amount of the Sales Price,

dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy,

subject to the promulgated exclusions (including existing building and zoning ordinances) and

the following exceptions:

(1) Restrictive covenants common to the platted subdivision in which the Property is located.

(2) The standard printed exception for standby fees, taxes and assessments.

(3) Liens created as part of the financing described in Paragraph 4.

(4) Utility easements created by the dedication deed or plat of the subdivision in which the

Property is located.

(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by

Buyer in writing.

(6) The standard printed exception as to marital rights.

(7) The standard printed exception as to waters, tidelands, beaches, streams, and related

matters.

(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary

lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer’s expense,

may have the exception amended to read, "shortages in area".

B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract,

Seller shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's

expense, legible copies of restrictive covenants and documents evidencing exceptions in the

Commitment (Exception Documents) other than the standard printed exceptions. Seller

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Page 1 of 9

TREC NO. 24-6

Contract Concerning Page 2 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer

at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are

not delivered to Buyer within the specified time, the time for delivery will be automatically

extended up to 15 days or the Closing Date, whichever is earlier.

C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to

the Title Company and any lender. (Check one box only)

 (1) Within days after the effective date of this contract, Seller shall furnish to

Buyer and Title Company Seller's existing survey of the Property and a Residential Real

Property Affidavit promulgated by the Texas Department of Insurance (Affidavit). If

the existing survey or Affidavit is not acceptable to Title Company or Buyer's lender,

Buyer shall obtain a new survey at

 Seller's  Buyer's expense no later than 3 days

prior to Closing Date. If Seller fails to furnish the existing survey or Affidavit within the

time prescribed, Buyer shall obtain a new survey at Seller's expense no later than 3

days prior to Closing Date.

 (2) Within days after the effective date of this contract, Buyer shall obtain a new

survey at Buyer's expense. Buyer is deemed to receive the survey on the date of

actual receipt or the date specified in this paragraph, whichever is earlier.

 (3) Within days after the effective date of this contract, Seller, at Seller's expense

shall furnish a new survey to Buyer.

D. OBJECTIONS: Buyer may object in writing to defects, exceptions, or encumbrances to title:

disclosed on the survey other than items 6A(1) through (7) above; disclosed in the

Commitment other than items 6A(1) through (8) above; or which prohibit the following use or

activity:

Buyer must object not later than (i) the Closing Date or (ii)

days after Buyer receives

the Commitment, Exception Documents, and the survey, whichever is earlier. Buyer’s failure

to object within the time allowed will constitute a waiver of Buyer’s right to object; except

that the requirements in Schedule C of the Commitment are not waived. Provided Seller is

not obligated to incur any expense, Seller shall cure the timely objections of Buyer or any

third party lender within 15 days after Seller receives the objections and the Closing Date will

be extended as necessary. If objections are not cured within such 15 day period, this

contract will terminate and the earnest money will be refunded to Buyer unless Buyer waives

the objections.

E. TITLE NOTICES:

(1) ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering

the Property examined by an attorney of Buyer’s selection, or Buyer should be furnished

with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be

promptly reviewed by an attorney of Buyer’s choice due to the time limitations on Buyer’s

right to object.

(2) MANDATORY OWNERS' ASSOCIATION MEMBERSHIP: The Property

 is  is not subject

to mandatory membership in an owners' association. If the Property is subject to

mandatory membership in an owners' association, Seller notifies Buyer under §5.012,

Texas Property Code, that, as a purchaser of property in the residential community in

which the Property is located, you are obligated to be a member of the owners'

association. Restrictive covenants governing the use and occupancy of the Property and a

dedicatory instrument governing the establishment, maintenance, and operation of

this residential community have been or will be recorded in the Real Property Records of

the county in which the Property is located. Copies of the restrictive covenants and

dedicatory instrument may be obtained from the county clerk. You are obligated to pay

assessments to the owners' association. The amount of the assessments is subject to

change. Your failure to pay the assessments could result in a lien on and the foreclosure of

the Property. If Buyer is concerned about these matters, the TREC promulgated

Addendum for Property Subject to Mandatory Membership in an Owner's Association

should be used.

(3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily

created district providing water, sewer, drainage, or flood control facilities and services,

Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory

notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to

final execution of this contract.

(4) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135,

Texas Natural Resources Code, requires a notice regarding coastal area property to be

included in the contract. An addendum containing the notice promulgated by TREC or

required by the parties must be used.

(5) ANNEXATION: If the Property is located outside the limits of a municipality, Seller notifies

Buyer under §5.011, Texas Property Code, that the Property may now or later be included

in the extraterritorial jurisdiction of a municipality and may now or later be subject to

annexation by the municipality. Each municipality maintains a map that depicts its

boundaries and extraterritorial jurisdiction. To determine if the Property is located within a

municipality’s extraterritorial jurisdiction or is likely to be located within a municipality’s

extraterritorial jurisdiction, contact all municipalities located in the general proximity of the

(TAR-1604) 2-13-06

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TREC NO. 24-6

Contract Concerning Page 3 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

Property for further information.

(6) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE

PROVIDER: Notice required by §13.257, Water Code: The real property, described in

Paragraph 2, that you are about to purchase may be located in a certificated water or

sewer service area, which is authorized by law to provide water or sewer service to the

properties in the certificated area. If your property is located in a certificated area there

may be special costs or charges that you will be required to pay before you can receive

water or sewer service. There may be a period required to construct lines or other

facilities necessary to provide water or sewer service to your property. You are advised to

determine if the property is in a certificated area and contact the utility service provider

to determine the cost that you will be required to pay and the period, if any, that is

required to provide water or sewer service to your property. The undersigned Buyer

hereby acknowledges receipt of the foregoing notice at or before the execution of a

binding contract for the purchase of the real property described in Paragraph 2 or at

closing of purchase of the real property.

(7) PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district,

§5.014, Property Code, requires Seller to notify Buyer as follows: As a purchaser of this

parcel of real property you are obligated to pay an assessment to a municipality or

county for an improvement project undertaken by a public improvement district under

Chapter 372, Local Government Code. The assessment may be due annually or in

periodic installments. More information concerning the amount of the assessment and the

due dates of that assessment may be obtained from the municipality or county levying

the assessment. The amount of the assessments is subject to change. Your failure to

pay the assessments could result in a lien on and the foreclosure of your property.

7. PROPERTY CONDITION:

A. ACCESS,INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer’s agents access

to the Property at reasonable times. Buyer may have the Property inspected by inspectors

selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections.

Seller shall pay for turning on existing utilities for inspections.

B. ACCEPTANCE OF PROPERTY CONDITION: Buyer accepts the Property in its present condition;

provided Seller, at Seller’s expense, shall complete the following specific repairs and

treatments; and make the following improvements: _

C. WARRANTIES: Except as expressly set forth in this contract, a separate writing, or provided

by law, Seller makes no other express warranties. Seller shall assign to Buyer at closing all

assignable manufacturer warranties.

D. INSULATION: As required by Federal Trade Commission Regulations, the information

relating to the insulation installed or to be installed in the Improvements at the Property is:

(check only one box below)

 (1) as shown in the attached specifications.

 (2) as follows:

a) Exterior walls of improved living areas: insulated with

insulation to a thickness of

inches which yields an R-Value of .

b) Walls in other areas of the home: insulated with

insulation to a thickness of

inches which yields an R-Value of .

c) Ceilings in improved living areas: insulated with

insulation to a thickness of

inches which yields an R-Value of .

d) Floors of improved living areas not applied to a slab foundation: insulated with

insulation to a thickness of

inches which yields an R-Value of .

e) Other insulated areas:insulated with

insulation to

a thickness of

inches which yields an R-Value of .

All stated R-Values are based on information provided by the manufacturer of the insulation.

E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither

party is obligated to pay for lender required repairs, which includes treatment for wood

destroying insects. If the parties do not agree to pay for the lender required repairs or

treatments, this contract will terminate and the earnest money will be refunded to Buyer. If

the cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may

terminate this contract and the earnest money will be refunded to Buyer.

F. COMPLETION OF REPAIRS, TREATMENTS, AND IMPROVEMENTS: Unless otherwise agreed in

writing, Seller shall complete all agreed repairs, treatments, and improvements (Work) prior

to the Closing Date. All required permits must be obtained, and Work must be performed by

persons who are licensed or otherwise authorized by law to provide such Work. At Buyer’s

election, any transferable warranties received by Seller with respect to the Work will be

transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed Work prior to

the Closing Date, Buyer may do so and receive reimbursement from Seller at closing. The

Closing Date will be extended up to 15 days, if necessary, to complete Work.

(TAR-1604) 2-13-06

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TREC NO. 24-6

Contract Concerning Page 4 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,

including asbestos and wastes or other environmental hazards or the presence of a

threatened or endangered species or its habitat may affect Buyer’s intended use of the

Property. If Buyer is concerned about these matters, an addendum promulgated by TREC or

required by the parties should be used.

H. SELLER’S DISCLOSURE: Except as otherwise disclosed in this contract, Seller has no

knowledge of the following:

(1) any flooding of the Property which has had a material adverse effect on the use of the

Property;

(2) any pending or threatened litigation, condemnation, or special assessment affecting the

Property;

(3) any environmental hazards or conditions materially affecting the Property;

(4) any dumpsite, landfill, or underground tanks or containers now or previously located on the

Property;

(5) any wetlands, as defined by federal or state law or regulation, affecting the Property; or

(6) any threatened or endangered species or their habitat affecting the Property.

I. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract from a

residential service company licensed by TREC. If Buyer purchases a residential service

contract, Seller shall reimburse Buyer at closing for the cost of the residential service contract

in an amount not exceeding $

. Buyer should review any residential

service contract for the scope of coverage, exclusions and limitations. The purchase

of a residential service contract is optional. Similar coverage may be purchased from

various companies authorized to do business in Texas.

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

written agreements.

9. CLOSING:

A. The closing of the sale will be on or before , 20 , or within 7 days

after objections made under Paragraph 6D have been cured or waived, whichever date is later

(Closing Date). If either party fails to close the sale by the Closing Date, the non-defaulting

party may exercise the remedies contained in Paragraph 15.

B. At closing:

(1)Seller shall execute and deliver a general warranty deed conveying title to the Property to

Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish

tax statements or certificates showing no delinquent taxes on the Property.

(2)Buyer shall pay the Sales Price in good funds acceptable to the escrow agent.

(3)Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits,

releases, loan documents and other documents required of them by this contract, the

Commitment or law necessary for the closing of the sale and the issuance of the Title

Policy.

C. Unless expressly prohibited by written agreement, Seller may continue to show the Property

and receive, negotiate and accept back up offers.

D. All covenants, representations and warranties in this contract survive closing.

10. POSSESSION: Seller shall deliver to Buyer possession of the Property in its present or required

condition, ordinary wear and tear excepted:

 upon closing and funding  according to a temporary

residential lease form promulgated by TREC or other written lease required by the parties. Any

possession by Buyer prior to closing or by Seller after closing which is not authorized by a written

lease will establish a tenancy at sufferance relationship between the parties. Consult your

insurance agent prior to change of ownership and possession because insurance coverage

may be limited or terminated. The absence of a written lease or appropriate insurance

coverage may expose the parties to economic loss.

11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the

sale. TREC rules prohibit licensees from adding factual statements or business details for which a

contract addendum, lease or other form has been promulgated by TREC for mandatory use.)

(TAR-1604) 2-13-06

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TREC NO. 24-6

Contract Concerning Page 5 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

12. SETTLEMENT AND OTHER EXPENSES:

A. The following expenses must be paid at or prior to closing:

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

(a)Releases of existing liens, including prepayment penalties and recording fees; release of

Seller’s loan liability; tax statements or certificates; preparation of deed; one-half of

escrow fee; and other expenses payable by Seller under this contract.

(b)Seller shall also pay an amount not to exceed $

to be applied in the

following order: Buyer’s Expenses which Buyer is prohibited from paying by FHA, VA,

Texas Veterans Housing Assistance Program or other governmental loan programs, and

then to other Buyer’s Expenses as allowed by the lender.

(2) Expenses payable by Buyer (Buyer's Expenses):

(a) Loan origination, discount, buy-down, and commitment fees (Loan Fees).

(b) Appraisal fees; loan application fees; credit reports; preparation of loan documents;

interest on the notes from date of disbursement to one month prior to dates

of first monthly payments; recording fees; copies of easements and restrictions;

mortgagee title policy with endorsements required by lender; loan-related inspection

fees; photos; amortization schedules; one-half of escrow fee; all prepaid items,

including required premiums for flood and hazard insurance, reserve deposits for

insurance, ad valorem taxes and special governmental assessments; final compliance

inspection; courier fee; repair inspection; underwriting fee; wire transfer fee; expenses

incident to any loan; and other expenses payable by Buyer under this contract.

B. Buyer shall pay Private Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA

Mortgage Insurance Premium (MIP) as required by the lender.

C. If any expense exceeds an amount expressly stated in this contract for such expense to be

paid by a party, that party may terminate this contract unless the other party agrees to pay

such excess. Buyer may not pay charges and fees expressly prohibited by FHA, VA, Texas

Veterans Housing Assistance Program or other governmental loan program regulations.

13. PRORATIONS AND ROLLBACK TAXES:

A. PRORATIONS: Taxes for the current year, maintenance fees, assessments, dues and rents

will be prorated through the Closing Date. The tax proration may be calculated taking into

consideration any change in exemptions that will affect the current year's taxes. If taxes for

the current year vary from the amount prorated at closing, the parties shall adjust the

prorations when tax statements for the current year are available. If taxes are not paid at or

prior to closing, Buyer will be obligated to pay taxes for the current year.

B. ROLLBACK TAXES: If Seller’s change in use of the Property prior to closing or denial of a

special use valuation on the Property results in additional taxes, penalties or interest

(Assessments) for periods prior to closing, the Assessments will be the obligation of Seller.

Obligations imposed by this paragraph will survive closing.

14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty

after the effective date of this contract, Seller shall restore the Property to its previous condition

as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do so

due to factors beyond Seller’s control, Buyer may (a) terminate this contract and the earnest

money will be refunded to Buyer (b) extend the time for performance up to 15 days and the

Closing Date will be extended as necessary or (c) accept the Property in its damaged condition

with an assignment of insurance proceeds and receive credit from Seller at closing in the amount

of the deductible under the insurance policy. Seller’s obligations under this paragraph are

independent of any other obligations of Seller under this contract.

15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may (a)

enforce specific performance, seek such other relief as may be provided by law, or both, or (b)

terminate this contract and receive the earnest money as liquidated damages, thereby releasing

both parties from this contract. If, due to factors beyond Seller’s control, Seller fails within the

time allowed to make any non-casualty repairs or deliver the Commitment, or survey, if required

of Seller, Buyer may (a) extend the time for performance up to 15 days and the Closing Date will

be extended as necessary or (b) terminate this contract as the sole remedy and receive the

earnest money. If Seller fails to comply with this contract for any other reason, Seller will be in

default and Buyer may (a) enforce specific performance, seek such other relief as may be

provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby

releasing both parties from this contract.

16. MEDIATION: It is the policy of the State of Texas to encourage resolution of disputes through

alternative dispute resolution procedures such as mediation. Subject to applicable law, any

dispute between Seller and Buyer related to this contract which is not resolved through informal

discussion

will will not be submitted to a mutually acceptable mediation service or provider.

The parties to the mediation shall bear the mediation costs equally. This paragraph does not

preclude a party from seeking equitable relief from a court of competent jurisdiction.

(TAR-1604) 2-13-06

Page 5 of 9

TREC NO. 24-6

Contract Concerning Page 6 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

17. ATTORNEY'S FEES: The prevailing party in any legal proceeding related to this contract is

entitled to recover reasonable attorney’s fees and all costs of such proceeding incurred by the

prevailing party.

18. ESCROW:

A. ESCROW: The escrow agent is not (i) a party to this contract and does not have liability for

the performance or nonperformance of any party to this contract, (ii) liable for interest on the

earnest money and (iii) liable for the loss of any earnest money caused by the failure of any

financial institution in which the earnest money has been deposited unless the financial

institution is acting as escrow agent.

B. EXPENSES: At closing, the earnest money must be applied first to any cash down payment,

then to Buyer's Expenses and any excess refunded to Buyer. If no closing occurs, escrow

agent may require payment of unpaid expenses incurred on behalf of the parties and a

written release of liability of escrow agent from all parties.

C. DEMAND: Upon termination of this contract, either party or the escrow agent may send a

release of earnest money to each party and the parties shall execute counterparts of the

release and deliver same to the escrow agent. If either party fails to execute the release,

either party may make a written demand to the escrow agent for the earnest money. If only

one party makes written demand for the earnest money, escrow agent shall promptly provide

a copy of the demand to the other party. If escrow agent does not receive written objection to

the demand from the other party within 15 days, escrow agent may disburse the earnest

money to the party making demand reduced by the amount of unpaid expenses incurred on

behalf of the party receiving the earnest money and escrow agent may pay the same to the

creditors. If escrow agent complies with the provisions of this paragraph, each party hereby

releases escrow agent from all adverse claims related to the disbursal of the earnest money.

D. DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the

escrow agent within 7 days of receipt of the request will be liable to the other party for

liquidated damages of three times the amount of the earnest money.

E. NOTICES: Escrow agent's notices will be effective when sent in compliance with Paragraph 21.

Notice of objection to the demand will be deemed effective upon receipt by escrow agent.

19. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens,

assessments, or security interests against the Property which will not be satisfied out of the

sales proceeds. If any representation of Seller in this contract is untrue on the Closing Date,

Seller will be in default.

20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign person,” as defined by applicable law, or

if Seller fails to deliver an affidavit to Buyer that Seller is not a "foreign person,” then Buyer shall

withhold from the sales proceeds an amount sufficient to comply with applicable tax law and

deliver the same to the Internal Revenue Service together with appropriate tax forms. Internal

Revenue Service regulations require filing written reports if currency in excess of specified

amounts is received in the transaction.

21. NOTICES: All notices from one party to the other must be in writing and are effective when

mailed to, hand-delivered at, or transmitted by facsimile or electronic transmission as follows:

To Buyer at:

Telephone:

( )

Telephone: ( )

Facsimile:

( )

Facsimile:

( )

E-mail:

To Seller at:

(TAR-1604) 2-13-06

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TREC NO. 24-6

Contract Concerning Page 7 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and

cannot be changed except by their written agreement. Addenda which are a part of this

contract are (check all applicable boxes):



Third Party Financing Condition Addendum



Addendum for "Back-Up" Contract



Seller Financing Addendum



Environmental Assessment, Threatened

or Endangered Species and Wetlands

Addendum



Addendum for Property Subject to

Mandatory Membership in an Owners'

Association



Addendum for Coastal Area Property



Buyer’s Temporary Residential Lease



Addendum for Property Located

Seaward of the Gulf Intracoastal

Waterway



Addendum for Sale of Other Property by

Buyer



Other (list):

23. TERMINATION OPTION: For nominal consideration, the receipt of which is hereby

acknowledged by Seller, and Buyer's agreement to pay Seller $

(Option Fee)

within 2 days after the effective date of this contract, Seller grants Buyer the unrestricted right

to terminate this contract by giving notice of termination to Seller within

days after the

effective date of this contract. If no dollar amount is stated as the Option Fee or if Buyer fails to

pay the Option Fee within the time prescribed, this paragraph will not be a part of this contract

and Buyer shall not have the unrestricted right to terminate this contract. If Buyer gives notice

of termination within the time prescribed, the Option Fee will not be refunded; however, any

earnest money will be refunded to Buyer. The Option Fee

will will not be credited to the

Sales Price at closing. Time is of the essence for this paragraph and strict compliance

with the time for performance is required.

24. CONSULT AN ATTORNEY: Real estate licensees cannot give legal advice. READ THIS

CONTRACT CAREFULLY. If you do not understand the effect of this contract, consult an attorney

BEFORE signing.

Buyer's

Attorney is:

Seller's

Attorney is:

Telephone:

( )

Telephone:

( )

Facsimile:

( )

E-mail:

Facsimile:

(TAR-1604) 2-13-06

Page 7 of 9

TREC NO. 24-6

Contract Concerning Page 8 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

EXECUTED the day of , 20 (EFFECTIVE DATE).

(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)

The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are intended

for use only by trained real estate licensees. No representation is made as to the legal validity or adequacy of

any provision in any specific transactions. It is not intended for complex transactions. Texas Real Estate Com-

mission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or (512) 459-6544 (http://

www.trec.state.tx.us) TREC NO. 24-6. This form replaces TREC NO. 24-5.

This contract is subject to Chapter 27 of the

Texas Property Code. The provisions of that

chapter may affect your right to recover

damages arising from the performance of this

contract. If you have a complaint concerning a

construction defect arising from the

performance of this contract and that defect

has not been corrected through normal

warranty service, you must provide the notice

required by Chapter 27 of the Texas Property

Code to the contractor by certified mail, return

receipt requested, not later than the 60th day

before the date you file suit to recover

damages in a court of law or initiate

arbitration. The notice must refer to Chapter

27 of the Texas Property Code and must

describe the construction defect. If requested

by the contractor, you must provide the

contractor an opportunity to inspect and cure

the defect as provided by Section 27.004 of

the Texas Property Code.

Buyer

Seller

(TAR-1604) 2-13-06

Page 8 of 9

TREC NO. 24-6

Contract Concerning Page 9 of 9 02-13-06

(Address of Property)

Initialed for identification by Buyer and Seller

CONTRACT AND EARNEST MONEY RECEIPT

Receipt of Contract and $ Earnest Money in the form of

is acknowledged.

Escrow Agent:

Date:

By:

Email Address

Telephone ( )

Address

Facsimile: ( )

City State Zip

OPTION FEE RECEIPT

Receipt of $

(Option Fee) in the form of is acknowledged.

Seller or Listing Broker Date

BROKER INFORMATION AND RATIFICATION OF FEE

Listing Broker has agreed to pay Other Broker

of the total sales price

when Listing Broker’s fee is received. Escrow Agent is authorized and directed to pay Other Broker from

Listing Broker’s fee at closing.

Other Broker License No.

Listing Broker License No.

represents

 Buyer only as Buyer’s agent

 Seller as Listing Broker’s subagent

represents  Seller and Buyer as an intermediary

 Seller only as Seller’s agent

Associate Telephone

Listing Associate Telephone

Broker's Address

Listing Associate’s Office Address Facsimile

City State Zip

Facsimile

Email Address

Selling Associate Telephone

Selling Associate’s Office Address Facsimile

City State Zip

Email Address

(TAR-1604) 2-13-06

Page 9 of 9

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NEW HOME CONTRACT PROMULGATED BY THE TEXAS REAL

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