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
(TAR-1604) 2-13-06
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
Page 2 of 9
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
Page 3 of 9
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
Page 4 of 9
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:
E-mail:
To Seller at:
(TAR-1604) 2-13-06
Page 6 of 9
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:
E-mail:
Facsimile:
(TAR-1604) 2-13-06
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
Buyer
Seller
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
City State Zip
Facsimile
Email Address
Email Address
Selling Associate Telephone
Selling Associate’s Office Address Facsimile
City State Zip
Email Address
(TAR-1604) 2-13-06
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