Fillable ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)

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ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)

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Contract Concerning Page of 9
(Address of Property)
EQUAL HOUSING
OPPORTUNITY
11-2-2015
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)
NOTICE: Not For Use For Condominium Transactions
1. PARTIES: The parties to this contract are
(Seller) and (Buyer).
Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined
below.
2. PROPERTY: The land, improvements and accessories are collectively referred to as the “Property”.
A. LAND: Lot Block ,
Addition, City of , County of ,
Texas, known as
(address/zip code), or as described on attached exhibit.
B. IMPROVEMENTS: The house, garage and all other fixtures and improvements attached to the
above-described real property, including without limitation, the following permanently installed
and built-in items, if any: all equipment and appliances, valances, screens, shutters, awnings,
wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television antennas, mounts
and brackets for televisions and speakers, heating and air-conditioning units, security and fire
detection equipment, wiring, plumbing and lighting fixtures, chandeliers, water softener system,
kitchen equipment, garage door openers, cleaning equipment, shrubbery, landscaping, outdoor
cooking equipment, and all other property owned by Seller and attached to the above described
real property.
C. ACCESSORIES: The following described related accessories, if any: window air conditioning units,
stove, fireplace screens, curtains and rods, blinds, window shades, draperies and rods, door keys,
mailbox keys, above ground pool, swimming pool equipment and maintenance accessories,
artificial fireplace logs, and controls for: (i) garage doors, (ii) entry gates, and (iii) other
improvements and accessories.
D. EXCLUSIONS: The following improvements and accessories will
be removed prior to delivery of possession:
be retained by Seller and must
.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer at closing .............................. $
B. Sum of all financing described in the attached:
Third Party Financing Addendum,
Loan Assumption Addendum, Seller Financing Addendum .............. $
C. Sales Price (Sum of A and B) .................................................................. $
4. LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder who is a party to a
transaction or acting on behalf of a spouse, parent, child, business entity in which the license holder
owns more than 10%, or a trust for which the license holder acts as a trustee or of which the license
holder or the license holder’s spouse, parent or child is a beneficiary, to notify the other party in
writing before entering into a contract of sale. Disclose if applicable:
.
5. EARNEST MONEY: Upon execution of this contract by all 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 3.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the Property
is located.
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Contract Concerning Page 2 of 9 11-2-2015
(Address of Property)
(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:
(i) will
not be amended or deleted from the title policy; or (ii) will be amended to read,
"shortages in area" at the expense of
Buyer Seller.
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
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 3 days before the Closing Date, whichever is earlier. If, due to
factors beyond Seller’s control, the Commitment and Exception Documents are not delivered
within the time required, Buyer may terminate this contract and the earnest money will be
refunded to Buyer.
C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to
the Title Company and Buyer’s lender(s). (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 (T-47 Affidavit). 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. If the existing survey or affidavit is not acceptable to Title Company or Buyer's
lender(s), Buyer shall obtain a new survey at
Seller's Buyer'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 the earlier of (i) the Closing Date or (ii) days after Buyer receives
the Commitment, Exception Documents, and the survey. 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 by Buyer. 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) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION(S): The Property
is is not
subject to mandatory membership in a property owners association(s). If the Property is
subject to mandatory membership in a property owners association(s), Seller notifies
Buyer under §5.012, Texas Property Code, that, as a purchaser of property in the
residential community identified in Paragraph 2A in which the Property is located, you are
obligated to be a member of the property owners association(s). Restrictive covenants
governing the use and occupancy of the Property and all dedicatory instruments
governing the establishment, maintenance, or 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 instruments may
be obtained from the county clerk. You are obligated to pay assessments to the
property owners association(s). The amount of the assessments is subject to
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Contract Concerning Page 3 of 9 11-2-2015
(Address of Property)
change. Your failure to pay the assessments could result in enforcement of the
association’s lien on and the foreclosure of the Property.
Section 207.003, Property Code, entitles an owner to receive copies of any document that
governs the establishment, maintenance, or operation of a subdivision, including, but not
limited to, restrictions, bylaws, rules and regulations, and a resale certificate from a
property owners' association. A resale certificate contains information including, but not
limited to, statements specifying the amount and frequency of regular assessments and
the style and cause number of lawsuits to which the property owners' association is a
party, other than lawsuits relating to unpaid ad valorem taxes of an individual member of
the association. These documents must be made available to you by the property owners'
association or the association's agent on your request.
If Buyer is concerned about these matters, the TREC promulgated Addendum for
Property Subject to Mandatory Membership in a Property Owners Association(s)
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 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.
(8) TRANSFER FEES: If the Property is subject to a private transfer fee obligation, §5.205,
Property Code, requires Seller to notify Buyer as follows: The private transfer fee
obligation may be governed by Chapter 5, Subchapter G of the Texas Property Code.
(9) PROPANE GAS SYSTEM SERVICE AREA: If the Property is located in a propane gas
system service area owned by a distribution system retailer, Seller must give Buyer
written notice as required by §141.010, Texas Utilities Code. An addendum containing
the notice approved by TREC or required by the parties should be used.
(10) NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of
water, including a reservoir or lake, constructed and maintained under Chapter 11, Water
Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment’s
normal operating level, Seller hereby notifies Buyer: “The water level of the
impoundment of water adjoining the Property fluctuates for various reasons, including as
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(Address of Property)
a result of: (1) an entity lawfully exercising its right to use the water stored in the
impoundment; or (2) drought or flood conditions.”
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.
Any hydrostatic testing must be separately authorized by Seller in writing. Seller at Seller's
expense shall immediately cause existing utilities to be turned on and shall keep the utilities
on during the time this contract is in effect.
B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice):
(Check one box only)
(1) Buyer has received the Notice.
(2) Buyer has not received the Notice. Within days after the effective date of this
contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,
Buyer may terminate this contract at any time prior to the closing and the earnest money
will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate this contract
for any reason within 7 days after Buyer receives the Notice or prior to the closing,
whichever first occurs, and the earnest money will be refunded to Buyer.
(3)The Seller is not required to furnish the notice under the Texas Property Code.
C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is
required by Federal law for a residential dwelling constructed prior to 1978.
D. ACCEPTANCE OF PROPERTY CONDITION: “As Is” means the present condition of the Property
with any and all defects and without warranty except for the warranties of title and the
warranties in this contract. Buyer’s agreement to accept the Property As Is under Paragraph
7D(1) or (2) does not preclude Buyer from inspecting the Property under Paragraph 7A, from
negotiating repairs or treatments in a subsequent amendment, or from terminating this
contract during the Option Period, if any.
(Check one box only)
(1) Buyer accepts the Property As Is.
(2) Buyer accepts the Property As Is provided Seller, at Seller’s expense, shall complete the
following specific repairs and treatments:
.
(Do not insert general phrases, such as “subject to inspections” that do not identify
specific repairs and treatments.)
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 AND TREATMENTS: Unless otherwise agreed in writing: (i) Seller
shall complete all agreed repairs and treatments prior to the Closing Date; and (ii) all required
permits must be obtained, and repairs and treatments must be performed by persons who are
licensed to provide such repairs or treatments or, if no license is required by law, are
commercially engaged in the trade of providing such repairs or treatments. At Buyer’s
election, any transferable warranties received by Seller with respect to the repairs and
treatments will be transferred to Buyer at Buyer’s expense. If Seller fails to complete any
agreed repairs and treatments prior to the Closing Date, Buyer may exercise remedies under
Paragraph 15 or extend the Closing Date up to 5 days if necessary for Seller to complete the
repairs and treatments.
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. 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.
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Contract Concerning Page 5 of 9 11-2-2015
(Address of Property)
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 reasonably required for the
closing of the sale and the issuance of the Title Policy.
(4) There will be no liens, assessments, or security interests against the Property which will
not be satisfied out of the sales proceeds unless securing the payment of any loans
assumed by Buyer and assumed loans will not be in default.
(5)If the Property is subject to a residential lease, Seller shall transfer security deposits (as
defined under §92.102, Property Code), if any, to Buyer. In such an event, Buyer shall
deliver to the tenant a signed statement acknowledging that the Buyer has acquired the
Property and is responsible for the return of the security deposit, and specifying the
exact dollar amount of the security deposit.
10.
POSSESSION:
A. Buyer’s 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.
B. Leases:
(1)After the Effective Date, Seller may not execute any lease (including but not limited to
mineral leases) or convey any interest in the Property without Buyer’s written consent.
(2) If the Property is subject to any lease to which Seller is a party, Seller shall deliver to
Buyer copies of the lease(s) and any move-in condition form signed by the tenant
within 7 days after the Effective Date of the contract.
11.SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to
the sale. TREC rules prohibit license holders from adding factual statements or business
details for which a contract addendum, lease or other form has been promulgated by TREC for
mandatory use.)
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 Land Board 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): Appraisal fees; loan application fees;
origination charges; 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; loan 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; Private
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(Address of Property)
Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA Mortgage
Insurance Premium (MIP) as required by the lender; and other expenses payable by
Buyer under this contract.
B. 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 Land Board or other governmental loan program regulations.
13. PRORATIONS: Taxes for the current year, interest, 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 shall pay taxes for the current year.
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, if permitted
by Seller’s insurance carrier, 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 Seller fails to comply with this contract, 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. Any dispute between
Seller and Buyer related to this contract which is not resolved through informal discussion
will 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.
17. ATTORNEY'S FEES: A Buyer, Seller, Listing Broker, Other Broker, or escrow agent who
prevails in any legal proceeding related to this contract is entitled to recover reasonable
attorney’s fees and all costs of such proceeding.
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: (i) require a written release of liability of the escrow agent
from all parties, (ii) require payment of unpaid expenses incurred on behalf of a party,
and (iii) only deduct from the earnest money the amount of unpaid expenses incurred on
behalf of the party receiving the earnest money.
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.
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(Address of Property)
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 (i)
damages; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit.
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: All covenants, representations and warranties in this contract survive
closing. If any representation of Seller in this contract is untrue on the Closing Date, Seller
will be in default. Unless expressly prohibited by written agreement, Seller may continue to
show the Property and receive, negotiate and accept back up offers.
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
fax or electronic transmission as follows:
To Buyer
at:
To Seller
at:
Phone:
Fax
:
E-mail:
(
(
)
)
Phone:
Fax:
E-mail:
(
(
)
)
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 Addendum
Seller Financing Addendum

Addendum for Property Subject to

Mandatory Membership in a Property
Owners Association
Buyer’s Temporary Residential Lease

Loan Assumption Addendum

Addendum for Sale of Other Property by

Buyer
Addendum for Reservation of Oil, Gas

and Other Minerals
Addendum for "Back-Up" Contract

Addendum for Coastal Area Property

Environmental Assessment, Threatened or
Endangered Species and Wetlands
Addendum

Seller’s Temporary Residential Lease

Short Sale Addendum

Addendum for Property Located Seaward
of the Gulf Intracoastal Waterway

Addendum for Seller's Disclosure of
Information on Lead-based Paint and Lead-
based Paint Hazards as Required by
Federal Law


Addendum for Property in a Propane Gas
System Service Area
Other (list):
Initialed for identification by Buyer and Seller TREC NO. 20-13
Pierce to Rodgers 7
Initialed for identification by Buyer and Seller
Contract Concerning Page 8 of 9 11-2-2015
(Address of Property)
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 3 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 (Option Period). Notices under this paragraph must be given by
5:00 p.m. (local time where the Property is located) by the date specified. If no dollar amount is
stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller 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 BEFORE SIGNING: TREC rules prohibit real estate license holders
from giving legal advice. READ THIS CONTRACT CAREFULLY.
Buyer's
Attorney is:
Seller's
Attorney is:
Phone:
Fax
:
E-mail:
(
(
)
)
Phone:
Fax
:
E-mail:
(
(
)
)
EXECUTED the day of , 20 (EFFECTIVE DATE).
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
Buyer Seller
Buyer Seller
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
license holders. 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 Commission, P.O. Box 12188, Austin, TX 78711-2188, (512) 936-3000 (http://www.trec.texas.gov) TREC
NO. 20-13. This form replaces TREC NO. 20-12.
TREC NO. 20-13
Pierce to Rodgers 8
click to sign
signature
click to edit
click to sign
signature
click to edit
click to sign
signature
click to edit
click to sign
signature
click to edit
Initialed for identification by Buyer and Seller
Contract Concerning Page 9 of 9 11-2-2015
(Address of Property)
BROKER INFORMATION
(Print name(s) only. Do not sign)
Other Broker Firm License No.
represents
Buyer only as Buyer’s agent
Seller as Listing Broker’s subagent
Associate’s Name License No.
Licensed Supervisor of Associate License No.
Other Broker's Address Fax
City State Zip
Associate’s Email Address Phone
Listing Broker Firm License No.
represents
Seller and Buyer as an intermediary
Seller only as Seller’s agent
Listing Associate’s Name License No.
Licensed Supervisor of Listing Associate License No.
Listing Broker’s Office Address Fax
City State Zip
Listing Associate’s Email Address Phone
Selling Associate’s Name License No.
Licensed Supervisor of Selling Associate License No.
Selling Associate’s Office Address Fax
City State Zip
Selling Associate’s Email Address Phone
Listing Broker has agreed to pay Other Broker of the total sales price when the Listing Broker’s
fee is received. Escrow agent is authorized and directed to pay other Broker from Listing Broker’s fee at closing.
Receipt of $
OPTION FEE RECEIPT
(Option Fee) in the form of is acknowledged.
Seller or Listing Broker Date
CONTRACT AND EARNEST MONEY RECEIPT
Receipt of
Contract and $
is acknowledged.
Earnest Money in the form of
Escrow Agent: Date:
By:
Address
Email Address
Phone: ( )
City State Zip
Fax: ( )
TREC NO. 20-13
Pierce to Rodgers 9
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
12-05-11
SHORT SALE ADDENDUM
EQUAL HOUSING
OPPORTUNITY
ADDENDUM TO CONTRACT CONCERNING THE PROPERTY AT
(Street Address and City)
A. This contract involves a “short sale” of the Property. As used in this Addendum, “short sale” means
that:
(1) Seller’s net proceeds at closing will be insufficient to pay the balance of Seller’s mortgage loan;
and
(2) Seller requires:
(a) the consent of the lienholder to sell the Property pursuant to this contract; and
(b) the lienholder’s agreement to:
(i) accept Seller’s net proceeds in full satisfaction of Seller’s liability under the mortgage loan;
and
(ii) provide Seller an executed release of lien against the Property in a recordable format.
B. As used in this Addendum, “Seller’s net proceeds” means the Sales Price less Seller’s Expenses under
Paragraph 12 of the contract and Seller’s obligation to pay any brokerage fees.
C. The contract to which this Addendum is attached is binding upon execution by the parties and the
earnest money and the Option Fee must be paid as provided in the contract. The contract is contingent
on the satisfaction of Seller’s requirements under Paragraph A(2) of this Addendum (Lienholder’s
Consent and Agreement). Seller shall apply promptly for and make every reasonable effort to obtain
Lienholder’s Consent and Agreement, and shall furnish all information and documents required by the
lienholder. Except as provided by this Addendum, neither party is required to perform under the
contract while it is contingent upon obtaining Lienholder’s Consent and Agreement.
D. If Seller does not notify Buyer that Seller has obtained Lienholder’s Consent and Agreement on or
before , this contract terminates and the
earnest money will be refunded to Buyer. Seller must notify Buyer immediately if Lienholder’s Consent
and Agreement is obtained. For purposes of performance, the effective date of the contract changes to
the date Seller provides Buyer notice of the Lienholder’s Consent and Agreement (Amended Effective
Date).
E. This contract will terminate and the earnest money will be refunded to Buyer if the Lienholder refuses
or withdraws its Consent and Agreement prior to closing and funding. Seller shall promptly notify Buyer
of any lienholder’s refusal to provide or withdrawal of a Lienholder’s Consent and Agreement.
F. If Buyer has the unrestricted right to terminate this contract, the time for giving notice of termination
begins on the effective date of the contract, continues after the Amended Effective Date and ends upon
the expiration of Buyer’s unrestricted right to terminate the contract under Paragraph 23.
G. For the purposes of this Addendum, time is of the essence. Strict compliance with the times for
performance stated in this Addendum is required.
H. Seller authorizes any lienholder to furnish to Buyer or Buyer’s representatives information relating to
the status of the request for a Lienholder’s Consent and Agreement.
I. If there is more than one lienholder or loan secured by the Property, this Addendum applies to each
lienholder.
Buyer Seller
Buyer Seller
The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or
promulgated forms of contracts. Such approval relates to this contract form only. 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 Commission, P.O. Box 12188, Austin, TX 78711-2188, (512) 936-3000 (http://
www.trec.texas.gov) TREC No. 45-1. This form replaces TREC No. 45-0.
TREC NO. 45-1
Pierce to Rodgers 10
11-2-2015
TREC NO. 40-7
EQUAL HOUSING
OPPORTUNITY
(Street Address and City)
A. TYPE OF FINANCING AND DUTY TO APPLY AND OBTAIN APPROVAL: Buyer shall apply
promptly for all financing described below and make every reasonable effort to obtain approval
for the financing, including but not limited to furnishing all information and documents
required by Buyer’s lender. (Check applicable boxes):
1. Conventional Financing:
(a) A first mortgage loan in the principal amount of $ (excluding
any financed PMI premium), due in full in year(s), with interest not to exceed
% per annum for the first year(s) of the loan with Origination Charges as
shown on Buyer’s Loan Estimate for the loan not to exceed % of the loan.
(b) A second mortgage loan in the principal amount of $ (excluding
any financed PMI premium), due in full in year(s), with interest not to exceed
% per annum for the first year(s) of the loan with Origination Charges as
shown on Buyer’s Loan Estimate for the loan not to exceed % of the loan.
2. Texas Veterans Loan: A loan(s) from the Texas Veterans Land Board of $ ______________
for a period in the total amount of years at the interest rate established by the
Texas Veterans Land Board.
3. FHA Insured Financing: A Section FHA insured loan of not less than
$ (excluding any financed MIP), amortizable monthly for not less
than years, with interest not to exceed % per annum for the first
year(s) of the loan with Origination Charges as shown on Buyer’s Loan Estimate for
the loan not to exceed % of the loan.
4. VA Guaranteed Financing: A VA guaranteed loan of not less than $ (excluding
any financed Funding Fee), amortizable monthly for not less than years, with interest
not to exceed % per annum for the first year(s) of the loan with Origination
Charges as shown on Buyer’s Loan Estimate for the loan not to exceed % of the
loan.
5. USDA Guaranteed Financing: A USDA-guaranteed loan of not less than $ ______________
(excluding any financed Funding Fee), amortizable monthly for not less than years,
with interest not to exceed % per annum for the first year(s) of the loan with
Origination Charges as shown on Buyer’s Loan Estimate for the loan not to exceed % of
the loan.
6. Reverse Mortgage Financing: A reverse mortgage loan (also known as a Home Equity
Conversion Mortgage loan) in the original principal amount of $ (excluding
any financed PMI premium or other costs), with interest not to exceed % per annum
for the first year(s) of the loan with Origination Charges as shown on Buyer’s Loan
Estimate for the loan not to exceed % of the loan. The reverse mortgage loan
will will not be an FHA insured loan.
Initialed for identification by Buyer and Seller
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
THIRD PARTY FINANCING ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT
Pierce to Rodgers 11
B. APPROVAL OF FINANCING: Approval for the financing described above will be deemed to have
been obtained when Buyer Approval and Property Approval are obtained.
1. Buyer Approval:
This contract is subject to Buyer obtaining Buyer Approval. If Buyer cannot obtain Buyer
Approval, Buyer may give written notice to Seller within days after the effective
date of this contract and this contract will terminate and the earnest money will be
refunded to Buyer. If Buyer does not terminate the contract under this provision, the
contract shall no longer be subject to the Buyer obtaining Buyer Approval. Buyer
Approval will be deemed to have been obtained when (i) the terms of the loan(s)
described above are available and (ii) lender determines that Buyer has satisfied all of
lender's requirements related to Buyer’s assets, income and credit history.
This contract is not subject to Buyer obtaining Buyer Approval.
2. Property Approval: Property Approval will be deemed to have been obtained when the
Property has satisfied lender’s underwriting requirements for the loan, including but not
limited to appraisal, insurability, and lender required repairs. If Property Approval is not
obtained, Buyer may terminate this contract by giving notice to Seller before closing and the
earnest money will be refunded to Buyer.
3. Time is of the essence for this paragraph and strict compliance with the time for
performance is required.
C. SECURITY: Each note for the financing described above must be secured by vendor’s and deed
of trust liens.
D. FHA/VA REQUIRED PROVISION: If the financing described above involves FHA insured or VA
financing, it is expressly agreed that, notwithstanding any other provision of this contract, the
purchaser (Buyer) shall not be obligated to complete the purchase of the Property described
herein or to incur any penalty by forfeiture of earnest money deposits or otherwise: (i) unless
the Buyer has been given in accordance with HUD/FHA or VA requirements a written statement
issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct
Endorsement Lender setting forth the appraised value of the Property of not less than
$ ; or (ii) if the contract purchase price or cost exceeds the reasonable
value of the Property established by the Department of Veterans Affairs.
(1) The Buyer shall have the privilege and option of proceeding with consummation of the
contract without regard to the amount of the appraised valuation or the reasonable value
established by the Department of Veterans Affairs.
(2) If FHA financing is involved, the appraised valuation is arrived at to determine the
maximum mortgage the Department of Housing and Urban Development will insure. HUD
does not warrant the value or the condition of the Property. The Buyer should satisfy
himself/herself that the price and the condition of the Property are acceptable.
(3) If VA financing is involved and if Buyer elects to complete the purchase at an amount in
excess of the reasonable value established by the VA, Buyer shall pay such excess amount
in cash from a source which Buyer agrees to disclose to the VA and which Buyer represents
will not be from borrowed funds except as approved by VA. If VA reasonable value of the
Property is less than the Sales Prices, Seller may reduce the Sales Price to an amount equal
to the VA reasonable value and the sale will be closed at the lower Sales Price with
proportionate adjustments to the down payment and the loan amount.
E. AUTHORIZATION TO RELEASE INFORMATION:
(1) Buyer authorizes Buyer’s lender to furnish to Seller or Buyer or their representatives
information relating to the status of the approval for the financing.
(2) Seller and Buyer authorize Buyer’s lender, title company, and escrow agent to disclose and
furnish a copy of the closing disclosures provided in relation to the closing of this sale to the
parties’ respective brokers and sales agents identified on the last page of the contract.
Buyer Seller
Buyer Seller
Third Party Financing Addendum Concerning Page 2 of 2
(Address of Property)
This form has been approved by the Texas Real Estate Commission for use with similarly approved or promulgated contract forms. Such
approval relates to this form only. TREC forms are intended for use only by trained real estate license holders. 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
Commission, P.O. Box 12188, Austin, TX 78711-2188, (512) 936-3000 (http://www.trec.texas.gov) TREC No. 40-7. This form replaces
TREC No. 40-6.
TREC NO. 40-7
11-2-2015
Pierce to Rodgers 12
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ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)

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Completed 21 December 2020

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