Fillable TEXAS REAL ESTATE PURCHASE AGREEMENT (iPropertyManagement)

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TEXAS REAL ESTATE PURCHASE AGREEMENT (iPropertyManagement)

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TEXAS REAL ESTATE PURCHASE AGREEMENT
THIS REAL ESTATE PURCHASE AGREEMENT hereinafter known as the "Agreement"
is entered into this
____ day of ________________, 20____, (“
Effective Date”) by and
between
_____________________ with mailing address at ______________________
____________________________________
hereinafter referred to as the "Seller,"
And
_____________________ with mailing address at ______________________
____________________________________
hereinafter referred to as the "Buyer,"
collectively referred to herein as “the Parties.”
WHEREAS, the Seller owns the Property defined herein and desires to sell the same
to the Buyer under the terms and conditions as set forth herein; and
WHEREAS, the Buyer desires to purchase the Property defined herein from the
Buyer under the terms and conditions set forth herein.
NOW THEREFORE, for and in consideration of the covenants and obligations set
forth in this Agreement and of other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties hereby agree a follows:
1. THE PROPERTY. In accordance with the terms and conditions of this Agreement,
the Seller hereby agrees to sell and convey to the Buyer the Property described
below together with all the Seller’s rights and interests therein including but not
limited to all rights under the soil, and improvements to the Property including all
fixtures and appurtenances not otherwise expressly excluded herein (hereinafter
referred to as the “
Property”):
Location/Address of the Property:
_________________________________________________________
Floor and/Unit Number: _________
Net Floor Area: _________
Legal Description:
______________________________________________________________________
The following items are included in the sale:
________________________________________________
______________________________________________________________________________.
The following items are not included in the sale:
____________________________________________
______________________________________________________________________________.
2. PURCHASE PRICE. The Seller agrees to sell the Property and the Buyer Agrees to
buy the same for the price of $_
____________________ (“
Purchase Price”) and in
accordance with this Agreement and the terms and conditions set forth herein.
3. MANNER OF PAYMENT. The Purchase Price shall be paid as follows:
A. EARNEST MONEY. Upon the agreement of the Parties and the execution of
this Agreement, the Buyer shall make a payment of $
_____________________ as
“
Earnest Money.” The Earnest money shall be paid on or before
___________________. Such Earnest Money shall form part of the Purchase Price.
B. BALANCE. On or before Closing as defined herein, the Buyer shall pay the
balance on the Purchase Price after applying the Earnest Money and crediting
all other applicable amounts in the amount of $
__________________ on or before
the Closing Date.
4. CONTINGENCIES. (Choose and initial all the contingencies the Parties agree to.)
❏ FINANCING CONTINGENCY. The Buyer’s obligations herein are contingent on
the Buyer’s obtaining financing to pay the balance on the Purchase Price. The
Buyer must present to the Seller a binding commitment for financing the
purchase of the Property within
_____ days from the Effective date. The terms
of the financing must be acceptable to and approved by the Buyer who shall
not unreasonably withhold such approval. In the event that the Buyer fails to
obtain financing within the time allotted, this Agreement shall automatically
terminated and all funds paid by the Buyer shall be returned to the Buyer
after deducting all reasonable costs incurred by the Seller in good faith in
relation this Agreement.
❏
PROPERTY SALE CONTINGENCY. The Buyer’s obligations herein shall be
contingent on the Buyer’s successful sale of Buyer’s property located at
__________________________________
___________________________________________________________________
(“
Buyer’s
Property”) and the closing of such sale on or before ____________________. In the
event that the Buyer is not able to sell or close the sale on the Buyer’s Property
within the time allowed, this Agreement shall automatically terminated and
all funds paid by the Buyer shall be returned to the Buyer after deducting all
reasonable costs incurred by the Seller in good faith in relation this
Agreement.
❏ TITLE CONTINGENCY. On or before Closing, the seller shall convey and deliver
the title to the Property to the Buyer free the Property from any and all
encumbrances other than the
following:_
___________________________________________________________________
______________________________________________, and to have the title to the
Property in good and marketable condition.
A. Title Search Report. ☐ Upon execution of this Agreement ☐ Within ______
days of the Effective date, the Seller must deliver to the Buyer a true and
authentic Title Search Report, the cost of which shall be ☐ at the sole
expense of the Seller ☐ at the sole expense of the Buyer ☐ at the expense
of both the Buyer and the Seller, equally. Within ______ days from the
receipt of the Title Search Report, the Buyer must notify the Seller of any
matter contained therein that the Buyer finds unacceptable (“
Notice of
Objections”). Failure to do so shall be deemed conclusively as acceptance
of the title as stated in the Title Search Report. The Seller shall have
________ days after receiving the Notice of Objections to remedy all
problems therein. In the event that the Seller fails to remedy the problems
stated in the Notice of Objections, the Buyer may, in the Buyer’s sole
discretion, accept the Title as it is and proceed with the purchase under
this Agreement, or terminate this Agreement and recover the Earnest
Money, costs incurred in relation to this Agreement and
_____________________________
.
B.
Title Insurance Policy. In all cases, the Seller undertakes to remove any
encumbrance that will materially interfere with the procurement of a title
insurance policy or financing necessary for the purchase of the Property,
whether the same is included in the above enumeration or not. Further,
the Seller undertakes to, in good faith, cooperate with and assist the Buyer
fully in obtaining a title insurance policy. The Seller shall be obligated to
take all legal and reasonably necessary action in order to procure such title
insurance policy but shall not incur any additional liability in relation
thereto. If the title to the Property is not in a condition that is compliant
with the above, if the Seller fails or refuses to comply with the Seller’s
obligations under this section, or if the Parties are unable to obtain a title
insurance policy, the Buyer may, in the Buyer’s sole discretion, accept the
title as it is and proceed with the purchase under this Agreement, or
terminate this Agreement and recover the Earnest Money, costs incurred
in relation to this Agreement and
_____________
____________________________.
❏ INSPECTION CONTINGENCY. The obligations of the Buyer as set forth in this
Agreement are contingent upon Buyer’s inspection of the Property. The Buyer
shall have the right to conduct an inspection of the Property within _______
days of the Effective Date. The choice and appointment of the inspector shall
be the sole discretion of the Buyer who shall also solely bear the costs of the
same. The time and date of the inspection shall be at the option of the Buyer
but must be at a reasonable time and notice. In the event that upon
completion of the inspection, the Buyer is not satisfied with the state of the
Property, the Buyer shall notify the Seller of the unsatisfactory conditions and
request the Seller to remedy the same. The Seller shall have
________ days after
receiving such notice to remedy the same. In the event that the Seller refuses
to allow access to the Property to accommodate the inspection or fails to
remedy the unsatisfactory conditions stated in the notice, the Buyer may, in
the Buyer’s sole discretion, accept the Property as it is and proceed with the
purchase under this Agreement, or terminate this Agreement and recover the
Earnest Money, costs incurred in relation to this Agreement and
_____________________________
.
❏
SURVEY. The Buyer shall have the right to conduct a survey of the Property
within
_______ days of the Effective Date to ascertain if there are any problems
with the boundary lines of the Property. The choice and appointment of the
surveyor shall be the sole discretion of the Buyer who shall also solely bear the
costs of the survey. The time and date of the survey shall be at the option of
the Buyer but must be at a reasonable time and notice. In the event that
issues, encumbrances, defects or any other problems are identified in the
survey, the Buyer shall notify the Seller of the same. The Seller shall have
________ days after receiving such notice to remedy all problems therein. In the
event that the Seller refuses to allow access to the Property to accommodate
the survey or fails to remedy the problems stated in the notice, the Buyer may,
in the Buyer’s sole discretion, accept the Property as it is and proceed with the
purchase under this Agreement, or terminate this Agreement and recover the
Earnest Money, costs incurred in relation to this Agreement and
_____________________________.
❏ APPRAISAL. The obligations of the Buyer as set forth in this Agreement are
contingent upon Buyer’s are contingent upon the appraisal of the Property
being at least equal to the Purchase Price. In the event that the appraised
value if the Property is less than the the Purchase Price, the Parties agree to
re-negotiate this Agreement. If the Parties are unable come to an agreement
within
______ days from the day both Parties receive the appraisal value, the
Buyer may, in the Buyer’s sole discretion, accept the Purchase Price as it is
and proceed with the purchase under this Agreement, or terminate this
Agreement and recover the Earnest Money, costs incurred in relation to this
Agreement and _____________________________.
❏ BANKRUPTCY. Should the Seller, at any time during the period beginning on
the effective date and ending on the Closing date, is named in bankruptcy
petition as a debtor the Buyer may, in the Buyer’s sole discretion, proceed
with the purchase under this Agreement, or terminate this Agreement and
recover the Earnest Money, costs incurred in relation to this Agreement and
_____________________________.
5. DISCLOSURES. The Parties herein acknowledge that:
❏ There are no attached addendums or disclosures to this Agreement.
❏ The following addendums or disclosures are attached to this Agreement:
A. Lead-Based Paint Disclosure Form
B. Methamphetamine Disclosure
C. Disclosure and Notice on Sex Offenders
D. Other: __________________________________________________________
E. Other: __________________________________________________________
F. Other: __________________________________________________________
6. CLOSING. The Buyer and Seller agree that the “Closing Date” shall be on
____________________, any extension or modification on the Closing Date shall not be
effective unless expressly agreed to by both Parties in writing. The Parties agree to
deliver to the other Party all notices, certificates, releases and other documents
necessary for the recording of the sale and/or transfer to the Property or title to the
Seller on or before the Closing date. On or before the Closing date, the Seller shall
deliver to the Buyer the following:
A. A general deed of conveyance wherein the Seller conveys to the Buyer title to
the Property duly executed in accordance with the required formalities to give
full effect to the deed therein; and
B. All keys, codes and other devices to doors, gates, mailboxes and all entry or
access points to the Property.
C. Others:
_______________________________________________________________________
_____________________________________________________________________________.
All Costs attributed or related to Closing and all processes related thereto shall be
borne by ☐ the Buyer ☐ the Seller ☐ both Parties.
7. POSSESSION OF THE PROPERTY. The Parties hereby agree that the exclusive
possession of the Property shall be delivered by the Seller to the Buyer on
______________________.
8. DEFAULT. Failure by either Party to close or otherwise perform all obligations that
fall due or demandable on or before the Closing date shall allow the other Party to
terminate this Agreement and recover all costs incurred or monies paid to the other
Party by virtue thereof. In the event that the Buyer defaults, the Buyer shall forfeit
the Earnest Money as liquidated damages in favor of the Seller, who shall have no
other remedy in such an event.
9. GOVERNING LAW. This Agreement shall be governed by and its terms and
conditions be interpreted according to the laws of the State of Texas without regard
to the conflicts of law principles.
10. DISPUTE RESOLUTION. This section shall apply to any and all disputes relating to
or arising from this agreement except for the following:
a. A judicial or non-judicial foreclosure or other action or proceeding to
enforce a deed, mortgage or installment land sale contract as defined
in accordance with Texas state law.
b. An unlawful detainer action, forcible entry and detainer, eviction action,
or equivalent.
c. The filing or enforcement of a mechanic’s lien.
d. Any matter that is within the jurisdiction of probate, small claims or
bankruptcy court.
A. The Parties agree to submit any and all disputes arising from this agreement
to mediation and in good faith attempt to resolve the same therein. Costs
related to mediation shall be borne by the Parties equally.
B. In the event that a dispute remains unresolved even after mediation in good
faith, the Parties agree to submit such unresolved dispute to binding
arbitration and agree to be bound by such.
a. The arbitral tribunal shall consist of three (3) arbitrators, where each
Party shall appoint one (1) arbitrator each. The third arbitrator shall be
appointed by the 2 arbitrators appointed individually by the Parties and
shall be the presiding arbitrator.
b. Oral hearings shall be held in __________________. The language of the
arbitration shall be English. As such, all documents to be filed, and all
oral submissions to be made must be done so in English. The arbitral
award shall be in writing, in English, and shall state the facts of the
Dispute and the grounds upon which the award is based.
c. The arbitral tribunal shall have the power to order reasonable
discovery. All witnesses, documents and other exhibits may not be
introduced to the arbitration nor relied on by a party at the arbitration
unless the same has been previously identified and produced to the
other Party.
d. The Parties agree that the arbitral tribunal is not authorized to award
any punitive or exemplary damages whatsoever. The Parties hereby
agree and acknowledge that the award of the arbitral tribunal in
accordance with this section shall be final and binding on the Parties.
As such the Parties undertakes to abide by, comply with and/or carry
out the such award in good faith and without delay.
e. Each Party shall bear all of its own expenses, costs and legal fees
individually incurred in connection with the arbitration, save only to the
extent the arbitral tribunal orders otherwise.
32. NOTICES. All notices or communication in relation to this Agreement shall be
made in writing and delivered to the following addresses by hand, courier service,
certified mail or registered mail with the return receipt requested:
To the Seller at the address:
________________________________________________________________
________________________________________________________________
________________________________________________________________;
and
To the Buyer at the address:
________________________________________________________________
________________________________________________________________
________________________________________________________________.
33. ASSIGNMENT. The Buyer acknowledges that this Agreement is not transferrable
and that the Buyer may not assign the Agreement, any part of the Agreement or any
of the rights or obligations herein without the prior express and written consent of
the Seller. Any such license, assignment or agreement in violation of this clause shall
be null and void with no legal force whatsoever.
40. BINDING EFFECT. The terms, obligations, conditions and covenants of this
Agreement shall be binding on Buyer, the Seller, their heirs, legal representatives
and successors in interest and shall inure to the benefit of the same.
41. MULTIPLE ORIGINALS. The Parties may execute this Agreement in several copies
or multiple counterparts, all of which shall collectively constitute this one Agreement
binding on each of the Parties as such. Each copy or counterpart signed by the
Parties shall be considered an original.
42. SEVERABILITY. Should any provision of this Agreement be found, for whatever
reason, invalid or unenforceable, such nullity or unenforceability shall be limited to
those provisions. All other provisions herein not affected by such nullity or
dependent on such invalid or unenforceable provisions shall remain valid and
binding and shall be enforceable to the full extent allowed by law.
43. ENTIRE AGREEMENT. This Agreement and, if any, attached documents are the
complete agreement between the Lessor and the Lessee concerning the subject
matter hereof. There are no oral agreements, understandings, promises, or
representations between the Parties affecting this subject matter of this Agreement.
All prior negotiations and understandings, if any, between the Parties hereto with
respect to the subject matter hereof shall be of no force or effect and shall not be
used to interpret this Agreement. No modification or alteration to the terms or
conditions of this Agreement shall be binding unless expressly agreed to by the
Seller and the Buyer in a written instrument signed by both Parties.
44. ADDITIONAL TERMS AND CONDITIONS. _______________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
____________________________________________________________________________________.
IN WITNESS WHEREOF, the Seller and the Buyer have executed this Agreement in
multiple originals as of the Effective Date.
SELLER’S SIGNATURE
SELLER’S SIGNATURE
PRINTED NAME
PRINTED NAME
DATE
DATE
BUYER’S SIGNATURE
BUYER’S SIGNATURE
PRINTED NAME
PRINTED NAME
DATE
DATE
AGENT’S SIGNATURE
AGENT’S SIGNATURE
PRINTED NAME
PRINTED NAME
DATE
DATE
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TEXAS REAL ESTATE PURCHASE AGREEMENT (iPropertyManagement)

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Completed 10 April 2022

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