TREC NO. 23-15
Contract Concerning Page 2 of 10 2-12-18
(Address of Property)
Initialed for identification by Buyer and Seller
C. SURVEY: The survey must be made after the Substantial Completion Date by a registered
professional land surveyor acceptable to the Title Company and Buyer’s lender(s).
(Check one box only)
(1) At least days prior to the Closing Date, Seller, at Seller’s expense, shall provide a
new survey to Buyer.
days prior to the Closing Date, Buyer, at Buyer’s expense, shall obtain a
new survey. Buyer is deemed to receive the survey on the date of actual receipt or the
date specified in this paragraph, whichever is earlier.
(2) At least
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 (9) 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 any timely objections of Buyer or any third party
lender within 15 days after Seller receives the objections (Cure Period) and the Closing Date
will be extended as necessary. If objections are not cured within the Cure Period, Buyer may,
by delivering notice to Seller within 5 days after the end of the Cure Period: (i) terminate
this contract and the earnest money will be refunded to Buyer; or (ii) waive the objections.
If Buyer does not terminate within the time required, Buyer shall be deemed to have waived
the objections. If the Commitment or Survey is revised or any new Exception Document(s)
is delivered, Buyer may object to any new matter revealed in the revised Commitment or
Survey or new Exception Document(s) within the same time stated in this paragraph to
make objections beginning when the revised Commitment, Survey, or Exception
Document(s) is delivered to Buyer.
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, 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 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 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
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.