Fillable TREC - 20-14 - One to Four Family Residential Contract (Resale)

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TREC - 20-14 - One to Four Family Residential Contract (Resale)

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The Texas Real Estate Commission (TREC) is an agency that governs real estate practices in the state of Texas USA. I its headquarters are located in Ausin Texas at 1700 North Congress.

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Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page of 10 2-12-18
(Address of Property)
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 retained by Seller and must
be removed prior to delivery of possession:
.
E. RESERVATIONS: Any reservation for oil, gas, or other minerals, water, timber, or other interests is
made in accordance with an attached addendum.
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 w ho 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: W ithin 3 days after the Effective Date , Buyer must deliver
$_____________ as earnest money to , as escrow agent, at
_______________________________________________ (address). Buyer shall deliver additional
earnest money of $____________ to escrow agent within _____ days after the Effective Date of this
contract. If Buyer fails to deliver the earnest money within the time required, Seller may terminate
this contract or exercise Seller’s remedies under Paragraph 15, or both, by providing notice to Buyer
before Buyer delivers the earnest money. If the last day to deliver the earnest money falls on a
Saturday, Sunday, or legal holiday, the time to deliver the earnest money is extended until the end of
the next day that is not a Saturday, Sunday, or legal holiday. Time is of the essence for this
paragraph.
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.
EQUAL HOUS-
ING OPPOR-
TUNITY
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 2 of 10 2-12-18
(Address of Property)
(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.
(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.
(9) The exception or exclusion regarding minerals approved by the Texas Department of
Insurance.
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 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. I f 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 (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
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 3 of 10 2-12-18
(Address of Property)
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 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
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 4 of 10 2-12-18
(Address of Property)
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
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.
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 5 of 10 2-12-18
(Address of Property)
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.
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: (I nsert 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.
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 6 of 10 2-12-18
(Address of Property)
(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 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: I f any part of the P roperty 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: I f Buyer fails to comply w ith this contract, Buyer w ill 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 w ho
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
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 7 of 10 2-12-18
(Address of Property)
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 (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 Internal
Revenue Code and its regulations, or if Seller fails to deliver an affidavit or a certificate of non-
foreign status 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 w riting 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:
( )
Phone:
( )
Fax: ( )
Fax:
( )
E-mail:
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
Addendum for Authorizing Hydrostatic
Testing
Addendum Concerning Right to
Terminate Due to Lender’s Appraisal






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. 20-14
Contract Concerning Page 8 of 10 2-12-18
(Address of Property)
Buyer's
Attorney is:
Seller's
Attorney is:
Phone:
( )
Phone:
( )
Fax:
( )
Fax:
( )
E-mail:
E-mail:
23. TERMINATION OPTION: For nominal consideration, the receipt of w hich 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.
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. 20-14. This form replaces TREC NO. 20-13.
EXECUTED the day of , 20 (Effective Date).
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
Buyer
Seller
Buyer
Seller
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signature
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signature
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Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 9 of 10 2-12-18
(Address of Property)
BROKER INFORMATION
(Print name(s) only. Do not sign)
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.
Other Broker Firm License No. Listing Broker Firm 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’s Name License No. Listing Associate’s Name License No.
Associate’s Email Address Phone
Listing Associate’s Email Address Phone
Licensed Supervisor of Associate License No.
Licensed Supervisor of Listing Associate License No.
Other Broker's Address Phone
Listing Broker’s Office Address Phone
City State Zip
City
State
Zip
Selling Associate’s Name License No.
Selling Associate’s Email Address Phone
Licensed Supervisor of Selling Associate License No.
Selling Associate’s Office Address
City State Zip
Initialed for identification by Buyer and Seller TREC NO. 20-14
Contract Concerning Page 10 of 10 2-12-18
(Address of Property)
CONTRACT RECEIPT
Receipt of the Contract is acknowledged.
Escrow Agent Received by Email Address Date
Address Phone
City State Zip Fax
ADDITIONAL EARNEST MONEY RECEIPT
Receipt of $__________________ additional Earnest Money in the form of ____________________________
is acknowledged.
Escrow Agent Received by Email Address Date/Time
Address Phone
City State Zip Fax
OPTION FEE RECEIPT
Receipt of $___________________ (Option Fee) in the form of _____________________________________
is acknowledged.
Seller or Listing Broker Date
EARNEST MONEY RECEIPT
Receipt of $____________________ Earnest Money in the form of
is acknowledged.
Escrow Agent Received by Email Address Date/Time
Address Phone
City State Zip Fax
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TREC - 20-14 - One to Four Family Residential Contract (Resale)

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Completed 3 January 2021

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