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New Home Contract (Completed Construction) Form. This is a Texas form and can be use in Texas Real Estate Commission Statewide.
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Contract Concerning
Page
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
of 9 8-01-2011
(Address of Property)
NEW HOME CONTRACT
EQUAL HOUSING
OPPORTUNITY
(Completed Construction)
NOTICE: Not For Use For Condominium Transactions or Closings Prior to Completion of Construction
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: Lot
,Block
,
Addition, City
,
of
,County of
Texas, known as
(address/zip code), or as described on attached exhibit, together with: (i) improvements,
fixtures and all other property located thereon; and (ii) all rights, privileges and appurtenances
thereto, including but not limited to: permits, easements, and cooperative and association
memberships. All property sold by this contract is called the “Property”.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer at closing ..................$
B. Sum of all financing described below (excluding any loan funding
fee or mortgage insurance premium) ...........................................$
C. Sales Price (Sum of A and B) ......................................................$
4. FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check
applicable boxes below)
A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of
$
(excluding any loan funding fee or mortgage insurance premium).
(1) Property Approval: If the Property does not satisfy the lenders' underwriting
requirements for the loan(s), (including, but not limited to appraisal, insurability and
lender required repairs), Buyer may terminate this contract by giving notice to Seller
prior to closing and the earnest money will be refunded to Buyer.
(2) Credit Approval: (Check one box only)
(a) This contract is subject to Buyer being approved for the financing described in the
attached Third Party Financing Addendum for Credit Approval.
(b) This contract is not subject to Buyer being approved for financing and does not
involve FHA or VA financing.
B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory
notes described in the attached TREC Loan Assumption Addendum.
C. SELLER FINANCING: A promissory note from Buyer to Seller of $
,
secured by vendor's and deed of trust liens, and containing the terms and conditions
described in the attached TREC Seller Financing Addendum. If an owner policy of title
insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance.
5. EARNEST MONEY: Upon execution of this contract by 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 4.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the
Property is located.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by
Buyer in writing.
(6) The standard printed exception as to marital rights.
(7) The standard printed exception as to waters, tidelands, beaches, streams, and related
matters.
(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary
Initialed for identification by Buyer
and Seller
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lines, encroachments or protrusions, or overlapping improvements. Buyer, at Buyer’s expense,
may have the exception amended to read, "shortages in area".
B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller
shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's
expense, legible copies of restrictive covenants and documents evidencing exceptions in the
Commitment (Exception Documents) other than the standard printed exceptions. Seller
authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer
at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are
not delivered to Buyer within the specified time, the time for delivery will be automatically
extended up to 15 days or the Closing Date, whichever is earlier.
C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to
the Title Company and 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. 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) PROPERTY OWNERS ASSOCIATION(S) MANDATORY MEMBERSHIP: 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 a dedicatory instrument governing
the establishment, maintenance, and operation of this residential community have been
or will be recorded in the Real Property Records of the county in which the Property is
located. Copies of the restrictive covenants and dedicatory instrument may be obtained
from the county clerk. You are obligated to pay assessments to the property owners
association(s). The amount of the assessments is subject to change. Your failure to pay
the assessments could result in a lien on and the foreclosure of the Property. If Buyer is
concerned about these matters, the TREC promulgated Addendum for Property
Subject to Mandatory Membership in a Property Owners Association should be
used for each association.
(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
TREC NO. 24-11
Initialed for identification by Buyer
and Seller
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(Address of Property)
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.
7. PROPERTY CONDITION:
A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer’s agents
access to the Property at reasonable times. Buyer may have the Property inspected by
inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make
inspections. Seller shall pay for turning on existing utilities for inspections.
B. ACCEPTANCE OF PROPERTY CONDITION: (Check one box only)
(1) Buyer accepts the Property in its present condition.
(2) Buyer accepts the Property in its present condition 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.)
NOTICE TO BUYER AND SELLER: Buyer’s agreement to accept the Property in its present
condition under Paragraph 7B(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.
C. WARRANTIES: Except as expressly set forth in this contract, a separate writing, or
provided by law, Seller makes no other express warranties. Seller shall assign to Buyer at
closing all assignable manufacturer warranties.
D. INSULATION: As required by Federal Trade Commission Regulations, the information
relating to the insulation installed or to be installed in the Improvements at the Property is:
(check only one box below)
(1) as shown in the attached specifications.
(2) as follows:
a) Exterior walls of improved living areas: insulated with
insulation to a thickness of
inches which yields an R-Value of
.
b) Walls in other areas of the home: insulated with
Initialed for identification by Buyer
and Seller
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insulation to a thickness of
inches which yields an R-Value of
.
c) Ceilings in improved living areas: insulated with
insulation to a thickness of
inches which yields an R-Value of
.
d) Floors of improved living areas not applied to a slab foundation: insulated with
insulation to a thickness of
inches which yields an R-Value of
.
e) Other insulated areas:insulated with
insulation to a
thickness of
inches which yields an R-Value of
.
All stated R-Values are based on information provided by the manufacturer of the insulation.
E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither
party is obligated to pay for lender required repairs, which includes treatment for wood
destroying insects. If the parties do not agree to pay for the lender required repairs or
treatments, this contract will terminate and the earnest money will be refunded to Buyer. If
the cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
F. COMPLETION OF REPAIRS, TREATMENTS, AND IMPROVEMENTS: Unless otherwise agreed in
writing, Seller shall complete all agreed repairs, treatments, and improvements (Work) prior to
the Closing Date. All required permits must be obtained, and Work must be performed by
persons who are licensed or otherwise authorized by law to provide such Work. At Buyer’s
election, any transferable warranties received by Seller with respect to the Work will be
transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed Work prior to
the Closing Date, Buyer may do so and receive reimbursement from Seller at closing. The
Closing Date will be extended up to 15 days, if necessary, to complete Work.
G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,
including asbestos and wastes or other environmental hazards or the presence of a
threatened or endangered species or its habitat may affect Buyer’s intended use of the
Property. If Buyer is concerned about these matters, an addendum promulgated by TREC or
required by the parties should be used.
H. SELLER’S DISCLOSURE: Except as otherwise disclosed in this contract, Seller has no
knowledge of the following:
(1)any flooding of the Property which has had a material adverse effect on the use of the
Property;
(2)any pending or threatened litigation, condemnation, or special assessment affecting the
Property;
(3)any environmental hazards or conditions materially affecting the Property;
(4)any dumpsite, landfill, or underground tanks or containers now or previously located on the
Property;
(5)any wetlands, as defined by federal or state law or regulation, affecting the Property; or
(6)any threatened or endangered species or their habitat affecting the Property.
I. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract from a
residential service company licensed by TREC. If Buyer purchases a residential service
contract, Seller shall reimburse Buyer at closing for the cost of the residential service contract
in an amount not exceeding $
. Buyer should review any residential
service contract for the scope of coverage, exclusions
and
limitations. The purchase
of a residential service contract is optional. Similar coverage may be purchased from
various companies authorized to do business in Texas.
8. BROKERS' FEES: All obligations of the parties for payment of brokers’ fees are contained in separate
written agreements.
9. CLOSING:
A. The closing of the sale will be on or before
, 20
, or within 7 days
after objections made under Paragraph 6D have been cured or waived, whichever date is later
(Closing Date). If either party fails to close the sale by the Closing Date, the non-defaulting
party may exercise the remedies contained in Paragraph 15.
B. At closing:
(1)Seller shall execute and deliver a general warranty deed conveying title to the Property to
Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish
tax statements or certificates showing no delinquent taxes on the Property.
(2)Buyer shall pay the Sales Price in good funds acceptable to the escrow agent.
(3)Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits,
releases, loan documents and other documents 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.
10. POSSESSION: Seller shall deliver to Buyer possession of the Property in its present or required
condition, ordinary wear and tear excepted:
upon closing and funding
according to a temporary
residential lease form promulgated by TREC or other written lease required by the parties. Any
Initialed for identification by Buyer
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possession by Buyer prior to closing or by Seller after closing which is not authorized by a written
lease will establish a tenancy at sufferance relationship between the parties. Consult your
insurance agent prior to change of ownership and possession because insurance coverage
may be limited or terminated. The absence of a written lease or appropriate insurance
coverage may expose the parties to economic loss.
11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the
sale. TREC rules prohibit licensees from adding factual statements or business details for which
a contract addendum, lease or other form has been promulgated by TREC for mandatory use.)
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;
adjusted 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 AND ROLLBACK TAXES:
A. PRORATIONS: Taxes for the current year, maintenance fees, assessments, dues and rents
will be prorated through the Closing Date. The tax proration may be calculated taking into
consideration any change in exemptions that will affect the current year's taxes. If taxes for
the current year vary from the amount prorated at closing, the parties shall adjust the
prorations when tax statements for the current year are available. If taxes are not paid at or
prior to closing, Buyer will be obligated to pay taxes for the current year.
B. ROLLBACK TAXES: If Seller’s change in use of the Property prior to closing or denial of a
special use valuation on the Property results in additional taxes, penalties or interest
(Assessments) for periods prior to closing, the Assessments will be the obligation of Seller.
Obligations imposed by this paragraph will survive closing.
14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty
after the effective date of this contract, Seller shall restore the Property to its previous condition
as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do so
due to factors beyond Seller’s control, Buyer may (a) terminate this contract and the earnest
money will be refunded to Buyer (b) extend the time for performance up to 15 days and the
Initialed for identification by Buyer
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Closing Date will be extended as necessary or (c) accept the Property in its damaged condition
with an assignment of insurance proceeds and receive credit from Seller at closing in the amount
of the deductible under the insurance policy. Seller’s obligations under this paragraph are
independent of any other obligations of Seller under this contract.
15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may (a)
enforce specific performance, seek such other relief as may be provided by law, or both, or (b)
terminate this contract and receive the earnest money as liquidated damages, thereby releasing
both parties from this contract. If, due to factors beyond Seller’s control, Seller fails within the time
allowed to make any non-casualty repairs or deliver the Commitment, or survey, if required of
Seller, Buyer may (a) extend the time for performance up to 15 days and the Closing Date will be
extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest
money. If Seller fails to comply with this contract for any other reason, Seller will be in default and
Buyer may (a) enforce specific performance, seek such other relief as may be provided by law, or
both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties
from this contract.
16. MEDIATION: It is the policy of the State of Texas to encourage resolution of disputes through
alternative dispute resolution procedures such as mediation. Subject to applicable law, any dispute
between Seller and Buyer related to this contract which is not resolved through informal discussion
will
will not be submitted to a mutually acceptable mediation service or provider. The parties
to the mediation shall bear the mediation costs equally. This paragraph does not preclude a party
from seeking equitable relief from a court of competent jurisdiction.
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.
D. DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the escrow
agent within 7 days of receipt of the request will be liable to the other party for liquidated
damages in an amount equal to the sum of: (i) three times the amount of the earnest money;
(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.
Initialed for identification by Buyer
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21. NOTICES: All notices from one party to the other must be in writing and are effective when
mailed to, hand-delivered at, or transmitted by facsimile or electronic transmission as follows:
To Buyer at:
To Seller at:
Telephone: (
)
Telephone: (
)
Facsimile:
)
Facsimile:
)
(
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 for Credit
Approval
Addendum for "Back-Up" Contract
Seller Financing Addendum
Addendum for Coastal Area Property
Addendum for Property Subject to
Mandatory Membership in a Property
Owners Association
Environmental Assessment, Threatened
or Endangered Species and Wetlands
Addendum
Buyer’s Temporary Residential Lease
Seller’s Temporary Residential Lease
Loan Assumption Addendum
Short Sale Addendum
Addendum for Sale of Other Property
by Buyer
Addendum for Property Located Seaward
of the Gulf Intracoastal Waterway
Addendum for Reservation of Oil, Gas
and Other Minerals
Other (list):
23.TERMINATION OPTION: For nominal consideration, the receipt of which is hereby
acknowledged by Seller, and Buyer's agreement to pay Seller $
(Option Fee)
within 2 days after the effective date of this contract, Seller grants Buyer the unrestricted right
to terminate this contract by giving notice of termination to Seller within
days after the
effective date of this contract (Option Period). 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: TREC rules prohibit real estate licensees from giving legal advice.
READ THIS CONTRACT CAREFULLY. If you do not understand the effect of this contract, consult
an attorney BEFORE signing.
Seller's
Attorney is:
Buyer's
Attorney is:
Telephone: (
)
Telephone:
(
)
Facsimile:
)
Facsimile:
(
)
(
E-mail:
Initialed for identification by Buyer
E-mail:
and Seller
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Contract Concerning
Page 8 of 9 8-01-2011
(Address of Property)
EXECUTED the
day of
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
This contract is subject to Chapter 27 of the
Texas Property Code. The provisions of that
chapter may affect your right to recover
damages arising from a construction defect. If
you
have
a
complaint
concerning
a
construction defect and that defect has not
been corrected as may be required by law or
by contract, you must provide the notice
required by Chapter 27 of the Texas Property
Code to the contractor by certified mail, return
receipt requested, not later than the 60th day
before the date you file suit to recover
damages in a court of law or initiate
arbitration. The notice must refer to Chapter
27 of the Texas Property Code and must
describe the construction defect. If requested
by the contractor, you must provide the
contractor an opportunity to inspect and cure
the defect as provided by Section 27.004 of
the Texas Property Code.
, 20
(EFFECTIVE DATE).
Buyer
Buyer
Seller
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 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. 2411. This form replaces TREC NO. 24-9.
Initialed for identification by Buyer
and Seller
TREC NO. 24-11
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Contract Concerning
Page 9 of 9 8-01-2011
(Address of Property)
BROKER
Other Broker Firm
represents
License No.
Buyer only as Buyer’s agent
INFORMATION
Listing Broker Firm
represents
License No.
Seller and Buyer as an intermediary
Seller as Listing Broker’s subagent
Seller only as Seller’s agent
Licensed Supervisor of Associate
Telephone
Licensed Supervisor of Associate
Telephone
Associate
Telephone
Listing Associate
Telephone
Listing Broker’s Office Address
Facsimile
Other Broker's Address
Facsimile
City
State
Zip
Associate Email Address
City
State
Zip
Listing Associate’s Email Address
Selling Associate
Telephone
Selling Associate’s Office Address
Facsimile
City
State
Zip
Selling Associate’s Email Address
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.
OPTION FEE RECEIPT
Receipt of $
(Option Fee) in the form of
Seller or Listing Broker
is acknowledged.
Date
CONTRACT AND EARNEST MONEY RECEIPT
Receipt of
Contract and
is acknowledged.
Escrow Agent:
$
Earnest Money in the form of
Date:
By:
Email Address
Telephone (
Address
City
Initialed for identification by Buyer
State
Zip
and Seller
)
Facsimile: (
)
TREC NO. 24-11
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