One To Four Family Residential Contract (Resale) : NOTICE: Not For Use For Condominium Transactions
One To Four Family Residential Contract (Resale) : NOTICE: Not For Use For Condominium Transactions
One To Four Family Residential Contract (Resale) : NOTICE: Not For Use For Condominium Transactions
PROMULGATED BY THE(Address
TEXAS ofREAL ESTATE COMMISSION (TREC)
Property)
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)
NOTICE: Not For Use For Condominium Transactions EQUAL HOUS-
ING OPPOR-
TUNITY
1. PARTIES: The parties to this contract are JOHN & MARY DOE
(Seller) and (Personal/Company NAme LLC) and or Assigned (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 3 Block 1 , LT 4 BLK PARKWAY QUAIL LEAF 43
Addition, City of FORT WORTH OR WHEREVER , County of TARRANT OR WHEREVER ,
Texas, known as 123 MAIN STREET
(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 .............................. $ 100,000.00
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) ................................................................... $ 100,000.00
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
$_____________50.00 as earnest money to Example (Tammy Scott ) , as escrow agent, at
_______________________________________________
1234 E. MEDICAL CENTER BLVD, SUITE 250 WEBSTER,TEXAS 77001 (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 XYZ TITLE (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.
(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: I t 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
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: I f 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 To Seller
at: 123 BUSH STREET at: 123 MAIN STREET
Haslet, TX 76052 Wherever, TX 76000
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):
23. TERMINATION OPTION: For nominal consideration, the receipt of w hich is hereby
acknowledged by Seller, and Buyer's agreement to pay Seller $ $50.00 (Option Fee)
within 3 days after the Effective Date of this contract, Seller grants Buyer the unrestricted right
to terminate this contract by giving notice of termination to Seller within days after the
Effective Date of this contract (Option Period). Notices under this paragraph must be given by
5:00 p.m. (local time where the Property is located) by the date specified. If no dollar amount is
stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time
prescribed, this paragraph will not be a part of this contract and Buyer shall not have the
unrestricted right to terminate this contract. If Buyer gives notice of termination within the time
prescribed, the Option Fee will not be refunded; however, any earnest money will be refunded to
Buyer. The Option Fee ✔ will will not be credited to the Sales Price at closing. Time is of the
essence for this paragraph and strict compliance with the time for performance is
required.
24. CONSULT AN ATTORNEY BEFORE SIGNING: TREC rules prohibit real estate license
holders from giving legal advice. READ THIS CONTRACT CAREFULLY.
Buyer's Seller's
Attorney is: Attorney is:
Phone: ( ) Phone: ( )
Fax: ( ) Fax: ( )
E-mail: E-mail:
Buyer Seller
Buyer Seller
The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are
intended for use only by trained real estate license holders. No representation is made as to the legal
validity or adequacy of any provision in any specific transactions. It is not intended for complex
transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, (512) 936-
3000 (http://www.trec.texas.gov) TREC NO. 20-14. This form replaces TREC NO. 20-13.
BROKER INFORMATION
(Print name(s) only. Do not sign)
Other Broker Firm License No. Listing Broker Firm License No.
Licensed Supervisor of Associate License No. Licensed Supervisor of Listing Associate License No.
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.
Address Phone
CONTRACT RECEIPT
Address Phone
Address Phone