Unimproved Property Contract printable pdf download

PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)

Contract Concerning

Page 1 of 8

02-13-06

(Address of Property)

UNIMPROVED PROPERTY CONTRACT

EQUAL HOUSING

OPPORTUNITY

NOTICE: Not For Use For Condominium Transactions

1. PARTIES:

(Seller) agrees to sell and convey to

(Buyer) and Buyer agrees to buy from Seller the Property described below.

2. PROPERTY: Lot

, Block

Addition,

City of

, County of

Texas, known as

(address/zip code), or as described on attached exhibit together with all rights, privileges and

appurtenances pertaining thereto, including but not limited to: water rights, claims, permits,

strips and gores, easements, and cooperative or association memberships (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), this contract will terminate and the earnest money will be

refunded to Buyer.

(2) Financing Approval: (Check one box only)

(a) This contract is subject to Buyer being approved for the financing described in the

attached Third Party Financing Condition Addendum.

(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 both 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

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

Initialed for identification by Buyer

and Seller

TREC NO. 9-6

Page 1 of 8

(TAR-1607) 2-13-06

Unimproved Property Contract

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