Unimproved Property Contract (Page 4 of 8) in pdf

Contract Concerning

Page 4 of 8

02-13-06

(Address of Property)

(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 required of them by this contract, the

Commitment or law necessary for the closing of the sale and the issuance of the Title

Policy.

C. Unless expressly prohibited by written agreement, Seller may continue to show the Property

and receive, negotiate and accept back up offers.

D. All covenants, representations and warranties in this contract survive closing.

10. POSSESSION: Seller shall deliver to Buyer possession of the Property in its present or required

condition upon closing and funding.

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 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 Housing Assistance Program 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):

(a)Loan origination, discount, buy-down, and commitment fees (Loan Fees).

(b)Appraisal fees; loan application fees; 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; mortgagee

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; and

other expenses payable by Buyer under this contract.

B. Buyer shall pay Private Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA

Mortgage Insurance Premium (MIP) as required by the lender.

C. 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 Housing Assistance Program or other governmental loan program regulations.

Initialed for identification by Buyer

and Seller

TREC NO. 9-6

Page 4 of 8

(TAR-1607) 2-13-06

Unimproved Property Contract Page 4

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