Farm And Ranch Contract (Page 5 of 9) in pdf

Contract Concerning

Page 5 of 9

8-01-2011

(Address of 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.

J. GOVERNMENT PROGRAMS:

The

Property

is subject to the government programs listed

below or on the attached exhibit:

Seller shall provide Buyer with copies of all governmental program agreements. Any allocation

or proration of payment under governmental programs is made by separate agreement

between the parties which will survive closing.

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, an

assignment of Leases, 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 lease, Seller shall (i) deliver to Buyer the lease(s) and the

move-in condition form signed by the tenant, if any, and (ii) 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 received the

security deposit and is responsible for the return of the security deposit, and specifying the

exact dollar amount of the security deposit.

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

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 or other form has been promulgated by TREC for mandatory use.)

TREC NO. 25-8

Initialed for identification by Buyer

and Seller

American LegalNet, Inc.

Farm And Ranch Contract Page 5

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