Form Tar 1601 - One To Four Family Residential Contract (Resale) printable pdf download

4-28-2014

Contract Concerning

Page of 9

PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)

(Address of Property)

ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)

EQUAL HOUSING

OPPORTUNITY

NOTICE: Not For Use For Condominium Transactions

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:

The land, improvements and accessories are collectively referred to as the

“Property”.

A. LAND: Lot

Block

Addition, City of

, County of

Texas, known as

(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,

[and

wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television antennas

satellite dish system and

equipment], 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,

[satellite dish systems,

(ii)]garage doors,

(ii)

artificial fireplace logs, and controls for:

(i)

[(iii)]

entry gates, and

(iii)[(iv)]

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:

[The land, improvements and accessories are collectively referred to as 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

(Not for use with reverse mortgage

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

Page 96 of 358

Initialed for identification by Buyer

and Seller

TREC NO.

20-12

TAR 1601

Form Tar 1601 - One To Four Family Residential Contract (Resale)

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