Form Tar 1601 - One To Four Family Residential Contract (Resale) (Page 2 of 9) in pdf

4-28-2014

Contract Concerning

Page 2 of 9

(Address of Property)

furnish Seller with a mortgagee policy of title insurance.

5. EARNEST

MONEY:

Upon execution of this contract by all 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



(i) will not be

lines, encroachments or protrusions, or overlapping

improvements:



amended or deleted from the title policy;

(ii) will be

[. Buyer at Buyer’s

expense, may have the exception]

amended to read, "shortages in area" at

the



expense of

Buyer

Seller.

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 expense, legible copies of restrictive covenants and documents evidencing

exceptions in the Commitment (Exception Documents) other than the standard printed

exceptions.

Seller authorizes the Title Company to deliver the Commitment and

Exception Documents to Buyer at Buyer's address shown in Paragraph 21. If the

Commitment and Exception Documents are not delivered to Buyer within the specified

3 days before

time, the time for delivery will be automatically extended up to 15 days or

the Closing Date, whichever is earlier. If, due to factors beyond Seller’s control, the

Commitment and Exception Documents are not delivered within the time required, Buyer

may terminate this contract and the earnest money will be refunded to Buyer.

C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to

the Title Company and Buyer’s lender(s). (Check one box only)



(1) Within

days after the effective date of this contract, Seller shall furnish to Buyer

and Title Company Seller's existing survey of the Property and a Residential Real Property

Affidavit promulgated by the Texas Department of Insurance (T-47 Affidavit). If Seller

fails to furnish the existing survey or affidavit within the time prescribed, Buyer

shall obtain a new survey at Seller's expense no later than 3 days prior to Closing

Date. If the existing survey or affidavit is not acceptable to Title Company or Buyer's

lender(s), Buyer shall obtain a new survey at



Seller's

Buyer's expense no later than 3

days prior to Closing Date.



(2) Within

days after the effective date of this contract, Buyer shall obtain a new

survey at Buyer's expense. Buyer is deemed to receive the survey on the date of actual

receipt or the date specified in this paragraph, whichever is earlier.



(3) Within

days after the effective date of this contract, Seller, at Seller's expense shall

furnish a new survey to Buyer.

D. OBJECTIONS: Buyer may object in writing to defects, exceptions, or encumbrances to title:

disclosed on the survey other than items 6A(1) through (7) above; disclosed in the

Commitment other than items 6A(1) through (8) above; or which prohibit the following use

or activity:

Buyer must object the earlier of (i) the Closing Date or (ii)

days after Buyer receives

the Commitment, Exception Documents, and the survey. Buyer’s failure to object within the

Page 97 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) Page 2

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