Form Tar 1601 - One To Four Family Residential Contract (Resale) (Page 4 of 9) in pdf

4-28-2014

Contract Concerning

Page 4 of 9

(Address of Property)

binding contract for the purchase of the real property described in Paragraph 2 or at

closing of purchase of the real property.

(7) PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district,

§5.014, Property Code, requires Seller to notify Buyer as follows: As a purchaser of this

parcel of real property you are obligated to pay an assessment to a municipality or

county for an improvement project undertaken by a public improvement district under

Chapter 372, Local

Government Code. The assessment may be due annually or in

periodic installments. More information concerning the amount of the assessment and the

due dates of that assessment may be obtained from the municipality or county levying

the assessment. The amount of the assessments is subject to change. Your failure to pay

the assessments could result in a lien on and the foreclosure of your property.

(8) TRANSFER FEES: If the Property is subject to a private transfer fee obligation, §5.205,

Property Code, requires Seller to notify Buyer as follows:

The private transfer fee

obligation may be governed by Chapter 5, Subchapter G of the Texas Property Code.

(9) PROPANE GAS SYSTEM SERVICE AREA: If the Property is located in a propane

gas system service area owned by a distribution system retailer, Seller must

give Buyer written notice as required by §141.010, Texas Utilities Code.

addendum containing the notice approved by TREC or required by the parties

should be used.

7. PROPERTY CONDITION:

A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer’s agents access

to the Property at reasonable times. Buyer may have the Property inspected by inspectors

selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections.

Seller at Seller's expense shall immediately cause existing utilities to be turned on and shall

keep the utilities on during the time this contract is in effect.

B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice):

(Check one box only)



(1) Buyer has received the Notice.



(2) Buyer has not received the Notice. Within

days after the effective date of this

contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,

Buyer may terminate this contract at any time prior to the closing and the earnest money

will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate this contract

for any reason within 7 days after Buyer receives the Notice or prior to the closing,

whichever first occurs, and the earnest money will be refunded to Buyer.



(3)The Seller is not required to furnish the notice under the Texas Property Code.

C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is

required by Federal law for a residential dwelling constructed prior to 1978.

ACCEPTANCE OF PROPERTY CONDITION:

“As Is” means the present condition of the

Property with any and all defects and without warranty except for the warranties

of title and the warranties in this contract. Buyer’s agreement to accept the

Property

[in its present condition

(]As

Is[)]

under Paragraph 7D(1) or (2) does not

preclude Buyer from inspecting the Property under Paragraph 7A, from negotiating

repairs or treatments in a subsequent amendment, or from terminating this

contract during the Option Period, if any.

(Check one box only)



(1) Buyer accepts the Property

As Is

[in its present

condition].



As Is

[in its present condition]

(2) Buyer accepts the Property

provided Seller, at Seller’s

expense, shall complete the following specific repairs and treatments:

(Do not insert general phrases, such as “subject to inspections” that do not identify

and

treatments.)

specific repairs

[NOTICE TO BUYER AND SELLER: Buyer’s agreement to accept the Property in its

present condition under Paragraph 7D(1) or (2) does not preclude Buyer from

inspecting

the

Property

under

Paragraph

7A,

from

negotiating

repairs

treatments in a subsequent amendment, or from terminating this contract during

the Option Period, if any.]

[E.LEASES:

(1)After the Effective Date, Seller may not execute any lease or convey any interest

in the Property without Buyer’s written consent.

(2)If the Property is subject to any lease to which Seller is a party, Seller shall

deliver to Buyer copies of the lease(s) and any move-in condition form signed

by the tenant within 7 days after the Effective Date of the contract.]

E.[F.]LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing,

neither party is obligated to pay for lender required repairs, which includes treatment for wood

destroying insects. If the parties do not agree to pay for the lender required repairs or

Page 102 of 358

Page 99 of 358

treatments, this contract will terminate and the earnest money will be refunded to Buyer. If

Initialed for identification by Buyer

and Seller

TREC NO.

20-12

TAR 1601

Form Tar 1601 - One To Four Family Residential Contract (Resale) Page 4

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