Unimproved Property Contract (Page 4 of 8) in pdf

Contract Concerning

Page 4 of 8

12-05-2011

(Address of Property)

will be transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed repairs

prior to the Closing Date, Buyer may exercise remedies under Paragraph 15 or extend the

Closing Date up to 15 days, if necessary, for Seller to complete repairs.

D. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,

including asbestos and wastes or other environmental hazards, or the presence of a

threatened or endangered species or its habitat may affect Buyer’s intended use of the

Property. If Buyer is concerned about these matters, an addendum promulgated by TREC or

required by the parties should be used.

E. SELLER’S DISCLOSURES: Except as otherwise disclosed in this contract, Seller has no

knowledge of the following:

(1) any flooding of the Property;

(2) any pending or threatened litigation, condemnation, or special assessment affecting the

Property;

(3) any environmental hazards or conditions 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.

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 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 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.

Initialed for identification by Buyer

and Seller

TREC NO. 9-10

Unimproved Property Contract Page 4

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