One To Four Family Residential Contract Resale

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Contract Concerning
Page of 9
12-05 -2011
(Address of Property)
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
EQUAL HOUSING
OPPORTUNITY
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)
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:
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, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes,
television antennas and 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, artificial fireplace logs, and controls for: (i) satellite dish systems, (ii) garage
doors, (iii) entry gates, and (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: 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 furnish Seller with a mortgagee policy of title insurance.
Initialed for identification by Buyer
and Seller
TREC NO. 20-11

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