One To Four Family Residential Contract Resale Page 2
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9Contract Concerning
Page 2 of 9
12-05 -2011
(Address of Property)
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 lines, encroachments or protrusions, or overlapping improvements. Buyer, at
Buyer’s expense, may have the exception amended to read, "shortages in area".
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 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
time allowed will constitute a waiver of Buyer’s right to object; except that the requirements
in Schedule C of the Commitment are not waived by Buyer. Provided Seller is not obligated
to incur any expense, Seller shall cure the timely objections of Buyer or any third party
Initialed for identification by Buyer
and Seller
TREC NO. 20-11
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