One To Four Family Residential Contract Resale Page 4
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9Contract Concerning
Page 4 of 9
12-05 -2011
(Address of Property)
to determine the cost that you will be required to pay and the period, if any, that is
required to provide water or sewer service to your property. The undersigned Buyer
hereby acknowledges receipt of the foregoing notice at or before the execution of a
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.
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.
D. ACCEPTANCE OF PROPERTY CONDITION: (Check one box only)
(1) Buyer accepts the Property in its present condition.
(2) Buyer accepts the Property in its present condition 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
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 or treatments in a subsequent amendment, or
from terminating this contract during the Option Period, if any.
E. 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
treatments, this contract will terminate and the earnest money will be refunded to Buyer. If
the cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
F. COMPLETION OF REPAIRS AND TREATMENTS:
Unless otherwise agreed in writing, Seller
shall complete all agreed repairs and treatments prior to the Closing Date. All required
permits must be obtained, and repairs and treatments must be performed by persons who
are licensed or otherwise authorized by law to provide such repairs or treatments. At Buyer’s
election, any transferable warranties received by Seller with respect to the repairs and
treatments will be transferred to Buyer at Buyer’s expense. If Seller fails to complete any
agreed repairs and treatments 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
the repairs and treatments.
G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic
Initialed for identification by Buyer
and Seller
TREC NO. 20-11
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