One To Four Family Residential Contract Resale Page 5
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9Contract Concerning
Page 5 of 9
12-05 -2011
(Address of Property)
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.
H. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract
from a residential service company licensed by TREC. If Buyer purchases a residential
service contract, Seller shall reimburse Buyer at closing for the cost of the residential
service contract in an amount not exceeding $
. Buyer should review any
residential service contract for the scope of coverage, exclusions and limitations. The
purchase of a residential service contract is optional. Similar coverage may be
purchased from various companies authorized to do business in Texas.
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, ordinary wear and tear excepted:
upon closing and funding
according
to a temporary residential lease form promulgated by TREC or other written lease required by
the parties. Any possession by Buyer prior to closing or by Seller after closing which is not
authorized by a written lease will establish a tenancy at sufferance relationship between the
parties. Consult your insurance agent prior to change of ownership and possession
because insurance coverage may be limited or terminated. The absence of a written
lease or appropriate insurance coverage may expose the parties to economic loss.
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, lease or other form has been promulgated by TREC for
mandatory use.)
Initialed for identification by Buyer
and Seller
TREC NO. 20-11
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