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Residential Condominium Contract (Resale) 30-10 - Texas
| Residential Condominium Contract (Resale) Form. This is a Texas form and can be used in Contracts Texas Real Estate Commission Statewide . |
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Contract Concerning EQUAL HOUSING OPPORTUNITY Page PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) (Address of Property) NOTICE: Not For Use Where Seller Owns Fee Simple Title To Land Beneath Unit of 8 12-05-2011 RESIDENTIAL CONDOMINIUM CONTRACT (RESALE) 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 AND CONDOMINIUM DOCUMENTS: A. The Condominium Unit, improvements and accessories described below are collectively referred to as the "Property". (1) CONDOMINIUM UNIT: Unit , in Building , of , a condominium project, located at (address/zip code), City of ,County of , Texas, described in the Condominium Declaration and Plat and any amendments thereto of record in said County; together with such Unit's undivided interest in the Common Elements designated by the Declaration, including those areas reserved as Limited Common Elements appurtenant to the Unit and such other rights to use the Common Elements which have been specifically assigned to the Unit in any other manner. Parking areas assigned to the Unit are: . (2) IMPROVEMENTS: All 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, wallto-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, shrubbery, landscaping, outdoor cooking equipment, and all other property owned by Seller and attached to the above described Condominium Unit. (3) 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 system, (ii) garage doors, (iii) entry gates, and (iv) other improvements and accessories. (4) EXCLUSIONS: The following improvements and accessories will be retained by Seller and must be removed prior to delivery of possession: . B. The Declaration, Bylaws and any Rules of the Association are called "Documents". (Check one box only): (1) Buyer has received a copy of the Documents. Buyer is advised to read the Documents before signing the contract. (2) Buyer has not received a copy of the Documents. Seller shall deliver the Documents to Buyer within days after the effective date of the contract. Buyer may cancel the contract before the sixth day after Buyer receives the Documents by handdelivering or mailing written notice of cancellation to Seller by certified United States mail, return receipt requested. If Buyer cancels the contract pursuant to this paragraph, the contract will terminate and the earnest money will be refunded to Buyer. (3) Buyer has received Seller's affidavit that Seller requested information C. The Resale Certificate from the condominium owners association (the Association) is called the "Certificate". The Certificate must be in a form promulgated by TREC or required by the parties. The Certificate must have been prepared no more than 3 months before the date it is delivered to Buyer and must contain at a minimum the information required by Section 82.157, Texas Property Code. (Check one box only): (1) Buyer has received the Certificate. (2) Buyer has not received the Certificate. Seller shall deliver the Certificate to Buyer within days after the effective date of the contract. Buyer may cancel the contract before the sixth day after the date Buyer receives the Certificate by handdelivering or mailing written notice of cancellation to Seller by certified United States mail, return receipt requested. If Buyer cancels the contract pursuant to this paragraph, the contract will terminate and the earnest money will be refunded to Buyer. (3) Buyer has received Seller's affidavit that Seller requested information from the Association concerning its financial condition as required by the Texas Property Code, and that the Association did not provide a Certificate or information required in the Certificate. Buyer and Seller agree to waive the requirement to furnish the Certificate. and Seller TREC NO. 30-10 American LegalNet, Inc. www.FormsWorkFlow.com Initialed for identification by Buyer Contract Concerning (Address of Property) Page 2 of 8 12-05-2011 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. 5. EARNEST MONEY: Upon execution of this
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