Chapter 7 Flashcards
TREC No. 10-6 Addendum For Sale Of Other Property By Buyer
buyer wishes to purchase a home but needs to sell their current home to do so.
1.This addendum is added to the One to Four Family Residential Contract (Resale).
- Paragraph A addresses the date by which the buyer’s property needs to be sold. The date for this document cannot be any later than the closing date in Paragraph 9 of the One to Four Family Residential Contract (Resale).
- If the buyer fails to close after waiving the contingency because they were unable to receive funds from the sale of the other property, the buyer is in default on the contract.
If Buyer fail to sell his/ her property to buy the property , what a seller can do?
(a) enforce specific performance, seek such other relief as may be provided by law, or both, or
(b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract.
TREC No. 11-7 Addendum For “Back-Up” Contract
If a buyer wants to make an offer on a property that already has a contract on it. If the first contract terminates and then this offer will become a contract. It is called a Back-Up offer.
If the first contract closes, the back-up contract terminates and earnest money is refunded. The seller must notify the buyer of the back-up contract immediately that the first contract has terminated.
TREC No. 44-2 Addendum FOR RESERVATION OF OIL, GAS, AND OTHER MINERALS
In many communities across Texas, the property owners have been severed from the right to obtain the minerals, oil, and gas that are under the yards where families live.
Because real estate can be severed laterally, it is possible for one person to own the surface of the land and someone else to own the minerals under the land.
This addendum is required for use for any reservation of minerals by the Texas Real Estate Commission when using real estate licensees.
Paragraph 11 should not be used when dealing with mineral rights.
TREC No. 38-5 NOTICE OF BUYER’S TERMINATION OF CONTRACT
The buyer to terminate the previously agreed to One to Four Family Residential Contract (Resale) in accordance with the reasons shown.
No similar document exists for the seller. Seller does NOT sign this part.
First 3 paragraphs that deal with the termination of a contract.
P1= > Termination option period. The option period is given to the buyer to allow the buyer time to make a decision as to the repairs needed, as well as other decisions the buyer may want to make on the property prior to actually buying it.
P 2 => Notify the seller that the buyer could not obtain a loan to purchase the property.
p3=> Lender requirements for the improvements on the property involving problems with appraisal, insurability, and lender required repairs.
Last 3 paragraph that deal with the termination of a contract p
P4 = > Terminate the One to Four Family Residential Contract (Resale) if the purchaser does not receive or objects to the documents received concerning the Property Owners association.
P5=> Terminate the contract because he or she either did not receive the Seller’s Disclosure Notice (SDN) or there was something in that document that caused the buyer to change his or her mind about wanting the property.
P6=> Gives space to write in the reason the buyer wants to withdraw from the contract if that reason is not covered in the previous paragraphs.
TREC No. 34-4 Addendum For Property Located Seaward of the Gulf Intracoastal Waterway.
This form is primarily a warning notice to the buyer to make them completely aware of all the things that could go wrong in a purchase of land between the gulf and the intracoastal waterway.
Primary concern that this form addresses is the possibility that because of erosion an improvement that was not built on a public beach could actually be considered to be on the beach. If the owner of that improvement could be sued or required to tear down the building.
TREC No. 33-2 Addendum For Coastal Area Property
issues that arise when owning land along the gulf coast
1.The impact that erosion and accretion may have on the amount of land the purchaser will own.
2.Federal laws pertaining to filling in land with topsoil to increase the amount of land owned.
3.Federal laws about building structures, including submerged structures, on state land.
TREC No. 37-5 is used for Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners’ Association.
This form is given by the agent to the seller to take to the property owners’ association.
It is of vital importance that the buyer reviews these documents before signing the closing documents.
TREC No. 36-8 Addendum
used for property subject to mandatory membership in the owner’s association.
