Chapter 7 review Flashcards
Paragraph A => addendum for sale of other property by buyer
Address of the property that need to be sold / date need to be sold/
Paragraph c => addendum for sale of other property by buyer
buyer may waive the contingency/ deposit extra with escrow agent as additional earnest money. all waivers must be in writing/
Amended effective date ( back-up ) contract
The effective date of the back-up contract will be changed to the date the buyer receive notification that the first contract is terminated.
Termination option paragraph in 1 to 4 family residential contract (Resale) on the back-up contract, not the first contract.
when the second buyer is notified that the first contract did not close,that day will be the day zero of the option period.
where is The Addendum for Reservation of Oil, Gas, and Other Minerals addendum ?
in the AGREEMENT OF PARTIES paragraph of the One to Four Family Residential Contract (Resale) as a possible attachment needed in certain transactions.
This addendum is also mentioned in the PROPERTY - RESERVATIONS paragraph of the Farm and Ranch Contract.
Why Oil and Gas addendum is required by TREC for use for any reservation of minerals?
prevent agents from practicing law by entering into the One to Four Family Residential Contract (Resale) any parties’ wishes on mineral rights.
SPECIAL PROVISIONS => in the One to Four Family Residential Contract (Resale)=»> Oil and Gas
paragraph is not the place to address minerals since this addendum does exist for agents to use.
Who signs the Notice of Buyer’s Termination of Contract?
Only the buyer
When does the buyer pay the seller any agreed-upon option money when using the Addendum For “Back-Up” Contract?
The buyer MUST pay the seller any agreed-upon option consideration at the time of the effective date of the backup contract.
Gulf Intracoastal Waterway
The Gulf Intracoastal Waterway is a 1,300-mile, man-made canal that runs along the Gulf of Mexico coastline from Brownsville, Texas, all the way to St. Marks, Florida. The Waterway links Texas ports with the rest of the country and helps enable shipping traffic
Seaward Land Definition
All of the Land between the actual gulf and this intracoastal canal falls into this category such as padre island
Open Beach Laws
Texas Beach is eroding 5 feet each year per year. /inform the buyer
Paragraph one of Coastal Area Property
Due to Erosion and Accretion , the amount of land the purchaser will get may change.
Paragraph 2 of Coastal Area Property
discusses FILL, Previous owner may fill in by topsoil to increase what they own. It violates federal law.
information about Landfill from the seller
Paragraph 4 of Coastal Area Property
GENERAL LAND OFFICE IN AUSTIN TEXAS for info !