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Unimproved Property Contract

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Unimproved Property Contract
Unimproved Property Contract
TREC NO. 9-10
Contract Concerning Page 1 of 8 12-05-2011
(Address of Property)
Initialed for identification by Buyer and Seller
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
UNIMPROVED PROPERTY CONTRACT
NOTICE: Not For Use For Condominium Transactions
EQUAL HOUSING
OPPORTUNITY
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: Lot , Block ,
Addition, City of
, County of ,
Texas, known as
(address/zip code), or as described on attached exhibit together with all rights, privileges and
appurtenances pertaining thereto, including but not limited to: water rights, claims, permits,
strips and gores, easements, and cooperative or association memberships (the Property).
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 contract by all parties, Buyer shall deposit $
as earnest money with , as escrow agent, at
(address). Buyer shall deposit
additional earnest money of $ with escrow agent within days after the
effective date of this contract. If Buyer fails to deposit the earnest money as required by this
contract, Buyer will be in default.
6. TITLE POLICY AND SURVEY:
A. TITLE POLICY: Seller shall furnish to Buyer at
Seller’s Buyer’s expense an owner’s policy
of title insurance (Title Policy) issued by (Title
Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against
loss under the provisions of the Title Policy, subject to the promulgated exclusions (including
existing building and zoning ordinances) and the following exceptions:
(1) Restrictive covenants common to the platted subdivision in which the Property is located.
(2) The standard printed exception for standby fees, taxes and assessments.
(3) Liens created as part of the financing described in Paragraph 4.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the
Property is located.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by
Buyer in writing.
(6) The standard printed exception as to marital rights.
(7) The standard printed exception as to waters, tidelands, beaches, streams, and related
matters.
(8) The standard printed exception as to discrepancies, conflicts, shortages in area or
boundary lines, encroachments or protrusions, or overlapping improvements. Buyer, at
Buyer’s expense, may have the exception amended to read, "shortages in area".
Unimproved Property Contract
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