Trec Form 9 13 "Unimproved Property Contract" Texas
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People also ask
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When to use unimproved property contract in Texas?
The unimproved property Texas sales contract is designed to be used for transactions that are related to the sale of land that has not yet been developed. This would be residential or commercial land that does not have a structure built on it yet. This would not include condominium properties.
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What contract do you use for a lot in Texas?
When buying or selling land in Texas, an important decision is what contract form to use. If you're a realtor, you are required to use the Texas Real Estate Commission (TREC) contract forms.
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What type of property requires the Texas seller's disclosure of property condition?
“Residential real estate” is defined as a single dwelling unit of residential real property located in Texas. Section 5.008 of the Texas Property Code governs a seller's duty to disclose the condition of residential real estate.
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What is a disadvantage of a land contract to the seller?
While land contracts offer several benefits to sellers, it is important to carefully consider the risks and disadvantages as well. For example, sellers may be at risk if the buyer defaults on the payments, and they may need to go through a lengthy legal process to regain ownership of the property.
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Which of the following should not be listed as an addendum to a promulgated TREC contract form?
The correct answer isoption 2. The item that should NOT be listed as an addendum to a promulgated TREC (Texas Real Estate Commission) contract form is 'Information About Brokerage Services'.
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When to use an unimproved property contract in Texas?
The unimproved property Texas sales contract is designed to be used for transactions that are related to the sale of land that has not yet been developed. This would be residential or commercial land that does not have a structure built on it yet. This would not include condominium properties.
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What does it mean when a property is unimproved?
Unimproved property means property upon which no residential, commercial, or other building has been built.
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How to file a memorandum of contract in Texas?
Once the memorandum is signNowd, it can be filed with the county clerk`s office in the county where the property is located. You will need to pay a filing fee, which varies by county. The clerk will then review the memorandum to ensure that it complies with all legal requirements and then add it to the public records.
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