FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 1 of 13
EQUAL HOUSING OPPORTUNITYNOTICE: Not For Use Where Seller Owns Fee Simple Title To Land Beneath UnitPROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) RESIDENTIAL CONDOMINIUM CONTRACT (RESALE)
FHA INSURED OR VA GUARANTEED FINANCING
1. PARTIES: ________________________________________ (Seller) agrees to sell and
convey to __________________________________________ (Buyer) and Buyer agrees
to buy from Seller the property described below.
2. PROPERTY AND CONDOMINIUM DOCUMENTS:
A. Condominium Unit ______, in Building _____, of ___________________________,
a condominium project, located at ___________________________ (Address/Zip Code),
City of _______________, ____________________, County, 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: ________________________. The property includes the following items
owned by Seller, if any: curtains and rods, draperies and rods, valances, blinds, window
shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling
fans, attic fans, mail boxes, television antennas and satellite dish system with controls and
equipment, permanently installed heating and air conditioning units, window air
conditioning units, built-in security and fire detection equipment, plumbing and lighting
fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage
door openers with controls, built-in cleaning equipment, all swimming pool equipment
and maintenance accessories, shrubbery, landscaping, permanently installed outdoor
cooking equipment, built-in fireplace screens, artificial fireplace logs and all other
personal property owned by Seller and attached to the Unit or located in the Unit and
given as collateral for any indebtedness which will remain in effect after closing except
the following property which is not included: ___________________________________
_______________________________________________________________________. All property sold by this contract is called the "Property".
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.
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 2 of 13
( ) (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 hand-
delivering or mailing written notice of cancellation to Seller by certified United States
mail, return receipt requested.
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 three
months before the date it is delivered to Buyer and must contain at a minimum the
information required by Section 82.157 of the 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 hand-delivering or mailing written notice of cancellation to Seller
by certified United States mail, return receipt requested.
( ) (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.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer at closing ................. $______________
B. Sum of all financing described below
(excluding VA Funding Fee or FHA Mortgage Insurance
Premium [MIP]) .............................................................................….. $ _____________
C. Sales Price (Sum of A and B) ......................................................…. $______________
4. FINANCING: Within _____ days after the effective date of this contract Buyer shall apply for and make every reasonable effort to obtain financing. Financing will be deemed to have
been obtained when the lender has determined that Buyer has satisfied all of lender's
financial requirements (those items relating to Buyer's net worth, income and
creditworthiness). If financing (including any financed MIP or Funding Fee) is not obtained
within ______ days after the effective date hereof, this contract will terminate and the earnest
money will refunded to Buyer. The portion of Sales Prices not payable in cash will be paid as
follows: (Check applicable boxes below)
( ) A. FHA INSURED FINANCING: This contract is subject to approval for Buyer of a Section _______ FHA insured loan of not less than $___________
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 3 of 13
(excluding any financed MIP), amortizable monthly for not less than _____ years,
with interest not to exceed _______ % per annum for the first ________ year(s) of
the loan. As required by HUD-FHA, if FHA valuation is unknown, "It is
expressly agreed that, notwithstanding any other provisions of this contract, the
purchaser (Buyer) shall not be obligated to complete the purchase of the Property
described herein or to incur any penalty by forfeiture of earnest money deposits
or otherwise unless the purchaser (Buyer) has been given in accordance with
HUD/FHA or VA requirements a written statement issued by the Federal Housing
Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender
setting forth the appraised value of the Property of not less than $ ___________.
The purchaser (Buyer) shall have the privilege and option of proceeding with
consummation of the contract without regard to the amount of the appraised
valuation. The appraised valuation is arrived at to determine the maximum
mortgage the Department of Housing and Urban Development will insure.
HUD does not warrant the value or the condition of the Property. The
purchaser (Buyer) should satisfy himself/herself that the price and the condition
of the Property are acceptable. If the FHA appraised value of the Property
(excluding closing costs and MIP) is less than the Sales Price (3C above), Seller
may reduce the Sales Price to an amount equal to the FHA appraised value
(excluding closing costs and MIP) and the parties to the sale shall close the sale at
such lower Sales Price with appropriate adjustments to 3A and 3B above.
( ) B. VA GUARANTEED FINANCING: This contract is subject to approval for
Buyer of a VA guaranteed loan of not less than $_____________ (excluding any
financed Funding Fee), amortizable monthly for not less than _____ years, with
interest not to exceed _________% per annum for the first ________ year(s) of
the loan.
VA NOTICE TO BUYER : It is expressly agreed that, notwithstanding any other
provisions of this contract, the Buyer shall not incur any penalty by forfeiture of
earnest money or otherwise or be obligated to complete the purchase of the
Property described herein, if the contract purchase price or cost exceeds the
reasonable value of the Property established by the Department of Veterans
Affairs. The Buyer shall, however, have the privilege and option of proceeding
with the consummation of this contract without regard to the amount of the
reasonable value established by the Department of Veterans Affairs.
If Buyer elects to complete the purchase at an amount in excess of the reasonable
value established by VA, Buyer shall pay such excess amount in cash from a
source which Buyer agrees to disclose to the VA and which Buyer represents will
not be from borrowed funds except as approved by VA. If VA reasonable value
of the Property is less than the Sales Price (3C above), Seller may reduce the
Sales Price to an amount equal to the VA reasonable value and the parties to the
sale shall close at such lower Sales Price with appropriate adjustments to 3A and
3B above.
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 4 of 13
( ) C. TEXAS VETERAN’S HOUSING ASSISTANCE PROGRAM LOAN: This contract is subject to approval for Buyer of a Texas Veterans’ Housing Assistance
program Loan of $____________ for a period of at least __________ years at the
interest rate established by the Texas Veteran’s Land Board at the time of closing.
5. EARNEST MONEY : Buyer shall deposit $ ___________ as earnest money with
__________________________ at ___________________________________
(Address), as escrow agent, upon execution of this contract by both parties.
Additional earnest money of $________ must be deposited by Buyer with escrow
agent on or before ____________________, 20______. If Buyer fails to deposit the
earnest money as required by this contract, Buyer will be in default. 6. TITLE POLICY : Seller shall furnish to Buyer at ( ) Seller’s ( ) Buyer’s
expense an owner policy of title insurance (the Title Policy) issued by
_________________________ (the 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: (A) Restrictive covenants common to the platted subdivision in which the Property is
located.
(B) The standard printed exception for standby fees, taxes and assessments.
(C) Liens created as part of the financing described in Paragraph 4.
(D) Terms and provisions of the Documents including the assessments and platted
easements.
(E) Reservations or exceptions otherwise permitted by this contract or as may be
approved by Buyer in writing.
(F) The standard printed exception as to discrepancies, conflicts, shortages in area or
boundary lines, encroachments or protrusions, or overlapping improvements.
(G) The standard printed exception as to marital rights.
(H) The standard printed exception as to waters, tidelands, beaches, streams, and related
matters.
Within 20 days after the Title Company receives a copy of this contract, Seller shall
furnish to Buyer a commitment for title insurance (the Commitment) and, at Buyer's
expense, legible copies of restrictive covenants and documents evidencing exceptions in
the Commitment other than the standard printed exceptions. Seller authorizes the Title
Company to mail or hand deliver the Commitment and related documents to Buyer at
Buyer's address shown below. If the Commitment is not delivered to Buyer within the
specified time, the time for delivery will be automatically extended up to 15 days.
Buyer will have 5 days after the receipt of the Commitment to object in writing to matters
disclosed in the Commitment. Buyer may object to existing building and zoning
ordinances and items 6A through 6H above if Buyer determines that any such ordinance
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 5 of 13
or item prohibits the following use or activity: ________________________________
Buyer’s failure to object within the time allowed will constitute a waiver of Buyer’s right
to object; except that the requirements in Schedule C of the Commitment will not be
deemed to have been waived. Seller shall cure the timely objections of Buyer or any
third party lender within 15 days after Seller receives the objections and the Closing Date
will be extended as necessary. If objections are not cured by the extended Closing Date,
this contract will terminate and the earnest money will be refunded to Buyer unless Buyer
elects to waive the objections.
NOTICE TO SELLER AND BUYER:
(1) Broker advises Buyer to have an abstract of title covering the Property examined by an
attorney of Buyer’s selection, or Buyer should be furnished with or obtain a Title Policy. If a
Title Policy is furnished, the Commitment should be promptly reviewed by an attorney of
Buyer’s choice due to the time limitations on Buyer’s right to object. (2) If the Property is situated in a utility or other statutorily created district providing
water, sewer, drainage, or flood control facilities and services, Chapter 49 of the
Texas Water Code requires Seller to deliver and Buyer to sign the statutory notice
relating to the tax rate, bonded indebtedness, or standby fee of the district prior to
final execution of this contract.
(3) If the Property abuts the tidally influenced waters of the state, Section 33.135,
Texas Natural Resources Code, requires a notice regarding coastal area property
to be included in the contract. An addendum either promulgated by TREC or
required by the parties should be used.
(4) Buyer is advised that the presence of wetlands, toxic substances, including asbestos and
wastes or other environmental hazards or the presence of a threatened or endangered species or
its habitat may affect Buyer’s intended use of the Property. If Buyer is concerned about these
matters, an addendum either promulgated by TREC or required by the parties should be used.
(5) Unless expressly prohibited in writing by the parties, Seller may continue to show the Property for sale and to receive, negotiate and accept back-up offers.
(6) Any residential service contract that is purchased in connection with this transaction should be reviewed for the scope of coverage, exclusions and
limitations. The purchase of a residential service contract is optional.
Similar coverage may be purchased from various companies authorized to do
business in Texas.
7. PROPERTY CONDITION:
A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector selected by Buyer, licensed by TREC or otherwise
permitted by law to make such inspections. Seller shall permit access to the
Property at reasonable times for inspection, repairs and treatment and for
reinspection after repairs and treatment have been completed. Seller shall pay for
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 6 of 13
turning on utilities for inspection and reinspection.
B. SELLER’S DISCLOSURE NOTICE PURSUANT TO SECTION 5.008, TEXAS
PROPERTY CODE (Notice) (check one box only):( ) (1) Buyer has received the Notice.
( ) (2) Buyer has not received the Notice. Within ____ days after the effective date of this contract, Seller shall deliver the Notice to Buyer. If
Buyer does not receive the Notice, Buyer may terminate this contract at
any time prior to the closing. If Seller delivers the Notice, Buyer may
terminate this contract for any reason within 7 days after Buyer receives
the Notice or prior to the closing, whichever first occurs.
( ) (3) The Texas Property Code does not require this Seller to furnish the
Notice.
C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED
PAINT HAZARDS is required by Federal Law for a residential dwelling constructed
prior to 1978. An addendum providing such disclosure ( ) is ( ) is not
attached.
D. ACCEPTANCE OF PROPERTY CONDITION: (check one box only): ( ) (1) In addition to any earnest money deposited with escrow agent, Buyer
has paid Seller $____________ (the Option Fee for the unrestricted right
to terminate this contract by giving notice of termination to Seller within
_________ days after the effective date of this contract. If Buyer gives
notice of termination within the time specified, the Option Fee will not be
refunded, however, any earnest money will be refunded to Buyer. If
Buyer does not give notice of termination within the time specified, Buyer
will be deemed to have accepted the Property in its current condition and
the Option Fee ( ) will ( ) will not be credited to the Sales Price at
closing.
( ) (2) Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:____________________________________________________________________________________________________________________________________________________________________________________
E. LENDER REQUIRED REPAIRS AND TREATMENTS (REPAIRS): Unless
otherwise agreed in writing, neither party is obligated to pay for lender required
repairs or treatments for wood destroying insects. If the cost of lender required
repairs exceeds 5% of the Sale Price, Buyer may terminate this contract.
F. COMPLETION OF REPAIRS AND TREATMENT. Unless otherwise
agreed by the parties in writing, Seller shall complete all agreed repairs
and treatment prior to the Closing Date. Repairs and treatments
must be performed by persons who regularly provide such repairs or
treatments. At Buyer’s election, any transferable warranties received by
Seller with respect to the repairs will be transferred to Buyer
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 7 of 13
at Buyer’s expense. If Seller fails to complete any agreed repairs and
treatment prior to the Closing Date, Buyer may do so and the Closing Date will be
extended up to 15 days, if necessary, to complete repairs and treatment.G. REPAIRS TO COMMON ELEMENTS: After Buyer receives all reports of
needed repairs to Common Elements and Limited Common Elements that are
not the responsibility of Seller, Buyer will have 7 days to deliver
notice to Seller that Buyer will terminate the contract unless Buyer
receives written confirmation from the Association that such repairs will be
made in a reasonable time at no cost to Buyer. If Buyer delivers such
notice, Seller will have ______ days after receipt of such notice to cause to
be delivered to Buyer written confirmation of the
Association’s commitment to repair. If Buyer does not deliver such notice to
Seller, Buyer will be deemed to have accepted the Property without such repairs. If
required by Buyer and written confirmation of repairs is not delivered to Buyer as
required above, Buyer may terminate this contract and the earnest money will be
refunded to Buyer.
8. BROKERS' FEES : All obligations of the parties for payment of brokers’ fees are
contained in separate written agreements.
9. CLOSING: The closing of the sale will be on or before ___________________,
20_______, or within 7 days after objections to matters disclosed in the Commitment or
by the survey have been cured, whichever date is later (the Closing Date). If financing or
assumption approval has been obtained pursuant to Paragraph 4, the Closing Date will
be extended up to 15 days if necessary to comply with lender's closing requirements (for
example, appraisal, survey, insurance policies, lender-required repairs, closing
documents). If either party fails to close this sale by the Closing Date, the non-defaulting
party will be entitled to exercise the remedies contained in Paragraph 15. At closing
Seller shall furnish tax statements or certificates showing no delinquent taxes and a
general warranty deed conveying good and indefeasible title showing no additional
exceptions to those permitted in Paragraph 6.
10. POSSESSION : Seller shall deliver possession of the Property to Buyer on
_______________________ in its present or required repaired condition, ordinary wear
and tear excepted. Any possession by Buyer prior to closing or by Seller after closing
which is not authorized by a temporary lease from promulgated by TREC or required by
the parties will establish a tenancy at sufferance relationship between the parties. Consult
your insurance agent prior to change of ownership or possession as insurance coverage
may be limited or terminated. The absence of a written lease or appropriate insurance
coverage may expose the parties to economic loss. 11. SPECIAL PROVISIONS: (Insert only factual statements and business details
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 8 of 13
applicable to this sale. TREC rules prohibit licensees from adding factual statements or
business details for which a contract addendum, lease or other form has been
promulgated by TREC for mandatory use.)
12. SETTLEMENT AND OTHER EXPENSES:
A. The following expenses must be paid at or prior to closing:
(1) Appraisal fees will be paid by ______________________________________.
(2) The total of loan discount fees (including any Texas Veterans’ Housing
Assistance Program Participation Fee) may not exceed _____% of the loan of
which Seller shall pay ___________________ and Buyer shall pay the remainder.
The total of any buydown fees may not exceed ________________ which will be
paid by ___________________________.
(3) Seller's Expenses: FHA or VA required repairs and any other inspections,
reports or repairs required of Seller by this contract; releases of existing liens,
including prepayment penalties and recording fees; tax statements or certificates;
preparation of deed; one-half of escrow fee; expenses FHA or VA prohibits Buyer
to pay; tax statements or certificates; and other expenses stipulated to be paid by
Seller under other provisions of this contract.
(4) Buyer’s Expenses: Interest on the note(s) from the date of disbursement to one
month prior to dates of first monthly payments, expenses stipulated to be paid by
Buyer under other provisions of this contract; any customary Texas Veterans’
Housing Assistance Program Loan costs for Buyer; and premiums for mortgagee
title policy and endorsements required by lender.
(a) FHA Buyer: All prepaid items required by applicable HUD-FHA or other regulations, including required premiums for flood and hazard insurance,
reserve deposits for other insurance, ad valorem taxes and special
governmental assessments; expenses incident to any loan including
preparation of loan documents, recording fees, copies of restrictions and
easements, amortization schedule, loan origination fee, loan commitment
fee, credit reports, photos, loan related inspection fee; and one-half of
escrow fee.
(b) VA Buyer: All prepaid items, including required premiums for flood and hazard insurance, reserve deposits for other insurance, ad valorem taxes
and special governmental assessments; expenses incident to any loan: for
example, credit reports, recording fees, loan origination fee, loan related
inspection fees.
B. Any Association transfer or processing fee will be paid by ______________________.
C. The VA Loan Funding Fee or FHA Mortgage Insurance Premium (MIP) not to
exceed $______________ will be paid by Buyer, and ( ) paid in cash at closing ( )
added to the amount of the loan or ( ) paid as
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 9 of 13
follows:_____________________________________ _______________________________________________________________________.
D. If any expense exceeds an amount expressly stated in this contract for such expense
to be paid by a party, that party may terminate this contract unless the other party agrees
to pay such excess. In no event will Buyer pay charges and fees expressly prohibited by
the Texas Veterans’ Housing Assistance Program or other governmental loan program
regulations.
13. PRORATIONS: Taxes for the current year, maintenance fees, regular condominium
assessments, dues and rents will be prorated through the Closing Date. If taxes for the
current year vary from the amount prorated at closing, the parties shall adjust the
prorations when tax statements for the current year are available. Cash reserves from
regular condominium assessments for deferred maintenance or capital improvements
established by the Association will not be credited to Seller. Any special condominium
assessment due and unpaid at closing will be the obligation of Seller. Buyer shall pay
the premium for a new insurance policy. If taxes are not paid at or prior to closing,
Buyer will be obligated to pay taxes for the current year.
14. CASUALTY LOSS: If any part of the Unit is damaged which Seller is solely obligated to
maintain and repair under the terms of the Declaration is damaged or destroyed by fire or other
casualty, Seller shall restore the Property to its previous condition as soon as reasonably possible,
but in any event by the Closing Date. If Seller is unable to do so without fault, Buyer may
terminate this contract and the earnest money will be refunded to Buyer. If any part of the
Common Elements or Limited Common Elements adjoining the Unit described in Paragraph 2A
is damaged or destroyed by fire or other casualty loss, Buyer will have 7 days from receipt of
notice of such casualty loss within which to notify Seller in writing that the contract will be
terminated unless Buyer receives written confirmation from the Association that the damaged
condition will be restored to its previous condition within a reasonable time at no cost to Buyer.
Unless Buyer gives such notice within such time, Buyer will be deemed to have accepted the
Property without confirmation of such restoration. Seller will have 7 days from the date of
receipt of Buyer’s notice within which to cause to be delivered to Buyer such confirmation. If
required by Buyer and written confirmation is not delivered to Buyer as required above, Buyer
may terminate this contract and the earnest money will be refunded to Buyer. Seller’s
obligations under this paragraph are independent of any obligations of Seller under Paragraph 7. 15 . DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and
Seller may either (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. If, due to factors beyond Seller’s control, Seller
fails within the time allowed to make any non-casualty repairs or deliver the Commitment, Buyer
may either (a) extend the time for performance up to 15 days and the Closing Date will be
extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 10 of 13
money. If Seller fails to comply with this contract for any other reason, Seller will be in default
and Buyer may either (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, thereby releasing
both parties from this contract. 16.DISPUTE RESOLUTION: It is the policy of the State of Texas to encourage the
peaceable resolution of disputes through alternative dispute resolution procedures. The parties
are encouraged to use an addendum approved by TREC to submit to mediation disputes which
cannot be resolved in good faith through informal discussion. 17. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or
with respect to the transaction described in this contract is entitled to recover from the
non-prevailing party all costs of such proceeding and reasonable attorney’s fees.
18. ESCROW: The earnest money is deposited with escrow agent with the understanding
that escrow agent is not (a) a party to this contract and does not have any liability for the
performance or nonperformance of any party to this contract, (b) liable for interest on the
earnest money and (c) liable for any loss of earnest money caused by the failure of any
financial institution in which the earnest money has been deposited unless the financial
institution is acting as escrow agent. At closing, the earnest money must be applied first
to any cash down payment, then to Buyer's closing costs and any excess refunded to
Buyer. If both parties make written demand for the earnest money, escrow agent may
require payment of unpaid expenses incurred on behalf of the parties and a written release
of liability of escrow agent from all parties. If one party makes written demand for the
earnest money, escrow agent shall give notice of the demand by providing to the other
party a copy of the demand. If escrow agent does not receive written objection to the
demand from the other party within 30 days after notice to the other party, escrow agent
may disburse the earnest money to the party making demand reduced by the amount of
unpaid expenses incurred on behalf of the party receiving the earnest money and escrow
agent may pay the same to the creditors. If escrow agent complies with the provisions of
this paragraph, each party hereby releases escrow agent from all adverse claims related to
the disbursal of the earnest money. Escrow agent's notice to the other party will be
effective when deposited in the U. S. Mail, postage prepaid, certified mail, return receipt
requested, addressed to the other party at such party's address shown below. Notice of
objection to the demand will be deemed effective upon receipt by escrow agent.
19. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will
be no liens, assessments, or security interests against the Property which will not be
satisfied out of the sales proceeds unless securing payment of any loans assumed by
Buyer and (b) assumed loans will not be in default; (c) the present amount of the regular
condominium assessment is $______________ which will be current; and (d) Seller has
no knowledge of any misrepresentation or errors in the Certificate or any material
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 11 of 13
changes in the information contained therein. If any representation in this contract is
untrue on the Closing Date, this contract may be terminated by Buyer and the earnest
money will be refunded to Buyer. All representations contained in this contract will
survive closing.
20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by
applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign
person", then Buyer shall withhold from the sales proceeds an amount sufficient to
comply with applicable tax law and deliver the same to the Internal Revenue Service
together with appropriate tax forms. IRS regulations require filing written reports if cash
in excess of specified amounts is received in the transaction.
21. AGREEMENT OF PARTIES: This contract contains the entire agreement of the
parties and cannot be changed except by their written agreement. Addenda which are a
part of this contract are
(list):______________________________________________________
_______________________________________________________________________
22. CONSULT YOUR ATTORNEY: Real estate licensees cannot give legal advice. This
contract is intended to be legally binding. READ IT CAREFULLY. If you do not
understand the effect of this contract, consult your attorney BEFORE signing.
Buyer’s Seller’s
Attorney is:______________________________ Attorney is:__________________________ 23. NOTICES: All notices from one party to the other must be in writing and are effective
when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:
To Buyer at: To Seller at:
_______________________________________ ___________________________________
_______________________________________ ___________________________________
_______________________________________ ___________________________________
Telephone ( )__________________________ Telephone ( )_______________________
Facsimile ( )____________________________ Facsimile ( )________________________
EXECUTED the ____ day of _________________, 20____ (THE EFFECTIVE DATE).
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 12 of 13
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
_______________________________________ ____________________________________
BuyerSeller
_______________________________________ ____________________________________
Buyer Seller
The form of this contract has been approved by the Texas Real Estate Commission. Such
approval relates to this contract form only. No representation is made as to the legal validity or
adequacy of any provision in any specific transaction. It is not suitable for complex
transactions. Extensive riders or additions are not to be used. Texas Real Estate Commission,
P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or (512) 459-6544
(http://www.trec.state.tx.us) TREC NO. 31-1. This form replaces TREC NO. 31-0.
BROKER INFORMATION AND RATIFICATION OF FEE
Listing Broker has agreed to pay Other Broker _________________________ of the total sales
price when Listing Broker’s fee is received. Escrow Agent is authorized and directed to pay
Other Broker from Listing Broker’s fee at closing.
_______________________________________ ____________________________________
Other Broker License No. Listing Broker License No.
represents ( ) Seller as Listing Broker’s subagent represents ( ) Seller and Buyer as an intermediary
( ) Buyer only as Buyer’s agent ( ) Seller only as
Seller’s agent
____________________________________
Listing Associate Telephone
__________________________________ ____________________________________
Associate Telephone Selling Associate Telephone
__________________________________ ____________________________________
Broker Address Broker Address
__________________________________ ____________________________________
Telephone Facsimile Telephone Facsimile
FHA or VA Financed Residential Condominium Contract
Concerning______________________ _____________________________________ (Address
of Property)
Page 13 of 13
RECEIPT
Receipt of ( ) Contract and ( ) $_______________ Earnest Money in the form of
________________________ is acknowledged.
Escrow Agent:__________________________ Date: _______________________, 20____
By:___________________________________
______________________________________ Telephone ( )________________________
Address
______________________________________ Facsimile ( ) ________________________
City State Zip Code
