Fill and Sign the Texas Seller Financing Form

EQUAL HOUSING OPPORTUNITY NOTICE: Not For Use Where Seller Owns Fee Simple Title To Land Beneath Unit PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) RESIDENTIAL CONDOMINIUM CONTRACT (RESALE) ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR SELLER 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. ( ) (2) Buyer has not received a copy of the Documents. Seller shall deliver the Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 1 of 13 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 any private mortgage insurance [PMI] premium) ............... $______________ 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 PMI premium) or assumption approval is not obtained within ______ days after the effective date hereof, this contract will terminate and the earnest money will refunded to Buyer. Each note to be executed hereunder must be secured by vendor’s and deed of trust liens. The portion of Sales Prices not payable in cash will be paid as follows: (Check applicable boxes below) ( ) A. THIRD PARTY FINANCING: ( ) (1) This contract is subject to approval for Buyer of a third party first mortgage loan having a loan-to-value ratio not to exceed _______% as established by such third party (excluding any financed PMI premium), due in full in _________ year(s), with interest not to exceed ______% per Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 2 of 13 annum for the first ________ year(s) of the loan. The loan will be ( ) with ( ) without PMI. ( ) (2) This contract is subject to approval for Buyer of a third party second mortgage loan having a loan-to-value ratio not to exceed ________% as established by such third party (excluding any financed PMI premium), due in full in ________ year(s), with interest not to exceed _________% per annum for the first ________ year(s) of the loan. The loan will be ( ) with ( ) without PMI. ( ) B. TEXAS VETERAN’S HOUSING ASSISTANCE PROGRAM LOAN: This contract is subject to approval for Buyer of a Texas Veterans’ Housing Assistance Program Loan (the 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. ( ) C. SELLER FINANCING: A promissory note from Buyer to Seller of $________, bearing _________% interest per annum, secured by vendor’s and deed of trust liens, in accordance with the terms and conditions set forth 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. ( ) D. ASSUMPTION: ( ) (1) Buyer shall assume the unpaid principal balance of a first lien promissory note payable to _______________________________ dated _______________, which unpaid balance at closing will be $_________. The total current monthly payment including principal, interest and any reserve deposits is $___________________. Buyer’s initial payment will be the first payment due after closing. ( ) (2) Buyer shall assume the unpaid principal balance of a second lien promissory note payable to ____________________ dated ___________, which unpaid balance at closing will be $____________ Buyer’s initial payment will be the first payment due after closing. Buyer’s assumption of an existing note includes all obligations imposed by the deed of trust securing the note. If the unpaid principal balance(s) of any assumed loan(s) as of the Closing Date varies from the loan balance(s) stated above, the ( ) cash payable at closing ( ) Sales Price will be adjusted by the amount of any variance; provided, if the total principal balance of all assumed loans varies in an amount greater than $350.00 at closing, either party may terminate this contract and the earnest money will be refunded to Buyer unless the other party elects to eliminate the excess in the variance by an appropriate adjustment at closing. If the noteholder on assumption requires (a) Buyer to pay an assumption fee in excess of $_____________ in D(1) above or $_______________ in D(2) above, and Seller declines to pay such excess or (b) an increase in the interest rate to more than _____________% in Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 3 of 13 D(1) above or _____________% in D(2) above, or (c) any other modification of the loan documents, Buyer may terminate this contract and the earnest money will be refunded to Buyer. A vendor’s lien and deed of trust to secure assumption will be required, which will automatically be released on execution and deliver of a release by noteholder. If Seller is released from liability on any assumed note, the vendor’s lien and deed of trust to secure assumption will not be required. NOTICE TO BUYER : The payments, interest rates or other terms of some loans may be adjusted by the lender at or after closing. If you are concerned about the possibility of future adjustments, do not sign the contract without examining the notes and deeds of trust. NOTICE TO SELLER : Your liability to pay the note assumed by Buyer will continue unless you obtain a release of liability from the lender. If you are concerned about future liability, you should use the TREC Release of Liability Addendum. ( ) E. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: Within _____ days after the effective date of this contract, Buyer shall deliver to Seller ( ) credit report ( ) verification of employment, including salary ( ) verification of funds on deposit in financial institutions ( ) current financial statement to establish Buyer’s creditworthiness for seller financing and ( ) ________________________________________________________________ ________________________________________________________________ ________________________________________________________________. If Buyer’s documentation is not delivered within the specified time, Seller may terminate this contract by notice to Buyer within 7 days after expiration of the time for delivery, and the earnest money will be paid to Seller. If this contract is not so terminated, Seller will be deemed to have accepted Buyer’s credit. If the documentation is timely delivered, and Seller determines in Seller’s sole discretion that Buyer’s credit is unacceptable, Seller may terminate this contract by notice to Buyer within 7 days after expiration of the time for delivery and the earnest money will be refunded to Buyer. If Seller does not so terminate this contract, Seller will be deemed to have accepted Buyer’s credit. Buyer hereby authorizes any credit reporting agency to furnish to Seller at Buyer’s sole expense copies of Buyer’s credit reports. 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 AND SURVEY : Seller shall furnish to Buyer at ( ) Seller’s ( ) Buyer’s expense an owner policy of title insurance (the Title Policy) issued by Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 4 of 13 __________________________ (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 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 Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 5 of 13 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 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): Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 6 of 13 ( ) (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. 1. 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 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. 2. 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 Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 7 of 13 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 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: Releases of existing liens, including prepayment penalties and recording fees; release of Seller’s loan liability; tax statements or certificates; preparation of deed; one-half of escrow fee; and other expenses stipulated to be paid by Seller under other provisions of this contract. (4) Buyer’s Expenses: Loan application, origination and commitment fees; loan assumption costs; preparation and recording of deed of trust to secure assumption; lender required expenses incident to new loans, including PMI premium, preparation of loan documents, recording fees, tax service and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums of mortgagee title policies and endorsements required by lender, credit reports, photos; required premiums for flood and hazard insurance; required reserve deposit for insurance premiums and ad valorem taxes; interest on all monthly installment notes from date of disbursements to one month prior to dates of first monthly payments; customary Program Loan costs for Buyer; one-half of escrow fee; and other expenses stipulated to be paid by Buyer Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 8 of 13 under other provisions of this contract. B. Any Association transfer or processing fee will be paid by ______________________. C. 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. If a loan is assumed and the lender maintains an escrow account, the escrow account must be transferred to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the transferred account. 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 Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 9 of 13 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 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 Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 10 of 13 no knowledge of any misrepresentation or errors in the Certificate or any material 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). (BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.) _______________________________________ ____________________________________ Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 11 of 13 Buyer Seller _______________________________________ ____________________________________ 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. 30-1. This form replaces TREC NO. 30-0. 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 RECEIPT Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 12 of 13 Receipt of ( ) Contract and ( ) $_______________ Earnest Money in the form of ________________________ is acknowledged. Escrow Agent:__________________________ Date: _______________________, 20____ By:___________________________________ ______________________________________ Telephone ( )________________________ Address ______________________________________ Facsimile ( )_________________________ City State Zip Code Initialed for identification by Buyer_________and Seller_________ 01A TREC NO. 30-1 Page 13 of 13