Fill and Sign the Trec Form 9 13 Ampquotunimproved Property Contractampquot Texas

Initialed for Identification by Buyer___________and Seller__________Page 1 of 12 EQUAL HOUSING OPPORTUNITY PROMULGATED BY THE ____________ REAL ESTATE COMMISSION (___________) UNIMPROVED PROPERTY CONTRACT NOTICE: Not For Use For Condominium Transactions 1 PARTIES: ________________________________________ (Seller) agrees to sell and convey to __________________________________________ (Buyer) and Buyer agrees to buy from Seller the property described below. 2. PROPERTY: Lot _________, Block _____, ____________________________Addition, City of _____________________, ___________________ County, ________, known as ___________________________________________________ (Address/Zip Code), or as described on attached exhibit, (the Property). The Property ( ) is ( ) is not subject to mandatory membership in an owners' association. The __________ Addendum For Property Subject To Mandatory Membership In An Owners’ Association ( ) is ( ) is not attached. 3. SALES PRICE: A. Cash portion of Sales Price payable by Buyer at closing .................... $____________ B. Sum of all financing described below ..................................................$____________ C. Sales Price (Sum of A and B) ............................................................. $ ____________ 4. FINANCING: Within _______ days after the effective date of this contract Buyer shall apply for all third party financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. Financing or assumption approval will be deemed to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items relating to Buyer's net worth, income and creditworthiness). If financing or assumption approval is not obtained within ________ days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. Each note to be executed hereunder must be secured by vendor's and deed of trust liens. The portion of Sales Price 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 loan in an amount not to exceed _______ % of the Sales Price, evidenced by a third party first lien promissory note of not less than $ _________, due in full in _________ year(s), with interest not to exceed ________% per annum for the first _______ year(s) of the loan. (2) This contract is subject to approval for Buyer of a third party loan in an amount not to exceed ______ % of the Sales Price, evidenced by a third Initialed for Identification by Buyer___________and Seller__________Page 2 of 12 party second lien promissory note of not less than $ ________, due in full in ________ year(s), with interest not to exceed _________ % per annum for the first _________ year(s) of the loan. B. 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 ___________ Seller Financing Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance. C. ASSUMPTION: (1) Buyer shall assume the unpaid principal balance of a first lien promissory note payable to 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 _________________________________ 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. 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 requires (a) payment of an assumption fee in excess of $ _____________ in C(1) above or $ ______________ in C(2) above and Seller declines to pay such excess, or (b) an increase in the interest rate to more than ______% in C(1) above, or ________% in C(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 shall automatically be released on execution and delivery 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 monthly payments, interest rates or other terms of some Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 3 of 12 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 ___________ Release of Liability Addendum. D. 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 or assumption approval or 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: A. TITLE POLICY: Seller shall furnish to Buyer at ( ) Seller’s expense an owner polic of title insurance (the Title Policy) issued __________________________ (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 Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 4 of 12 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 discrepancies, conflicts, shortages in area boundary lines, encroachments or protrusions, or overlapping improvements. (7) The standard printed exception as to marital rights. (8) 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. B. SURVEY: (Check one box only)( ) (1) Within _____ days after the effective date of this contract, Buyer shall obtain a survey at Buyer’s expense. ( ) (2) Within days after the effective date of this contract, Seller shall cause a survey to be delivered to Buyer at Seller’s expense. ( ) (3) Within days after the effective date of this contract, Seller will deliver to Buyer the existing survey plat of the Property dated _________________, 20_____, which ( ) will ( ) will not be recertified to a date subsequent to the effective date of this contract at the expense of ( ) Buyer ( ) Seller. The survey must be made by a Registered Professional Land Surveyor acceptable to the Title Company and any lender. Buyer may object to existing building and zoning ordinances, items 6A(1) through (8) above and matters shown on the survey if Buyer determines that any such ordinance, items or matters prohibits the following use or activity:____________________________________________________________________________________________________________________ Buyer will have 7 days after the receipt of the latter of the Commitment or survey to object in writing to matters disclosed in the Commitment or survey. Buyer’s failure to object under Paragraph 6 within the time allowed will constitute a waiver of Buyer’s right to object; except Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 5 of 12 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 20 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 ______ of the ______ 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, § _______, __________Code, requires a notice regarding coastal area property to be included in the contract. An addendum either promulgated by ___________ 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 ___________ 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. 7. PROPERTY CONDITION: A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector selected by Buyer, licensed by ___________ 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. ACCEPTANCE OF PROPERTY CONDITION: NOTICE: Buyer should determine the availability of utilities to the Property suitable to satisfy Buyer’s needs. (check one Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 6 of 12 box only):( ) (1) In addition to any earnest money deposited with escrow agent, Buyer has paid Seller $_________ 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. 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. 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 at closing and funding. 11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale. ___________ rules prohibit licensees from adding factual statements or business details for which a contract addendum, lease or other form has been promulgated by ___________ 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 may not exceed _____% of the loan of which Seller shall pay ___________________ and Buyer shall pay the remainder. The total of any buydown Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 7 of 12 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 preparation of loan documents, recording fees, tax service and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums for 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; one-half of escrow fee; and other expenses stipulated to be paid by Buyer under other provisions of this contract. B. 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 governmental loan program regulations. 13. PRORATIONS AND ROLLBACK TAXES: ( ) A. PRORATIONS: Taxes for the current year, interest, maintenance fees, 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. 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. ROLLBACK TAXES: If this sale or Buyer’s use of the Property after closing results in the assessment of additional taxes, penalties or interest (Assessments) for periods prior to closing, the Assessments will be the obligation of Buyer. If Seller’s change in use of the Property prior to closing or denial of a special use valuation on the Property claimed by Seller results in Assessments for periods prior to closing, the Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 8 of 12 Assessments will be the obligation of Seller. Obligations imposed by this paragraph will survive closing. 15. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract and the earnest money will be refunded to Buyer (b) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (c) accept the Property in its damaged condition and accept an assignment of insurance proceeds. Seller’s obligations under this paragraph are independent of any obligations of Seller under Paragraph 7. 16. 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 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. 17. DISPUTE RESOLUTION: It is the policy of the State of __________ to encourage the peaceable resolution of disputes through alternative dispute resolution procedures. The parties are encouraged to use an addendum approved by ___________ to submit to mediation disputes which cannot be resolved in good faith through informal discussion. 18. 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. 19. 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 Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 9 of 12 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. 20. 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. 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. 21. 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. 22. 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):__________________________________________________________ ________________________________________________________________________. 23. 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. Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 10 of 12 Buyer’s Seller’s Attorney is:______________________________ Attorney is:__________________________ 24. 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.) _______________________________________ _____________________________ Buyer Seller _______________________________________ _____________________________ Buyer Seller The form of this contract has been approved by the ____________ 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. _________ Real Estate Commission, __________ _____________, _____________, ____________ ____________,( )_________________. 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 Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 11 of 12 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 Receipt of ( ) Contract and ( ) $_______________ Earnest Money in the form of ________________________ is acknowledged. Escrow Agent:__________________________ Date: _______________________, 20____ By:___________________________________ ______________________________________ Telephone ( )________________________ Address ______________________________________ Facsimile ( )_________________________ Unimproved Property Contract Concerning ____________________________________ (Address of Property) Initialed for Identification by Buyer___________and Seller__________Page 12 of 12 __________________________________ City State Zip Code