Texas FHA or VA Financed Residential Condominium Contract

FHA or VA Financed Residential Condominium Contract (Resale)

Concerning

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)

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 , located at City of , , Texas.

Parking areas assigned to the Unit are:

The property includes the following items owned by Seller, if any, except the following property which is not included:

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.

( ) (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.

C. The Resale Certificate from the condominium owners association (the Association) is called the "Certificate". (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.

( ) (3) Buyer has received Seller's affidavit waiving the Certificate requirement.

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 and make every reasonable effort to obtain financing.

If financing is not obtained within days after the effective date hereof, this contract will terminate.

( ) A. FHA INSURED FINANCING : This contract is subject to approval for Buyer of a Section FHA insured loan of not less than $ , amortizable monthly for not less than years, with interest not to exceed % per annum for the first year(s) of the loan.

( ) B. VA GUARANTEED FINANCING : This contract is subject to approval for Buyer of a VA guaranteed loan of not less than $ , amortizable monthly for not less than years, with interest not to exceed % per annum for the first year(s) of the loan.

( ) 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.

5. EARNEST MONEY:

Buyer shall deposit $ as earnest money with at (Address), as escrow agent.

Additional earnest money of $ must be deposited by Buyer on or before

6. TITLE POLICY:

Seller shall furnish to Buyer at Seller’s Buyer’s expense an owner policy of title insurance issued by in the amount of the Sales Price.

Buyer may object to items if they prohibit the following use or activity:

7. PROPERTY CONDITION:

A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector selected by Buyer.

B. SELLER’S DISCLOSURE 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.

( ) (3) The Texas Property Code does not require this Seller to furnish the Notice.

C. LEAD-BASED PAINT DISCLOSURE: An addendum providing such disclosure is is not attached.

D. ACCEPTANCE OF PROPERTY CONDITION (check one box only):

( ) (1) Buyer has paid Seller $ for the unrestricted right to terminate this contract by giving notice within days.

( ) (2) Buyer accepts the Property in its present condition; provided Seller shall complete the following repairs and treatment:

E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed, neither party is obligated to pay for lender required repairs or treatments for wood destroying insects.

F. COMPLETION OF REPAIRS AND TREATMENT: Seller shall complete all agreed repairs and treatment prior to the Closing Date.

G. REPAIRS TO COMMON ELEMENTS: Seller shall cause written confirmation of the Association’s commitment to repair within days.

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 or within 7 days after objections to matters disclosed in the Commitment have been cured, whichever date is later.

10. POSSESSION: Seller shall deliver possession of the Property to Buyer on in its present or required repaired condition, ordinary wear and tear excepted.

11. SPECIAL PROVISIONS:

12. SETTLEMENT AND OTHER EXPENSES:

A. (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.

(3) Seller's Expenses: FHA or VA required repairs and other expenses stipulated by contract.

(4) Buyer’s Expenses: Interest and other customary buyer costs.

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 paid as follows:

13. PRORATIONS: Taxes for the current year, maintenance fees, regular condominium assessments, dues and rents will be prorated through the Closing Date.

14. CASUALTY LOSS: If property is damaged or destroyed by fire or other casualty, restoration and notice provisions apply.

15. DEFAULT: Default and remedies provisions apply.

16. DISPUTE RESOLUTION: The parties are encouraged to use mediation for disputes.

17. ATTORNEY'S FEES: The prevailing party is entitled to recover costs and reasonable attorney’s fees.

18. ESCROW: Earnest money is deposited with escrow agent under the terms described.

19. REPRESENTATIONS: Seller represents that certain conditions and disclosures are true as of the Closing Date, including current condominium assessment of $ .

20. FEDERAL TAX REQUIREMENT: If Seller is a foreign person, buyer must withhold applicable tax amounts.

21. AGREEMENT OF PARTIES: Addenda which are a part of this contract are (list):

22. CONSULT YOUR ATTORNEY: If you do not understand the effect of this contract, consult your attorney BEFORE signing.

Buyer’s Attorney is: Seller’s Attorney is:

23. NOTICES:

EXECUTED the day of , (THE EFFECTIVE DATE).

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.

Other Broker License No. Listing Broker License No.

Represents: Seller as Listing Broker’s subagent Seller and Buyer as an intermediary Buyer only as Buyer’s agent Seller only as Seller’s agent

RECEIPT

Receipt of Contract and $ Earnest Money in the form of is acknowledged.