tx-law-17

2. Use of Promulgated Contract Forms
 The Unauthorized Practice of Law
 Completing Contract Forms
 Rules for Computer Generated Forms

3. Texas Purchase Contracts
 Creating a Valid Purchase Contract
› Terminating an Offer to Purchase
 Types of Purchase Contracts
› One To Four Family Residential Contract (Resale)
› Residential Condominium Contract (Resale)
› Farm and Ranch Contract
› Unimproved Property Contract
› New Home Contract (Incomplete Construction)
› New Home Contract (Completed Construction)
› Amendment to Contract

4. One To Four Family Residential Contract (Pages 1-3)
Part I
 Names and Address of the Parties to the Contract
 Description of the Property
› Non-Realty Items Addendum
 Sales Price and Earnest Money Deposit
 Financing
› Third Party Financing
› Assumption
› Seller Financing
 Title Policy and Survey

5. One To Four Family Residential Contract (Pages 1-3)
Part II
 Title Notices – Statutory Disclosures
› Notice of Title Insurance Policy
› Notice of POA Membership
› Furnishing Subdivision Information
› MUD Notice for Statutory Tax Districts
› Tide Waters - Notice of Coastal Area Property
› Seller’s Disclosure Regarding Potential Annexation
› Property Located in a Certificated Service Area of a Utility Service
Provider - CNN Notice
› Public Improvement Districts
› Disclosure of Private Transfer Fees
› Propane Gas System Service Area

6. One To Four Family Residential Contract (Pages 4-9)
Part I
 Property Condition
› Access, Inspections, and Utilities
› Seller’s Disclosure of Property Condition
› Stigmatized Property – What to Disclose
› Seller’s Disclosure of Lead-Based Paint
› Acceptance of Property Condition
› Lender Required Repairs and Treatments
› Pest Control Inspection and Certification Reports
› Environmental Matters
› Residential Service Contracts
 Brokers’ Fees
 Closing and Possession
 Settlement Expenses and Prorations

7. One To Four Family Residential Contract (Pages 4-9)
Part II
 Default
 Mediation
 Federal Tax Requirements
 Agreement of Parties
 Termination Option
 Effective Date & Signatures
› The Buyer’s Signature
› The Seller’s Signature
 Broker Information
 Receipts
› Option Fee Receipt
› Contract and Earnest Money Receipt

8. Additional Addenda, Notices & Forms
 Addendum for Sale of Other Property by Buyer
 Addendum for Back-Up Contract
 Notice of Buyer’s Termination of Contract
 Short Sale Addendum
 Notice to Prospective Buyer
 Texas Real Estate Consumer Notice Concerning Recognized
Hazards or Deficiencies
 Addendum for Release of Liability on Assumed Loan and/or
Restoration of Seller’s VA Entitlement
 Notice of Property Located Seaward of the Gulf Intracoastal
Waterway
 Seller’s Disclosure of Undersurface Pipelines