Promulgated Contract Forms

1. Texas
Promulgated
Contract Forms
Unit 3:One to Four Family
Residential Contract
(Resale) – Form 20-13
Sections 1-4

2. Unit 3: One to Four Family
Residential Contract
 1. Parties
 Representative
Ownership Examples
 Community Property
 Common Law Marriage
 Unmarried Persons
 Single Person
 Administrators and
Executors
 Business Organizations
 Homestead Rights
 2. Property
 Land
 Improvements, Accessories,
and Exclusions
 3. Sales Price
 4. Financing
 Paragraph 4.A. Third Party
Financing.
 Paragraph 4.B. Assumption
 Paragraph 4.C. Seller
Financing
One to Four Family Section Explanations
 Page 1

3. Unit 3: One to Four Family
Residential Contract
Third Party Financing Addendum For Credit
Approval
 Paragraph A, Conventional Financing
 Paragraph B. Texas Veterans Loan
 Paragraph C. FHA Insured Financing
 Paragraph D. VA Guaranteed Financing
 Paragraph E. USDA Guaranteed Financing

4. Unit 3: One to Four Family
Residential Contract
Loan Assumption Addendum
 Paragraph A. Credit Documentation
 Paragraph B. Credit Approval
 Paragraph C. Assumption
 Paragraph D. Loan Assumption Terms
 Paragraph E. Consent by Noteholder
 Paragraph F. Seller’s Liens
 Paragraph G. Tax and Insurance Escrow
 Notice to Buyer
 Notice to Seller

5. Unit 3: One to Four Family
Residential Contract
Seller Financing Addendum
 Paragraph A. Credit Documentation
 Paragraph B. Credit Approval
 Paragraph C. Promissory Note
 Paragraph D. Deed of Trust
 D.(1) Property Transfers
 D.(2) Tax and Insurance Escrow
 D. (3) Prior Liens

6. Unit 3: One to Four Family
Residential Contract
Addendum For Release Of Liability On
Assumed Loan and/or Restoration Of Seller’s
VA Entitlement
 Paragraph A. Release of Seller’s Liability on Loan to be
Assumed
 Paragraph B. Restoration of Seller’s Entitlement for VA
Loan