In this contract, seller agrees to sell and to convey to buyer and the buyer agrees to purchase from seller certain property described in the contract. The contract also states that the monthly payments, interest rates and other terms of some loans may be adjusted by the lender at or after closing. The contract also contains a section entitled Broker Information and Ratification of Fee? which states that the listing broker will pay the other broker a certain percentage of the total sales price when the listing brokers fee is received.
Paragraph 5 Of The One To Four Family Residential Contract - Resale Primarily Deals With
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Texas
Control #:
TX-1063
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Lead-Based Paint Addendum Required to be attached to any agreement where the property was constructed prior to 1978.
The legal description of a condominium is described as: Building and Unit.
The One to Four Family Residential Contract (Resale) is, perhaps, the most commonly used of all TREC Contract Forms. It is appropriately used for the purchase and sale of single family homes, duplexes, triplexes and four-plexes.
One of the exceptions for when a licensee must use a TREC-promulgated contract form is in transactions in which the licensee is functioning solely as a principal, not as an agent.
Paragraph 6 (D) is one of the most misunderstood sections in the TREC One to Four Family Residential Contract.
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Paragraph numbers referenced are from the One to Four Family Residential Contract (Resale). Read More. classroom.Of the One to Four Family Residential Contract (Resale) what does paragraph 1 deal with? The Texas Real Estate Commission has adopted signficant changes to its most used contract forms. Here's a quick overview. Full names need to be on their top. Seller bottom buyer next section two. Homeowner rehabilitation is one of the most common community development programs administered nation-wide.