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.
The Killeen Texas One to Four Family Residential Contract is a legally binding agreement used for the resale of residential properties in Killeen, Texas. This contract encompasses various types of financing options, including all cash, assumption, third-party conventional financing, and seller financing. Below, we will provide a detailed description of each of these financing types: 1. All Cash: This type of financing involves the buyer paying the full purchase price of the property upfront, without any borrowing or mortgage involved. The buyer has the necessary funds readily available to complete the transaction. 2. Assumption: In an assumption, the buyer takes over the existing mortgage on the property from the seller. The buyer essentially "assumes" the remaining mortgage payments, terms, and responsibilities originally agreed upon by the seller and the lender. This type of financing allows the buyer to acquire the property without obtaining new financing. 3. Third-Party Conventional Financing: This financing option involves the buyer obtaining a mortgage loan from a traditional lending institution, such as a bank or credit union. The buyer applies for the loan independently and must meet the lender's requirements and qualifications. The terms and conditions, including the interest rate and repayment period, are agreed upon between the buyer and the lender. 4. Seller Financing: With seller financing, the property seller acts as the lender, providing financing directly to the buyer. The seller and the buyer negotiate the loan terms, including the interest rate, repayment period, and down payment. This type of financing is often used when traditional lending institutions may not be an option for the buyer. The Killeen Texas One to Four Family Residential Contract incorporates these various financing options, allowing flexibility for both buyers and sellers in tailoring the terms of the agreement to their specific needs and circumstances. Buyers can choose the financing type that aligns with their financial situation, while sellers have the opportunity to attract a broader range of prospective buyers by offering different financing options.The Killeen Texas One to Four Family Residential Contract is a legally binding agreement used for the resale of residential properties in Killeen, Texas. This contract encompasses various types of financing options, including all cash, assumption, third-party conventional financing, and seller financing. Below, we will provide a detailed description of each of these financing types: 1. All Cash: This type of financing involves the buyer paying the full purchase price of the property upfront, without any borrowing or mortgage involved. The buyer has the necessary funds readily available to complete the transaction. 2. Assumption: In an assumption, the buyer takes over the existing mortgage on the property from the seller. The buyer essentially "assumes" the remaining mortgage payments, terms, and responsibilities originally agreed upon by the seller and the lender. This type of financing allows the buyer to acquire the property without obtaining new financing. 3. Third-Party Conventional Financing: This financing option involves the buyer obtaining a mortgage loan from a traditional lending institution, such as a bank or credit union. The buyer applies for the loan independently and must meet the lender's requirements and qualifications. The terms and conditions, including the interest rate and repayment period, are agreed upon between the buyer and the lender. 4. Seller Financing: With seller financing, the property seller acts as the lender, providing financing directly to the buyer. The seller and the buyer negotiate the loan terms, including the interest rate, repayment period, and down payment. This type of financing is often used when traditional lending institutions may not be an option for the buyer. The Killeen Texas One to Four Family Residential Contract incorporates these various financing options, allowing flexibility for both buyers and sellers in tailoring the terms of the agreement to their specific needs and circumstances. Buyers can choose the financing type that aligns with their financial situation, while sellers have the opportunity to attract a broader range of prospective buyers by offering different financing options.
