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 McKinney Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional, or Seller Financing, commonly known as the McKinney residential contract, is a legally binding agreement between a buyer and seller for the sale of a residential property in McKinney, Texas. This contract encompasses various scenarios, including all-cash transactions, assumption of existing financing, third-party conventional financing, and seller financing options, providing flexibility for both parties involved. Keywords: McKinney Texas, one to four family residential contract, resale, all cash, assumption, third-party conventional, seller financing. 1. All Cash Transaction: In an all-cash transaction, the buyer purchases the residential property without requiring any external financing. The payment is made in full at the time of closing, eliminating the need for a mortgage or loan. 2. Assumption of Existing Financing: In certain cases, the buyer may choose to assume the existing mortgage or financing on the property instead of seeking new financing. This option allows the buyer to take over the existing loan terms, interest rate, and repayment schedule set by the original borrower. 3. Third-Party Conventional Financing: Buyers who opt for third-party conventional financing seek a loan from a bank or financial institution to fund the purchase. This type of financing typically involves a down payment, obtaining a mortgage, and adherence to the lender's terms and conditions. 4. Seller Financing: Seller financing involves the seller acting as the lender, enabling the buyer to make monthly payments directly to the seller for the purchase of the property. This arrangement may involve negotiating terms, such as interest rates, repayment schedules, and any other conditions agreed upon by both parties. The McKinney residential contract ensures that all the necessary details, terms, and conditions related to the chosen transaction type are properly documented and legally binding. It covers aspects such as property inspections, title clearance, closing costs, and any contingencies or special provisions agreed upon by the buyer and seller. When using the McKinney residential contract, it is crucial for both parties to seek legal advice and thoroughly understand the implications and obligations associated with the chosen transaction type. This contract helps protect the interests of both buyers and sellers and promotes a smooth and transparent real estate transaction process in McKinney, Texas.The McKinney Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional, or Seller Financing, commonly known as the McKinney residential contract, is a legally binding agreement between a buyer and seller for the sale of a residential property in McKinney, Texas. This contract encompasses various scenarios, including all-cash transactions, assumption of existing financing, third-party conventional financing, and seller financing options, providing flexibility for both parties involved. Keywords: McKinney Texas, one to four family residential contract, resale, all cash, assumption, third-party conventional, seller financing. 1. All Cash Transaction: In an all-cash transaction, the buyer purchases the residential property without requiring any external financing. The payment is made in full at the time of closing, eliminating the need for a mortgage or loan. 2. Assumption of Existing Financing: In certain cases, the buyer may choose to assume the existing mortgage or financing on the property instead of seeking new financing. This option allows the buyer to take over the existing loan terms, interest rate, and repayment schedule set by the original borrower. 3. Third-Party Conventional Financing: Buyers who opt for third-party conventional financing seek a loan from a bank or financial institution to fund the purchase. This type of financing typically involves a down payment, obtaining a mortgage, and adherence to the lender's terms and conditions. 4. Seller Financing: Seller financing involves the seller acting as the lender, enabling the buyer to make monthly payments directly to the seller for the purchase of the property. This arrangement may involve negotiating terms, such as interest rates, repayment schedules, and any other conditions agreed upon by both parties. The McKinney residential contract ensures that all the necessary details, terms, and conditions related to the chosen transaction type are properly documented and legally binding. It covers aspects such as property inspections, title clearance, closing costs, and any contingencies or special provisions agreed upon by the buyer and seller. When using the McKinney residential contract, it is crucial for both parties to seek legal advice and thoroughly understand the implications and obligations associated with the chosen transaction type. This contract helps protect the interests of both buyers and sellers and promotes a smooth and transparent real estate transaction process in McKinney, Texas.
