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 Pasadena Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional or Seller Financing is a legal document used in real estate transactions in Pasadena, Texas. This contract specifies the terms and conditions of the sale when it comes to financing options, such as all-cash transactions, assumption of existing loans, third-party conventional mortgages, or seller financing. Here are some important keywords and different types of financing options that can be included in this contract: 1. All Cash: This type of financing option refers to a situation where the buyer intends to purchase the property using their own funds, without relying on any external loans. All cash transactions are commonly preferred as they eliminate the need for mortgage approvals and potential delays. 2. Assumption: Assumption of an existing loan occurs when the buyer agrees to take over the seller's mortgage and become responsible for the remaining payments and terms outlined in the original loan agreement. This option allows buyers to avoid the need for new financing and potentially benefit from more favorable terms. 3. Third-Party Conventional: A third-party conventional mortgage refers to a loan obtained from a lending institution, such as a bank or credit union. The buyer secures financing independently of a third-party lender, following their specific requirements and terms. 4. Seller Financing: Seller financing, also known as owner financing, occurs when the seller provides the buyer with the funds needed to purchase the property. In this type of arrangement, the buyer makes regular payments directly to the seller, usually with agreed-upon interest rates and terms, instead of obtaining a traditional mortgage from a bank. The Pasadena Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional or Seller Financing includes pertinent details such as the purchase price, financing terms, closing dates, and conditions for the property inspection, appraisal, and title search. It also outlines the responsibilities of both the buyer and the seller, ensuring a smooth and legal transaction. It is crucial to consult with a real estate professional or an attorney familiar with Texas real estate laws to ensure the contract reflects the specific needs and requirements of the buyer and seller involved in the transaction.
