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 Plano 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 specifically in the city of Plano, Texas. This contract outlines the terms and conditions between the buyer and seller for the purchase of a residential property, while also specifying the financing options available. 1. All Cash Transaction: The first type of Plano Texas One to Four Family Residential Contract is for an all-cash transaction, where the buyer pays the full purchase price in cash, without any involvement of financing from a lender or a third party. This option allows for a quicker and smoother sale process, without the complexities of securing a loan. 2. Assumption: The second type involves assumption financing, where the buyer assumes the existing mortgage of the seller. In this case, the buyer takes over the outstanding loan balance, terms, and conditions of the seller's existing mortgage, and the seller is relieved of their responsibility. This option may require the approval of the lender and certain criteria to be met. 3. Third-Party Conventional Financing: This type involves the buyer obtaining a loan from a third-party lender, typically a bank or a financial institution, to finance the purchase of the property. The terms and conditions of this loan are outlined in the contract, including interest rates, down payment amount, repayment schedule, and any additional fees or charges associated with the loan. 4. Seller Financing: The fourth type is seller financing, where the seller acts as the lender and provides financing to the buyer directly. In this scenario, the buyer makes regular payments, including principal and interest, to the seller instead of a traditional lender. The terms and conditions of this seller-financed loan are negotiated between the buyer and the seller, and typically involve a down payment, interest rate, repayment period, and any other specific arrangements agreed upon. The Plano Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional or Seller Financing is designed to protect the interests of both parties involved in the real estate transaction. It ensures that all the terms, conditions, and financing options are clearly defined and agreed upon, resulting in a smooth and legally binding sale of the residential property. It is important for buyers and sellers to consult with a real estate attorney or agent experienced in Plano, Texas, to fully understand the implications and obligations set forth in this contract.The Plano 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 specifically in the city of Plano, Texas. This contract outlines the terms and conditions between the buyer and seller for the purchase of a residential property, while also specifying the financing options available. 1. All Cash Transaction: The first type of Plano Texas One to Four Family Residential Contract is for an all-cash transaction, where the buyer pays the full purchase price in cash, without any involvement of financing from a lender or a third party. This option allows for a quicker and smoother sale process, without the complexities of securing a loan. 2. Assumption: The second type involves assumption financing, where the buyer assumes the existing mortgage of the seller. In this case, the buyer takes over the outstanding loan balance, terms, and conditions of the seller's existing mortgage, and the seller is relieved of their responsibility. This option may require the approval of the lender and certain criteria to be met. 3. Third-Party Conventional Financing: This type involves the buyer obtaining a loan from a third-party lender, typically a bank or a financial institution, to finance the purchase of the property. The terms and conditions of this loan are outlined in the contract, including interest rates, down payment amount, repayment schedule, and any additional fees or charges associated with the loan. 4. Seller Financing: The fourth type is seller financing, where the seller acts as the lender and provides financing to the buyer directly. In this scenario, the buyer makes regular payments, including principal and interest, to the seller instead of a traditional lender. The terms and conditions of this seller-financed loan are negotiated between the buyer and the seller, and typically involve a down payment, interest rate, repayment period, and any other specific arrangements agreed upon. The Plano Texas One to Four Family Residential Contract Realal— - All Cash, Assumption, Third Party Conventional or Seller Financing is designed to protect the interests of both parties involved in the real estate transaction. It ensures that all the terms, conditions, and financing options are clearly defined and agreed upon, resulting in a smooth and legally binding sale of the residential property. It is important for buyers and sellers to consult with a real estate attorney or agent experienced in Plano, Texas, to fully understand the implications and obligations set forth in this contract.
