Seller agrees to sell and convey to buyer certain property described within the contract. The buyer is responsible for depositing earnest money with an escrow agent upon the execution of the contract by both parties. If the buyer fails to deposit the earnest money as required by the contract, the buyer will be in default. The broker advises the buyer to have an abstract of title covering the property examined by an attorney of the buyers selection, or the buyer should be furnished with or obtain a title policy.
The Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in real estate transactions within Bexar County, Texas. This contract specifically caters to the resale of residential properties that are eligible for financing through either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It provides a comprehensive framework for both buyers and sellers to ensure a smooth and transparent transaction. Key features of the Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing include: 1. Financing Options: This contract is specifically designed for properties that qualify for FHA insured or VA guaranteed financing. It outlines the terms and conditions related to the buyer's mortgage financing utilizing either of these programs. It ensures that both parties are aware of the unique requirements and protections associated with these financing options. 2. Property Details: The contract includes a detailed section where the property's specifics are stated, including the address, legal description, and any existing encumbrances or liens. This ensures that both parties are on the same page regarding the property being sold. 3. Purchase Price and Financing Terms: The contract stipulates the agreed-upon purchase price for the property and provides details on the financing terms, such as the down payment amount, interest rate, loan term, and any applicable closing costs. This ensures that both parties understand the financial obligations and timelines associated with the transaction. 4. Earnest Money: The contract includes provisions related to the buyer's deposit, known as earnest money, which serves as a demonstration of their good faith and commitment to the purchase. It outlines the amount of earnest money and the timeframe for the buyer to deliver it to the escrow agent. 5. Property Inspections: This contract allows the buyer to conduct necessary inspections, such as a general inspection, termite inspection, or any other inspections required by the lender or local authorities. It specifies the deadlines for these inspections and the process for addressing any issues discovered during the inspection period. 6. Appraisal and Financing Contingencies: The contract includes contingencies related to the appraisal and financing. These contingencies protect the buyer's interests by allowing them to back out of the contract if the property's appraised value is lower than the agreed-upon purchase price or if the buyer fails to obtain the specified financing. 7. Title and Survey: The contract outlines the process for obtaining a title commitment and survey for the property. It includes provisions for resolving any issues that may arise during the title examination. 8. Closing and Possession: The contract sets the closing date, at which point the buyer will receive possession of the property. It includes provisions for prorating property taxes, HOA fees, and other applicable expenses. Different types of Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing may include variations specific to the terms and conditions agreed upon by the buyer and seller. However, the fundamental structure and provisions mentioned above remain consistent throughout the different contracts. It's always advisable to seek legal advice when dealing with real estate contracts to ensure compliance with state laws and protect all parties involved.The Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in real estate transactions within Bexar County, Texas. This contract specifically caters to the resale of residential properties that are eligible for financing through either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It provides a comprehensive framework for both buyers and sellers to ensure a smooth and transparent transaction. Key features of the Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing include: 1. Financing Options: This contract is specifically designed for properties that qualify for FHA insured or VA guaranteed financing. It outlines the terms and conditions related to the buyer's mortgage financing utilizing either of these programs. It ensures that both parties are aware of the unique requirements and protections associated with these financing options. 2. Property Details: The contract includes a detailed section where the property's specifics are stated, including the address, legal description, and any existing encumbrances or liens. This ensures that both parties are on the same page regarding the property being sold. 3. Purchase Price and Financing Terms: The contract stipulates the agreed-upon purchase price for the property and provides details on the financing terms, such as the down payment amount, interest rate, loan term, and any applicable closing costs. This ensures that both parties understand the financial obligations and timelines associated with the transaction. 4. Earnest Money: The contract includes provisions related to the buyer's deposit, known as earnest money, which serves as a demonstration of their good faith and commitment to the purchase. It outlines the amount of earnest money and the timeframe for the buyer to deliver it to the escrow agent. 5. Property Inspections: This contract allows the buyer to conduct necessary inspections, such as a general inspection, termite inspection, or any other inspections required by the lender or local authorities. It specifies the deadlines for these inspections and the process for addressing any issues discovered during the inspection period. 6. Appraisal and Financing Contingencies: The contract includes contingencies related to the appraisal and financing. These contingencies protect the buyer's interests by allowing them to back out of the contract if the property's appraised value is lower than the agreed-upon purchase price or if the buyer fails to obtain the specified financing. 7. Title and Survey: The contract outlines the process for obtaining a title commitment and survey for the property. It includes provisions for resolving any issues that may arise during the title examination. 8. Closing and Possession: The contract sets the closing date, at which point the buyer will receive possession of the property. It includes provisions for prorating property taxes, HOA fees, and other applicable expenses. Different types of Bexar Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing may include variations specific to the terms and conditions agreed upon by the buyer and seller. However, the fundamental structure and provisions mentioned above remain consistent throughout the different contracts. It's always advisable to seek legal advice when dealing with real estate contracts to ensure compliance with state laws and protect all parties involved.
