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 Carrollton Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legally binding contract used in real estate transactions within Carrollton, Texas. This contract specifically caters to the sale of residential properties, such as houses or condos, and offers financing options through either FHA (Federal Housing Administration) insured loans or VA (Veterans Affairs) guaranteed loans. The contract provides a detailed framework for both buyers and sellers to ensure a smooth transaction process while adhering to the specific requirements and regulations associated with FHA insured or VA guaranteed financing. Key terms and concepts related to the Carrollton Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing include: 1. FHA Insured Financing: This financing option is governed by the Federal Housing Administration and provides home loans to borrowers with lower credit scores or minimal down payment capability. FHA insured loans offer more lenient qualifying criteria and lower interest rates, making them suitable for first-time homebuyers or individuals with limited finances. 2. VA Guaranteed Financing: This type of financing is available exclusively to eligible current or former military service members. VA loans are backed by the Department of Veterans Affairs and offer favorable terms, including zero down payment options, lower interest rates, and more relaxed credit requirements. These loans aim to support veterans in achieving homeownership. 3. Resale Contract: The contract specifically pertains to the resale of a residential property, meaning that it is not applicable to new construction or initial property sales. It lays out the terms and conditions for the sale, including the purchase price, financing details, inspection contingencies, transfer of title, and other relevant aspects. 4. One to Four Family Residential Property: The contract applies to the sale of single-family homes, duplexes, triplexes, or four-unit residential properties. It does not encompass multi-unit apartment complexes or commercial real estate. While the Carrollton Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is the general template used for such real estate transactions, there can be variations depending on specific circumstances or modifications made by involved parties or attorneys. These modifications might include additional contingencies, customized terms, or unique provisions tailored to meet the needs of the buyer, seller, or the property itself. It is always recommended consulting with a real estate attorney or professional familiar with the local regulations and financing options to ensure accuracy and compliance with all legal requirements.
