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 Fort Worth Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in real estate transactions specifically for the sale of residential properties in Fort Worth, Texas. This contract is designed to outline the terms and conditions agreed upon by the buyer and the seller when purchasing or selling a home that is eligible for FHA insured or VA guaranteed financing. The contract covers various aspects of the transaction, including the identification of the buyer and seller, property details such as the address, legal description, and the purchase price. It also includes provisions for the down payment and earnest money, the financing terms, and any contingencies that may exist, such as loan approval or inspections. In addition, the contract highlights the rights and obligations of both parties throughout the process. It addresses subjects like property inspections, title requirements, prorations of taxes and utilities, and any potential repairs or improvements. The contract also includes provisions for the closing process, such as the allocation of closing costs and the timeframe for completing the transaction. It is important to note that there might be variations of the Fort Worth Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing based on specific requirements or changes in local regulations. These variations can include updates or modifications to the terms and conditions to comply with the latest legal standards or to address specific regional customs. Therefore, it is advisable to consult with a legal professional or real estate agent to ensure the use of the most up-to-date and relevant version of the contract.
