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 Frisco Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in the real estate industry specifically for properties located in Frisco, Texas. This contract is designed to facilitate the sale of residential properties within the city and specifies the terms and conditions agreed upon by the buyer and seller. It also highlights the financing options available, particularly for FHA insured or VA guaranteed loans. Frisco Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is primarily used when the buyer intends to secure a loan backed by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) for purchasing the property. These programs provide more favorable terms and conditions for qualified individuals, making it easier to finance and purchase a home in Frisco, Texas. Some key features and important points in the Frisco Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing include: 1. Property Description: The contract identifies the specific property being sold, including the address, legal description, and any additional improvements or fixtures included in the sale. 2. Purchase Price and Financing: The contract outlines the agreed-upon purchase price for the property, as well as the financing method being utilized. In this case, it highlights the use of either FHA insured or VA guaranteed financing. 3. Earnest Money: The contract specifies the amount of earnest money the buyer is required to deposit as a sign of good faith to proceed with the transaction. 4. Contingencies: The contract may include various contingencies, such as inspections, appraisals, and loan approval, which must be satisfied within a specified timeframe to continue with the sale. 5. Closing and Possession: The contract states the anticipated closing date and the arrangements for possession of the property, including any prorations of property taxes and HOA fees. 6. Default and Remedies: The contract outlines the consequences of default by either party, including potential forfeit of earnest money or legal actions that can be taken. There are no different types of Frisco Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing. However, contracts with FHA insured or VA guaranteed financing are distinct from conventional loans, as they cater to specific groups of buyers who qualify for these government-backed programs.
