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 Houston Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in real estate transactions involving the sale of residential properties located in Houston, Texas. This contract is specifically designed for properties that are to be financed through an FHA insured or VA guaranteed loan. The contract outlines various terms and conditions that govern the sale of the property, protecting the rights and interests of both the buyer and the seller. It is a comprehensive agreement that covers important aspects of the transaction, including the purchase price, financing details, closing procedures, and property condition. The contract requires the seller to provide a warranty deed conveying clear title to the property and to deliver a property condition disclosure form that describes the current condition of the property. The buyer is given the right to conduct inspections and negotiate repairs based on the inspection report. This specific contract type, designed for FHA insured or VA guaranteed financing, is important because it includes additional clauses and provisions specific to these types of loans. These clauses typically cover matters such as the buyer's eligibility for the loan, the seller's obligations to complete any required repairs, and the buyer's right to terminate the contract if the loan is not approved. It is worth noting that there may be different versions or revisions of the Houston Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing, as updates and amendments are periodically made to reflect changes in the real estate industry and legal requirements. Therefore, it is important for both buyers and sellers to ensure that they are using the most current version of the contract when entering into a real estate transaction. Overall, this contract is a crucial element in the process of buying or selling a residential property in Houston, Texas, that is financed through an FHA insured or VA guaranteed loan. It provides a legally binding agreement that protects the rights of all parties involved and helps streamline the transaction process.
