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 Pearland Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legal document used in the real estate industry in Pearland, Texas. It outlines the terms and conditions of a residential property sale involving financing options through either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Key features of this contract include: 1. Property Details: The contract contains detailed information about the residential property being sold, such as its address, legal description, and parcel identification number. This ensures clarity and identification of the property involved in the transaction. 2. Financing Options: This contract is specific to resale properties that can be financed through either FHA-insured or VA-guaranteed loans. FHA-insured loans are available to a broader range of buyers, while VA-guaranteed loans are exclusively offered to eligible veterans, active duty service members, and surviving spouses. 3. Purchase Price and Financing Terms: The contract specifies the agreed-upon purchase price of the property and outlines the financing terms, including the down payment amount, interest rate, loan term, and any seller concessions. 4. Contingencies and Disclosures: The contract includes various contingencies to protect the buyer and seller, such as the financing contingency, appraisal contingency, and inspection contingency. It also requires the seller to disclose any known defects or issues with the property. 5. Closing Process: The contract stipulates the timeline for the closing process, including deadlines for loan approval, title search, and completion of any requested repairs. It also outlines the responsibilities of both parties regarding closing costs and prorated expenses. While there may not be different types of Pearland Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing, variations can occur based on the unique circumstances of each transaction. These variations usually pertain to negotiated terms, amendments, or additional contingencies added to the contract. Buyers and sellers in Pearland, Texas, must carefully review and understand the content of this contract to ensure a smooth and successful real estate transaction. It is always advisable to consult with a real estate attorney or a qualified real estate professional to ensure compliance with local laws and regulations.
