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texas residential condominium contract

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Contract Concerning Page PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION TREC of 8 12-05-2011 Address of Property NOTICE Not For Use Where Seller Owns Fee Simple Title To Land Beneath Unit EQUAL HOUSING OPPORTUNITY RESIDENTIAL CONDOMINIUM CONTRACT RESALE 1. B. If any expense exceeds an amount expressly stated in this contract for such expense to be paid by a party that party may terminate this contract unless the other party agrees to pay such excess. Buyer may not pay charges and fees...
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Who needs a residential condominium contract?

Buyers and sellers of real property interested in its resale may use this contract for closing a deal. It’s been written for residents of Texas.

What is this contract for?

This contract establishes the terms of resale between the parties. It specifies the deadlines, prices, earnest money deposits, and attorney and broker’s fees. It contains a list of rights and obligations for a buyer and a seller as well as a list of required repairs and covers the issues of title insurance.

Is it accompanied by other forms?

Depending on the terms of agreement parties may include addenda for various purposes from credit approval to temporary residential lease.

When is this contract due?

This contract indicates conveyance of the real property, so the parties decide on the due date themselves.

How do I fill out a residential condominium contract?

There are 9 pages in this contract. All parties should read it carefully, because it is a legally binding document in the State of Texas. It starts with a description of property and condominium units, including the tangible property and parking area. The next part is dedicated to the bylaws and resale certificate form condominium owners association. After that, the parties should agree upon sales price, financing, earnest money and title policy. Then they can proceed to specifying the property condition. The following pages contain the terms of closing, settlement and other expenses. After determining the broker’s and attorney’s fees, prorations, casualty loss and mediation, all parties agree upon a termination option and sign the document.

Where do I send this contract?

Both the seller and the buyer must keep one copy of the document. The broker and the attorneys of the parties should also keep at least one copy of the contract. The Internal Revenue Service office may request a copy for taxation purposes.

 
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Instructions and Help about trec residential condominium contract form
Hi this is Jim Jackson with Jim JacksonRealty in today's training is gonna beon the residential condominium contractfor resalenow we've done trainings before on oneto four family contracts and there's nottoo many differences between these twocontracts but there are a fewdifferences that I do want to point outso I'm gonna go through this a littlequickly but the information is gonna bevery similar to the one to four familycontract now as you can see at the verytop for the parties you have the sellersand you have the buyers that's gonna bestandard you know whoever your seller iswhoever your buyer is you're gonna putthem there the condominium itselfthere's gonna be a unit and a buildingnumber and the name of the building hereokay so if they're in a unit onebuilding two in village oaks condos okaya condominium project located at thisaddressokay and this county with this zip codeall right that's one thing that you'regonna notice that's different okaynow here is something else that you'regonna also notice that's different okaythis portion here is some that you'renot gonna see so we're going to say asdescribed from the condominiumdeclaration and play and then amendmentsthereto elements designated by thedeclaration including those areasreserved has limited common elements ouropportunity to the unit and suchotherwise to use the common elementswhich have been specifically assigned tothe union other manners parking areasassigned to the unit are it's just goingto be your partner so most condos haveparking area so you would say you knowb1 and b2 if that's the parking areathis is so much you're gonna find fromthe person that's listen to propertythey should know this but you can alwaysconfirm with the homeowners associationexclusions if there's any exclusionsthen you would put that there of courseif there's not you would put notapplicablenow the declaration of bylaws issomething that you're gonna also see onthis particular contract that's a littlebit different the buyer has received acopy of the documents the bars at byto read the documents before signing orthe buyer has not received whichever oneapplies if we have not received thebylaws you're gonna check number two youneed to put within if your optionperiods gonna be seven days you to putwithin five days just allow two to threedays prior to the expiration of youroption period to get these bylaws tothem okay also resale certificate fromthe condominium owners association iscalled the certificate the certificatemust be in the form of promulgated bytrek or required by the parties thecertificate must have been prepared nomore than three months before the datawas delivered to the buyer and mustcontain a minimum and minimum theinformation required by section 82 point157 of the Texas property code now wecan go over that...