real estate sale and purchase agreement - contract of sale texas

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Seller: _______ Seller: _______ Buyer _______ Buyer _______ 1 Real Estate Sale and Purchase Agreement - Contract Of Sale Texas NOTICE: DUE TO THE SUBSTANTIAL FINANCIAL RISKS AND LEGAL CONSEQUENCES INVOLVED IN ANY REAL ESTATE TRANSACTION, BOTH/ALL PARTIES ARE ADVISED TO SEEK LEGAL AND TAX COUNSEL. TIME IS OF THE ESSENCE - Time is of the essence of this Sale and Purchase Agreement. DATE OF OFFER: ______________________________________________ Seller: ___________________________________, whose address is ___________________________________________________ Buyer: ___________________________________, whose address is ___________________________________________________ Seller and Buyer hereby agree that the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSACTIONS set forth within this contract. DATE OF ACCEPTANCE (EFFECTIVE DATE): The effective date shall be the day on which the last party signed or initialed acceptance of the final offer. NOTICES: All notices herein required shall be in writing and shall be served upon the parties at the addresses shown above. Any offer, acceptance or notice made by registered or certified mail, return receipt requested, hand-delivered, or transmitted by facsimile shall be sufficient service. PROPERTY LOCATION: Seller does sell to Buyer and Buyer does purchase from Seller, all of the following described real estate and or property (hereinafter "Property") known as and / or located at ________________________________________________________, in the City of _____________________________, County of ___________________________, State of Texas together with the improvements thereon, and all rights and appurtenances thereto belonging. LEGAL PROPERTY DESCRIPTION: APN: City: County: State: Zip: Mailing Currier Route: Legal Book/Page: Legal Lot: Block No.: Subdivision: Municipality: CONVEYANCE: The Property is being conveyed: [ ] In fee simple. [ ] Subject to an annual ground rent, now existing or to be created, in the amount of __________________________________________ Dollars ($ _______________________) payable semi-annually, as now or to be recorded among the Land Records of ________________________________________________ City/County, State of Texas. If the Property is subject to ground rent and the ground rent is not timely paid, the owner of the reversionary interest (i.e., the person to whom the ground rent is payable) may bring an action of ejectment against the leasehold owner pursuant to any applicable Texas laws, statutes or codes. As a result of this action, the owner of the reversionary interest may obtain title to the Property in fee, discharged from the lease. PURCHASE PRICE: The purchase price is ___________________________________________ Dollars ($ _______________________). PAYMENT TERMS: Buyer shall make the payment of the purchase price as follows: AMOUNT AMOUNT Purchase Price $__________________ Initial Deposit / Earnest Money $__________________ Additional Deposit $__________________ New Loan $__________________

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Page 1: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 1

Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

NOTICE: DUE TO THE SUBSTANTIAL FINANCIAL RISKS AND LEGAL CONSEQUENCES INVOLVED IN ANY REAL ESTATE TRANSACTION, BOTH/ALL PARTIES ARE ADVISED TO SEEK LEGAL AND TAX COUNSEL. TIME IS OF THE ESSENCE - Time is of the essence of this Sale and Purchase Agreement. DATE OF OFFER: ______________________________________________ Seller: ___________________________________, whose address is ___________________________________________________ Buyer: ___________________________________, whose address is ___________________________________________________ Seller and Buyer hereby agree that the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSACTIONS set forth within this contract. DATE OF ACCEPTANCE (EFFECTIVE DATE): The effective date shall be the day on which the last party signed or initialed acceptance of the final offer. NOTICES: All notices herein required shall be in writing and shall be served upon the parties at the addresses shown above. Any offer, acceptance or notice made by registered or certified mail, return receipt requested, hand-delivered, or transmitted by facsimile shall be sufficient service. PROPERTY LOCATION: Seller does sell to Buyer and Buyer does purchase from Seller, all of the following described real estate and or property (hereinafter "Property") known as and / or located at ________________________________________________________, in the City of _____________________________, County of ___________________________, State of Texas together with the improvements thereon, and all rights and appurtenances thereto belonging. LEGAL PROPERTY DESCRIPTION:

APN: City: County: State: Zip: Mailing Currier Route: Legal Book/Page: Legal Lot: Block No.: Subdivision: Municipality:

CONVEYANCE: The Property is being conveyed: [ ] In fee simple. [ ] Subject to an annual ground rent, now existing or to be created, in the amount of __________________________________________ Dollars ($ _______________________) payable semi-annually, as now or to be recorded among the Land Records of ________________________________________________ City/County, State of Texas. If the Property is subject to ground rent and the ground rent is not timely paid, the owner of the reversionary interest (i.e., the person to whom the ground rent is payable) may bring an action of ejectment against the leasehold owner pursuant to any applicable Texas laws, statutes or codes. As a result of this action, the owner of the reversionary interest may obtain title to the Property in fee, discharged from the lease. PURCHASE PRICE: The purchase price is ___________________________________________ Dollars ($ _______________________). PAYMENT TERMS: Buyer shall make the payment of the purchase price as follows:

AMOUNT AMOUNT

Purchase Price $__________________

Initial Deposit / Earnest Money

$__________________

Additional Deposit $__________________

New Loan $__________________

Page 2: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 2

Assumption of Existing Loan $__________________

Seller Financing $__________________

Cash at Closing $__________________

TOTAL (Both columns should equal) $__________________ $__________________

DEPOSIT / EARNEST MONEY: Upon execution of this Contract by both parties, Buyer shall deposit $_________________ as earnest money with _____________________________________ (the “Escrow Agent”), for the mutual benefit of the parties. Buyer shall deposit $_________________ as additional earnest money with the Escrow Agent within _______ days after the Date of Acceptance of this Contract. If Buyer fails to deposit the earnest money as required by this Contract, Buyer will be in default. Escrow Agent shall not disburse the earnest money until Buyer's check has cleared Buyer's bank, and, after Date of Acceptance, until Closing or until the parties hereto have otherwise agreed in writing regarding disbursement of such funds. PERMANENTLY ATTACHED FIXTURES: Included in the purchase price are all permanently attached fixtures, including all smoke detectors. DEPOSIT: Buyer hereby authorizes and directs the Escrow Officer or institution specified in the paragraph entitled PAYMENT TERMS to hold the initial deposit instrument without negotiation or deposit until the parties have executed and accepted this Contract. Upon acceptance, the initial deposit shall be expeditiously placed in escrow as provided below. If Seller does not execute and accept this Contract, the initial deposit instrument shall be promptly returned to the Buyer. At closing, the Escrow Officer shall disburse the deposit. In the event this Contract shall be terminated or closing does not occur. Buyer and Seller agree that the deposit shall be disbursed by Escrow Officer only in accordance with a release of deposit agreement executed by both Buyer and Seller. PRORATIONS AND ADJUSTMENTS: Taxes, insurance, interest, homeowner's association fees, rents, including water rent and ground rent and other expenses and revenue of said property shall be prorated as of the day of closing. All taxes, general or special, and all other public or governmental charges or assessments against the Property which are or may be payable on a periodic basis, including sanitation or other benefit charges, assessments, liens or encumbrances for sewer, water, drainage, paving, or other public improvements completed or commenced on or prior to the date hereof, or subsequent thereto, are to be adjusted and apportioned as of the date of closing and are to be assumed and paid thereafter by Buyer, whether assessments have been levied or not as of date of closing if applicable by local law. Any heating or cooking fuels remaining in supply tank(s) at time of closing shall become the property of the Buyer. CLOSING / SETTLEMENT: This Contract shall be settled / closed and the deed shall be delivered on or before the _____ day of __________________, 20_____, unless extended by other provisions of this Contract (“Closing”). Closing shall be held at the office of _________________ (e.g., Seller’s attorney, Buyer’s lender, the Escrow Agent, title insurance office or as otherwise agreed upon). Any extension of Closing shall be agreed to by the parties in writing. In this Contract, the terms “Settlement” and “Closing” shall be deemed identical in meaning and used interchangeably and the same shall apply to “settlement” and “closing”. The fee for Closing shall be paid by: (initial appropriate option)

_____ Buyer;

or

_____ Seller:

or

_____ shared equally.

CLOSING COSTS: Except where otherwise agreed to in this Contract, Buyer agrees to pay all closing costs and charges including, but not limited to, all Lender’s fees in connection herewith, including title examination and title insurance fees, notary fees, all document preparation and recording fees, survey fees where required, and all recording charges, except those incident to clearing existing encumbrances or title defects. If Buyer is obtaining FHA financing or if Buyer is a Veteran obtaining VA financing, those costs and charges prohibited to be paid by a Buyer obtaining FHA financing or a Veteran obtaining VA financing shall be paid by Seller. TRANSFER AND RECORDING CHARGES: Unless otherwise provided by an addendum to this Contract, the costs of state and local transfer and recordation taxes (other than agricultural land transfer taxes, if any) shall be shared equally by Buyer and Seller. RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to: (a) Zoning, restrictions, prohibitions and requirements imposed by governmental authority, (b) Restrictions and matters appearing on the plat or common to the subdivision, (c) Public utility easements of record. Seller warrants that there shall be no violations of building or zoning codes at the time of closing.

Page 3: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 3

FINANCING: This Contract is contingent upon buyer obtaining a written commitment for a loan secured by the Property as follows: (check)

[ ] Conventional Loan Assumption Addendum [ ] Conventional Loan as follows: Loan Amount $ ________________________ Term of Note __________________________ Years Interest Rate __________________________ % Amortization ___________________________Years Loan Program _____________________________

[ ] No Financing Contingency [ ] Gift of Funds Addendum [ ] Attached VA Financing Addendum [ ] Attached FHA Financing Addendum [ ] Attached Assumption Addendum [ ] Owner Financing as follows: Loan Amount $ ________________________ Term of Note __________________________ Years Interest Rate __________________________ % Amortization ___________________________Years

NOTICE TO BUYER: The monthly payments, interest rates or other terms of some loans may be adjusted by the lender at or after closing. If you are concerned about the possibility of future adjustments, do not sign the contract without examining the notes and deeds of trust. NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will continue unless you obtain a release of liability from the lender. If you are concerned about future liability, you should obtain a release of liability from the lender.

CONVENTIONAL LOAN LENDER FEES/CHARGES: Buyer agrees to pay to the Lender loan origination/loan discount fees of __________% of the loan amount and Seller agrees to pay loan origination/loan discount fees of __________ % of the loan amount. Buyer shall pay all loan insurance premiums required by Lender. REDUCTION OF LOAN LENDER FEES/CHARGES: Buyer shall receive the benefit of any reduction in loan origination/loan discount fees as specified herein. FEES FOR TRANSFER OF EXISTING LOAN: In the event an existing loan is to be transferred to/assumed by Buyer, Buyer agrees to pay all fees and charges required by Lender. FINANCING CONTINGENCY - APPLICATION AND COMMITMENT:

_____ Buyer agrees to make written application for the financing as herein described within ______________________ (_____) days from the date of Contract acceptance. If such written financing commitment is not obtained by Buyer within ______________________ (_____) days from the date of Contract acceptance and Buyer provides written notice of such to Seller within that time, this Contract of Sale shall be null and void and of no further legal effect, and all deposits hereunder shall be disbursed in accordance with the terms of this Contract; provided that Seller may, within ______________________ (_____) days following Buyer's written notice, obtain such a commitment for Buyer or notify Buyer that Seller will accept a purchase money mortgage upon the same terms, whereupon this Contract shall remain in full force and effect. If Buyer does not serve written notice within the time specified herein, Buyer shall be deemed to have waived this contingency and this Contract shall remain in full force and effect. If a written financing commitment is not obtained, Seller will not accept a purchase money mortgage and Buyer has complied with all of Buyer’s obligations under this Contract, including those with respect to applying for financing and seeking to obtain financing, then the release of deposit agreement shall provide that all monies on deposit shall be returned to Buyer.

or

_____ This Contract is not contingent upon Buyer obtaining any kind of mortgage commitment, and Buyer hereby notifies Seller that Buyer possesses sufficient cash or liquid assets to close on the purchase of the Property.

ALTERNATE FINANCING: If Buyer obtains a written commitment for financing in which the amount of loan, terms of payment, interest or any one of these differs from the financing conditions herein, the preceding financing conditions of the Contract shall be deemed to have been fully satisfied. This alternate financing may not increase costs to Seller or exceed the time allowed to secure the financing commitment as stated herein. Nothing in this paragraph shall relieve Buyer of the obligation to apply for and diligently pursue the financing described in the paragraphs entitled FINANCING and FINANCING APPLICATION AND COMMITMENT. APPRAISAL CONTINGENCY: (Initial appropriate option)

______ This Contract is contingent upon Buyer obtaining an appraisal of the Property. Buyer shall, at Buyer’s expense, engage an appraiser to establish the Property’s appraised value and obtain the Property’s appraised value within _______ calendar days after the Date of Acceptance (the “Appraisal Deadline”), which shall be a minimum of fourteen (14) days. After obtaining the Property’s appraised value, Buyer shall provide notice to

Page 4: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 4

Seller by the Appraisal Deadline which shall provide one of the following: (a) The Purchase Price is equal to or less than the Property’s appraised value. This contingency has been satisfied and removed. The parties shall proceed to Closing; or (b) Buyer elects to proceed with the consummation of this Contract without regard to the Property’s appraised value and the parties shall proceed to Closing; or (c) The Purchase Price exceeds the Property’s appraised value and Buyer elects not to proceed to Closing, unless Seller reduces the Purchase Price to an amount equal to the Property’s appraised value. After receipt of such notice from Buyer, Seller may, at Seller’s discretion, elect to reduce the Purchase Price to an amount equal the Property’s appraised value, in which case Seller and Buyer shall immediately amend this Contract, make necessary changes and proceed to Closing. If Seller elects not to reduce the Purchase Price, Seller shall notify the same to Buyer, in which case the parties may agree upon mutually agreeable terms. In either case, the Seller shall make the appropriate election by notifying Buyer within three (3) days of receipt of Buyer’s notice. If the parties fail to reach such mutual agreement, this Contract shall terminate and all earnest money shall be refunded to Buyer. This contingency will continue even if Buyer fails to send the required notice to Seller by the Appraisal Deadline, unless Seller, at Seller’s option, notifies Buyer that this Contract will become void. If Seller so notifies Buyer, this Contract shall become void on the third (3rd) day after such notification, unless prior to such date and time, Buyer delivers the required notice to Seller.

or

______ This Contract is not contingent upon Buyer obtaining an appraisal of the Property.

SALE OR LEASE OF OTHER REAL ESTATE: Buyer shall not apply for or accept a financing loan commitment which is contingent upon or requires as a precondition to funding that any other real estate be sold, settled and/or leased, unless this Contract is expressly contingent upon the sale, closing and/or lease of any other real estate. Neither this Contract nor the granting of Buyer’s loan referred to herein is to be conditioned or contingent in any manner upon the sale, closing and/or lease of any other real estate unless a contingency for the sale, closing and/or lease of other real estate is contained in an addendum to this Contract. OWNER FINANCING - NOTICE TO BUYER: BUYER HAS THE RIGHT TO SELECT BUYER’S OWN TITLE INSURANCE COMPANY, SETTLEMENT COMPANY, TITLE LAWYER, ESCROW COMPANY, FINANCIAL INSTITUTION OR MORTGAGE LENDER AS DEFINED IN APPLICABLE STATE LAW, STATUTE OR CODE. BUYER ACKNOWLEDGES THAT SELLER MAY NOT BE PROHIBITED FROM OFFERING OWNER FINANCING AS A CONDITION OF SETTLEMENT. BUYER'S DUTIES AND RESPONSIBILITIES: Buyer understands and agrees that Buyer shall be in default and Seller may elect by written notice to Buyer, to terminate this Contract and/or pursue the remedies set forth under the paragraph entitled DEFAULT if: (a) Buyer makes any misrepresentations in any document relating to financing, or (b) If this Contract is contingent upon Buyer securing a written commitment for financing and Buyer fails to apply for such financing within

the specified time herein, or (c) If Buyer has misrepresented Buyer’s financial ability to consummate the purchase of the Property, or (d) If Buyer fails to pursue financing diligently and in good faith, or (e) If Buyer takes or fails to take any action which causes Buyer’s disqualification for financing. SELLER'S DUTIES AND RESPONSIBILITIES: At the date of closing of this Contract, Seller agrees to have complied with all violation notices or requirements issued or noted by any governmental authority, or actions in any court on account thereof, against or affecting the Property and convey the Property free thereof. Seller agrees to keep existing mortgages free of default until closing. CONDITION OF PROPERTY AND POSSESSION: At the time of closing, Seller shall deliver possession of the Property and shall deliver the Property broom clean and in substantially the same condition as existed on the date of Contract Acceptance. Seller shall deliver the property vacant and clear of trash and debris. Seller shall deliver all mechanical systems included in this Contract, including all electrical, heating, air conditioning (if any), plumbing (including well and septic) and related equipment, appliances and smoke detector(s) in working condition. Buyer reserves the right to inspect the Property within five (5) days prior to closing. EXCEPT AS OTHERWISE SPECIFIED IN THIS CONTRACT, INCLUDING THIS PARAGRAPH, THE PROPERTY IS SOLD "AS IS". WALKTHROUGH: Within _______ hours before Closing, Buyer or Buyer’s Agent shall have the right to inspect the Property to verify that the same is in substantially the same condition in which it existed on the Date of Acceptance of this Contract, ordinary wear and tear excepted, and that any corrections or repairs agreed to by Seller have been completed. WARRANTIES TRANSFER: At Closing, Seller shall transfer to Buyer any interest Seller may have in any manufacturer’s warranties, service contracts, and other guarantees and/or warranties which are transferable to Buyer. Fees for such transfer, if any, shall be borne by Buyer. DEFAULT: Buyer and Seller are required and agree to make full closing in accordance with the terms of this Contract and acknowledge that failure to do so constitutes a breach hereof. If Buyer fails to make full closing or if Buyer is in default due to Buyer's failure to perform or comply with the covenants, conditions or terms of this contract, the deposit may be retained by or for the account of Seller as long as a release of deposit agreement is signed and executed by all parties, expressing that said deposit may be retained by Seller. In the event that the parties do not agree to execute a release of deposit, Buyer and Seller shall have all legal and equitable remedies. If Seller fails to make full closing or if Seller is in default due to Seller's failure to perform or comply with the covenants, conditions or terms of this contract, Buyer shall be entitled to pursue such rights and remedies as may be available, at law or in equity, including, without limitation, an action for

Page 5: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 5

specific performance of this Contract and/or monetary damages. In the event of any litigation or dispute between Seller and Buyer concerning the release of the deposit, Escrow Officer may pay the deposit into the court in which such litigation is pending or pay the deposit into the court of proper jurisdiction by an action of interpleader and Escrow Officer, having so paid the deposit to the court, shall have met his sole responsibility. Upon Escrow Officer's payment of the deposit into court, Buyer and Seller agree that, neither Buyer nor Seller shall have any further right, demand, claim or action against Escrow Officer regarding the release of the deposit and Buyer and Seller, jointly and severally, shall indemnify and hold the Escrow Officer harmless from any and all such rights, demands, claims or actions. In the event of such dispute and election by the Escrow Officer to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize the Escrow Officer to deduct from the deposit all costs incurred by the Escrow Officer in the filing and maintenance of such action of interpleader including but not limited to court costs, service of process fees, filing fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of $500 or the amount of the deposit held by the Escrow Officer. Escrow Officer may deduct all such fees and costs authorized herein from the deposit prior to paying the balance of the deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of the Escrow Officer. If the Escrow Officer deducts an amount less than the total of all of the costs incurred by the Escrow Officer in maintaining and filing the interpleader action, then Seller and Buyer jointly, and severally, agree to reimburse the Escrow Officer for all such excess costs upon the conclusion of the interpleader action. INCLUSIONS/EXCLUSIONS: Certain existing items, which may be considered personal property, whether installed or stored upon the property, are included or excluded, as follows (if no box is checked, item shall be considered excluded):

Included Yes

Included Yes

Included Yes

Included Yes

[ ] Refrigerator(s) #_____ [ ] Sprinkler System [ ] Water Filter [ ] Storage Shed [ ] Stove or Range [ ] Window Fan(s) #_____ [ ] Water Softener [ ] Lawn Mower [ ] Trash Compactor [ ] Storm Windows [ ] Screens [ ] Garage Opener [ ] Microwave Oven [ ] Storm Doors [ ] Window A/C unit(s) #____ [ ] Dog House(s) #_____ [ ] Garbage Disposal [ ] Clothes Washer [ ] W/W carpeting (existing) [ ] TV antenna [ ] Freezer [ ] Clothes Dryer [ ] Exhaust Fan(s) [ ] Drapery/Curtains [ ] Dishwasher [ ] Intercom [ ] Furnace Humidifier [ ] Blinds/Shades [ ] Cook top [ ] Satellite Dish [ ] Electronic Air Filter [ ] Entertain Cntr Cabinet [ ] Ceiling Fan(s) #____ [ ] Pool, cover & equipment [ ] Outdoor Playground

Equip. [ ] Fireplace Screen/Doors

[ ] Wall Oven(s) #____ [ ] Hot Tub, cover & equip. [ ] Central Vacuum [ ] Safe #_____ [ ] Alarm System

ADDITIONAL INCLUSIONS (SPECIFY): _________________________________________________________________________ ADDITIONAL EXCLUSIONS (SPECIFY): _________________________________________________________________________ PROPERTY INSURANCE AND RISK OF LOSS: Until legal title has passed to Buyer or possession has been given to Buyer, the Property is to be held at the risk of Seller. If, prior to the time legal title has passed to Buyer or possession has been given to Buyer, whichever shall occur first, all or a substantial part of the Property is destroyed or damaged, without fault of Buyer, then this Contract, at the option of Buyer, upon written notice to Seller, shall be null and void and of no further effect, and all deposits hereunder shall be returned to Buyer in accordance with the terms of this Contract. LEASES: Seller, not less than 15 days before closing, shall furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature and duration of the tenant's occupancy, rental rates and advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letters from tenants, Seller shall furnish the same information to Buyer within said time period in the form of a seller's affidavit, and Buyer may contact tenants thereafter to confirm such information. At closing, Seller shall deliver and assign all original leases to Buyer and all rental collections shall be prorated. In addition, Seller shall transfer all security deposits, if any, to Buyer. Seller may not negotiate new leases or renew existing leases on the Property which extend beyond closing or possession date without Buyer’s written consent. NON-ASSIGNABLE: This Contract may not be assigned without the effective written consent of the Buyer and the Seller. If the Buyer and the Seller agree in writing to an assignment of this Contract, the original parties to this Contract remain obligated hereunder until closing. TITLE POLICY: Seller agrees to furnish to Buyer at (initial appropriate option)

a. ______ Seller’s expense; a title insurance policy issued in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy.

or

b. ______ Buyer’s expense; a title insurance policy issued in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy.

The title insurance policy will be subject to all exclusions, including existing building and zoning ordinances, and the following exceptions:

Page 6: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 6

Restrictive covenants common to platted subdivision in which the Property is located. Standard exception for standby fees, taxes and assessments. Liens created as part of financing. Utility easements created by the dedication deed or plat of the subdivision in which the Property is located. Reservations or exceptions otherwise permitted by this Contract or as may be approved by Buyer in writing. Standard exception as to marital rights. Standard exception as to waters, tidelands, beaches, streams, and related matters. Standard exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or

protrusions, or overlapping improvements. Buyer, at Buyer’s expense, may have the exception amended to read: "shortages in area."

SURVEY: A Survey of the Property shall be made by a registered professional land surveyor acceptable to the Title Company and any lender. (Initial appropriate option)

a. ______ Seller shall furnish to Buyer and Title Company, within _____ days after the Date of Acceptance of this Contract, an existing survey of the Property and a Residential Real Property Affidavit promulgated by the Texas Department of Insurance. If the existing survey of the Property is unacceptable to title company and/or to Buyer’s lender, Buyer shall obtain a new survey at the expense of _____ (Buyer or Seller) no later than 3 days prior to Closing Date.

or

b. ______

Seller at Seller’s expense shall furnish a new survey of the Property to Buyer within _____ days after the Effective Date of this Contract.

or

c. ______

Buyer at Buyer’s expense shall obtain a new survey of the Property within _____ days after the Effective Date of this Contract. Buyer is deemed to receive the survey on the date of actual receipt or the date specified in this clause, whichever is earlier.

COMMITMENT for TITLE INSURANCE: Seller agrees to furnish to Buyer, at Buyer's expense, within 20 days after the Title Company receives a copy of this Contract, a Commitment for title insurance and legible copies of restrictive covenants and documents evidencing exceptions in the Commitment other than standard printed exceptions. Seller authorizes the title company to mail or hand deliver the Commitment and documents evidencing exceptions to Buyer at Buyer's address. If the Commitment and documents evidencing exceptions are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or the Closing date, whichever is earlier. OBJECTIONS: Buyer shall have the right to object to defects, exceptions, or encumbrances to title disclosed on the survey and in the Commitment, other than items contained in clause entitled Title Policy or which prohibit the following use or activity: _______________________________________________. The objection must be in writing and must be taken by Buyer not later than (a) Closing date or (b) within _____ days after receiving of the Commitment, documents evidencing exceptions and the Survey, whichever is earlier. Buyer's failure to object within the given timeframe will constitute a waiver of Buyer’s right to object; except that the requirements in the Commitment are not waived. Seller shall cure the objections of Buyer within 15 days after Seller receives the objections and the Closing date will be extended as necessary. If Seller fails to cure the objections within such 15 days’ period, this Contract will terminate, and Seller shall forthwith refund the earnest money to Buyer unless Buyer waives the objections. TITLE NOTICES:

a. Abstract or Title Policy: Buyer is hereby advised to have the abstract covering the real estate that is the subject of this Contract examined by an attorney chosen by Buyer; or Buyer should be provided with or obtain a title insurance policy. b. Owners' Association Membership: (Initial appropriate option)

_____ The Property is subject to mandatory membership in an owner’s association and Seller is required to give notice as prescribed under the Texas Property Code, Title 2, Chapter 5, Subchapter A, Section 5.012.

or

_____ The Property is not subject to mandatory membership in an owner’s association and Seller is not required to give notice as prescribed under the Texas Property Code, Title 2, Chapter 5, Subchapter A, Section 5.012.

c. Tax Districts: (Initial appropriate option)

_____ The Property is situated in a utility district or other statutorily created district providing, or proposing to provide, as the district's principal function, water, sanitary sewer, drainage, and flood control or protection facilities or services, or any of these facilities or services that have been financed or are proposed to be financed with bonds of the district payable in whole or part from taxes of the district, or by imposition of a standby fee, if any, to household or commercial users, other than agricultural, irrigation, or industrial users, and which district

Page 7: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 7

includes less than all the territory in at least one county and which, if located within the corporate area of a city, includes less than 75 percent of the incorporated area of the city or which is located outside the corporate area of a city in whole or in substantial part, and Seller is required to give a notice to Buyer, prior to execution of this Contract as prescribed under the Water Code, Title 4, Chapter 49, Subchapter M, Section 49.452.

or

_____ The Property is not situated in a utility district or other statutorily created district providing, or proposing to provide, as the district's principal function, water, sanitary sewer, drainage, and flood control or protection facilities or services, or any of these facilities or services that have been financed or are proposed to be financed with bonds of the district payable in whole or part from taxes of the district, or by imposition of a standby fee, if any, to household or commercial users, other than agricultural, irrigation, or industrial users, and which district includes less than all the territory in at least one county and which, if located within the corporate area of a city, includes less than 75 percent of the incorporated area of the city or which is located outside the corporate area of a city in whole or in substantial part, and Seller is not required to give notice to Buyer as prescribed under the Water Code, Title 4, Chapter 49, Subchapter M, Section 49.452.

d. Tide Waters: (Initial appropriate option)

_____ The Property does not share a common boundary with the tidally influenced submerged lands of the State of Texas and Seller is not required to give notice to Buyer as prescribed under the Texas Natural Resources Code, Title 2, Subtitle C, Chapter 33, Subchapter D, Section 33.135.

or

_____ The Property adjoins and shares a common boundary with the tidally influenced submerged lands of the State of Texas, and

_____ The Property does not share a common boundary with the tidally influenced submerged lands of the State of Texas and Seller is not required to give notice to Buyer as prescribed under the Texas Natural Resources Code, Title 2, Subtitle C, Chapter 33, Subchapter D, Section 33.135.

_____ the interest transferred or conveyed in the Property is not a mineral, leasehold or security interest, and Seller is required to give notice to Buyer, as a part of a written executory contract for the sale, transfer, or conveyance as prescribed under the Texas Natural Resources Code, Title 2, Subtitle C, Chapter 33, Subchapter D, Section 33.135.

e. Possible Annexation: Seller is required to give notice to Buyer, prior to execution of this Contract, as prescribed under the Texas Property Code, Title 2, Chapter 5, Subchapter A, Section 5.011, that the Property, if located outside the limits of a municipality, may now or later be included in the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Contact all municipalities located in the general proximity of the property for further information. f. Property Located in Certified Service Area of a Utility Service Provider: (Initial appropriate option)

_____ The Property is located in certified service area of a utility service provider and Seller is required to give notice to Buyer, at or before the execution of a binding contract for the purchase of the Property, as prescribed under the Water Code, Title 2, Subtitle B, Chapter13, Subchapter G, Section 13.257.

or

_____ The Property is not located in certified service area of a utility service provider and Seller is not required to give notice to Buyer as prescribed under the Water Code, Title 2, Subtitle B, Chapter13, Subchapter G, Section 13.257.

g. Public Improvement District (Initial appropriate option)

_____ The Property is in a public improvement district under Chapter 372, the Local Government Code, and

_____ consists of not more than one dwelling unit and Seller is required to give notice to Buyer as prescribed under the Property Code, Title 2, Chapter 5, Subchapter A, Section 5.014.

_____ consists of more than one dwelling unit and Seller is not required to give notice to Buyer as prescribed under the Property Code, Title 2, Chapter 5, Subchapter A, Section 5.014.

or

_____ The Property is not in a public improvement district under Chapter 372, Local Government Code and Seller is not required to give notice to Buyer as prescribed under the Property Code,

Page 8: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 8

Title 2, Chapter 5, Subchapter A, Section 5.014.

h. Agricultural Development District: (Initial appropriate option)

_____ The Property is located in a Texas Agricultural Development District and Seller is required to give notice to Buyer, prior to execution of a binding contract of sale and purchase of the Property, either separately or as an addendum or paragraph of a purchase contract, under the Agriculture Code, Title 4, Chapter 60, Subchapter C, Section 60.063 (a), subject to sub-section (c) thereof.

or

_____ The Property is not located in a Texas Agricultural Development District and Seller is not required to give notice to Buyer under the Agriculture Code, Title 4, Chapter 60, Subchapter C, Section 60.063.

ARBITRATION: In the event of any dispute arising out of or relating to this Contract, or the breach thereof, it is hereby agreed the same shall be settled by a neutral binding arbitration to be held in ___________________________ County, State of Texas, in accordance with the rules of the American Arbitration Association (AAA) by one or more arbitrators appointed in accordance with the said rules. The notice of demand for Arbitration shall be made by the aggrieved party within three hundred and sixty five (365) days after the said party knew, or should have known, of the existence of the said claim or claims. The decision arrived at through the process of arbitration shall be final and legally binding and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each party shall be responsible for its share of the arbitration fees in accordance with the said rules. If a party fails to proceed with arbitration, unsuccessfully challenges the arbitrator's award, or fails to comply with the arbitrator's award, the other party is entitled to costs of suit, including reasonable attorney's fees for having to compel arbitration or defend or enforce the award. ATTORNEY’S FEES: In any action or proceeding between the Buyer and the Seller based, in whole or in part, upon the performance or non-performance of the terms and conditions of this Contract, including, but not limited to: breach of contract, negligence, misrepresentation or fraud, the prevailing party in such action or proceeding shall be entitled to receive reasonable attorney’s fees from the other party as determined by the court or arbitrator. TERMITE INSPECTION: Within a period of _____ business days after the Date of Acceptance, Buyer, at Buyer's expense, (if VA financed, then Seller's expense) is authorized and shall have the right to obtain a written report from a state licensed pest control company that, based on a careful visual inspection, there is no evidence of termite or other wood-destroying insect infestation in the residence and/or garage(s) within the Property (excluding fences or shrubs not abutting garage(s) or dwelling(s) ) and damage due to previous infestation has been repaired. If there is evidence of present infestation as described above, or if damage caused by present or prior infestation is discovered, Buyer may, within _____ business days of receiving the report, either proceed with the purchase or cancel this Contract. RADON GAS DISCLOSURE: As required by law, Seller makes the following disclosure: "Radon Gas" is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in within this state. Additional information regarding radon and radon testing may be obtained from your county public health unit. Seller has: (Initial appropriate option)

_____ knowledge that the Property has been tested for radon gas and radon progeny and shall provide Buyer with a copy of the results of such test and evidence of any subsequent mitigation or treatment;

or

_____ no knowledge that the Property has been tested for radon gas and radon progeny.

HOME AND/OR ENVIRONMENTAL INSPECTION CONTINGENCY: Buyer’s obligation to close this Contract: (Initial appropriate option)

_____ Is subject to the contingency of inspection of the Property. Within a period of ______ business days after the Date of Acceptance, Buyer may secure at Buyer’s own expense (unless otherwise provided by law) and Seller agrees to permit, a licensed home inspection service of Buyer’s choice to inspect the major components of the Property to determine if they are in acceptable operating condition. Major components include, without limitation, central heating, central cooling, plumbing (including well and septic) and electric systems; structural components consisting of roofs, walls, windows, ceilings, floors, and foundations; and all mechanical system, including appliances. Any major component that performs the function for which it is intended and does not constitute a health or safety threat shall be deemed to be in acceptable operating condition. Buyer may further secure at Buyer’s own expense and Seller agrees to permit inspection for any environmental, lead-based paint and/or lead-based paint hazards (unless waived separately), radon, asbestos, urea-formaldehyde, wood infestation, and mold on the premises by one or more certified home inspection services of Buyer’s choice. Buyer shall indemnify Seller and shall hold Seller harmless from and against any loss or damage to the Property or personal injury caused by acts of negligence of Buyer or Buyer's inspectors. If any defect(s) is/are revealed by an inspection report, Buyer shall deliver the report to Seller within _____ calendar days of the receipt of the same. Seller shall within _____ calendar days of receipt of the report

Page 9: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller: _______ Seller: _______ Buyer _______ Buyer _______ 9

notify Buyer in writing of Seller’s option to either rectify the defect(s) at Seller’s expense prior to Closing, or not to rectify the defect(s). If Seller elects not to repair the defect(s), Buyer shall, within _____ calendar days of receipt of Seller’s notice not to repair the defect(s), have the option to either accept the Property with the said defect(s) as revealed by the inspection report or void this Contract. If Buyer chooses to void this Contract, Seller shall return all the monies received from Buyer on account of the Purchase Price of Property and there shall be no further obligation on either of the parties hereto and this Contract shall become void. Buyer agrees that repairs which do not exceed ________________________________________ Dollars ($________) in aggregate shall not be considered to be within the purview of this section and Buyer agrees to assume those repairs at Buyer’s own expense. The parties agree that the following items are accepted by Buyer “as is” and shall not be made a part of Buyer’s request for repairs: _________________________________________. Where there is a delay in the receipt of the inspection report due solely to the inspector's inability to complete the inspection, the inspection completion date set forth in this Contract shall be extended for a reasonable time not to exceed seven (7) calendar days. The inspector shall provide Buyer with an explanation of the delay, which shall be made available to Seller.

or

_____ is not subject to the contingency of inspection of the Property.

FLOOD HAZARD: During the inspection period, Buyer shall determine by survey, through the lender and all appropriate government agencies whether the Property is situated in an area identified as having any special flood hazards, whether flood insurance is required and what restrictions apply to improving the Property and rebuilding in the event of casualty. If the Property is situated in an area identified as having any special flood hazards by any governmental entity, the lender may require the purchase of flood hazard insurance. Special flood hazards may also affect the ability to encumber or improve the Property. INTERNAL REVENUE SERVICE FILING: Buyer and Seller each agree to cooperate with the person responsible for closing by providing all necessary information so that a report can be filed with the Internal Revenue Service, as required by Section 6045 of the IRS Code. To the extent permitted by law, the Seller will pay any fees incurred as a result of such filing. FOREIGN INVESTMENT TAXES - FIRPTA: Section 1445 of the United States Internal Revenue Code of 1986 provides that a buyer of a residential real property located in the United States must withhold federal income taxes from the payment of the purchase price if (a) the purchase price exceeds Three Hundred Thousand Dollars ($300,000.00) and (b) the seller is a foreign person. Unless otherwise stated in an addendum attached hereto, if the purchase price is in excess of Three Hundred Thousand Dollars ($300,000.00), Seller represents that Seller is not a non-resident alien, foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined by the Internal Revenue Code and applicable regulations) and agrees to execute an affidavit to this effect at the time of closing. LEAD PAINT DISCLOSURE: As required by Title X, Section 1018, the Residential Lead-Based Paint Hazard Reduction Act of 1992, "Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real estate is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspection in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase." The Seller, however, is not required to conduct or pay for any lead-based paint risk assessment or inspection. Seller is required to provide buyer with a ten (10) day period in which Buyer may procure a risk assessment or inspection at Buyer's expense.

a) Seller and Buyer agree, represent and warrant, each unto the other, that no binding and enforceable contract shall be deemed to

exist or to have been formed unless the requirements of the Residential Lead-Based Paint Hazard Reduction Act have been complied with prior to the execution of this Contract by Seller and Buyer. Seller and Buyer represent and warrant that each intended, as a material term of the offer and acceptance, that the requirements of the Act be complied with as an express condition of the formation of a binding and enforceable contract by and between the parties. Buyer and Seller acknowledge by their respective initials below that they have read and understand the provisions of this of this section entitled, LEAD PAINT DISCLOSURE.

b) Seller represents and warrants to Buyer, intending that Buyer rely upon such warranty and representation, that the property: (Seller to initial applicable line): _____________was constructed prior to 1978 OR _____________was not constructed prior to 1978 OR ______________ the date of construction is uncertain.

A SELLER WHO FAILS TO GIVE THE REQUIRED LEAD-BASED PAINT DISCLOSURE FORM AND EPA PAMPHLET MAY BE LIABLE UNDER THE RESIDENTIAL LEAD-BASED PAINT HAZARD REDUCTION ACT FOR THREE TIMES THE AMOUNT OF DAMAGES AND MAY BE SUBJECT TO BOTH CIVIL AND CRIMINAL PENALTIES.

c) If the Property was constructed prior to 1978 or if the date of construction is uncertain, as indicated by Seller’s initial above, Seller

and Buyer mutually agree that the requirements of the Act shall apply to the sale of the Property.

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Seller: _______ Seller: _______ Buyer _______ Buyer _______ 10

OTHER DISCLOSURES: In addition to those disclosures contained herein, Buyer hereby certifies that the following disclosures were delivered to Buyer by Seller prior to the date of execution of this Contract: (check all applicable)

[ X ] Seller’s Disclosure Notice [ X ] Seller's Disclosure Regarding Potential Annexation [ ] Notice of Property Condition [ ] Notice Regarding Membership In A Property Owners Association [ ] Disclosure of Location of Conditions Under Surface of Unimproved Real Property [ ] Seller's Disclosure of Tax Payments and Insurance Coverage [ ] Seller’s Disclosure of Financing Terms [ ] Lead Paint Disclosure [ ] Lead Paint Pamphlet

NOTICE TO SELLER: This Contract should not be executed if the disclosures indicated above were not presented to Buyer, and additionally, signed and dated by Buyer prior to today’s date. The above-indicated, applicable disclosures should be delivered to, signed and dated by Buyer prior to the date of execution of this Contract. NOTICE OF ADDITIONAL TAX LIABILITY: (check one)

1. [ ] This is not a transaction for vacant land. 2. [ ] This is a transaction for vacant land. Seller hereby provides Buyer the following notice:

NOTICE REGARDING POSSIBLE LIABILITY FOR ADDITIONAL TAXES. If for the current ad valorem tax year the taxable value of the land that is the subject of this contract is determined by a special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that special appraisal in a subsequent tax year and the land may then be appraised at its full market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a penalty for the transfer or the change in the use of the land. The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district established for the county in which the land is located. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions inserted in this form shall control all printed provisions in conflict therewith. PARAGRAPH HEADINGS: The headings of particular paragraphs and subparagraphs are inserted only for convenience and are not part of this Agreement and are not to act as a limitation on the scope of the particular paragraph to which the heading refers. USE OF PRONOUNS: The use of the neuter singular pronoun to refer to the Parties described in this Agreement shall be deemed a proper reference even though the Parties may be an individual, a partnership, a corporation, or group of two or more individuals, partnerships or corporations. The necessary grammatical changes required to make the provisions of this Agreement apply in the plural sense where there is more then one party to this Agreement, and to either corporations, partnerships or individuals, males or females, shall in all instances be assumed as though in each case fully expressed.

INDEMNIFICATION: Each party shall indemnify and hold the other party harmless from any and all violations, claims, losses, damages,

injuries and liabilities arising from or in connection with the operations of this Agreement, transaction of sale, false, misleading or

misrepresentation of any certifications, warrantees or information, violation of federal and state laws, breach of contract or any acts and/or

omissions caused by the harming party.

BINDING PARTIES: This Contract shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, executors, administrators, successors and assigns. NO ORAL AGREEMENTS: This executory contract represents the final agreement between the seller and purchaser and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. FORUM AND CHOICE OF LAW. This Agreement in all matter and issues collateral thereto shall be governed by, and construed and interpreted in accordance with the laws of the State of Texas with respect to the determination fo any claim, dispute or disagreement, which may arise out of the interpretation, performance or breach of this Agreement, ad will be subject to enforcement and interpretation solely in the appropriate courts of the State of Texas, without reference to principles of conflict of laws. ENTIRE AGREEMENT: This document and any Addenda constitutes the final and entire Agreement between the parties hereto, and no promises or representations, other than those contained here and those implied by law, have been made by Seller or Buyer. Neither Seller or Buyer shall be bound by any terms, conditions, statements, warranties or representations, oral or written, not herein contained unless made in writing and signed by both Seller and Buyer.

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Seller: _______ Seller: _______ Buyer _______ Buyer _______ 11

SEVERABILITY: The provisions of this Contract are severable and in the event any provision, clause, sentence, section or part thereof is held to be invalid, illegal, unconstitutional, inapplicable or unenforceable to any person or circumstances, such invalidity, illegality, unconstitutionality, inapplicability or unenforceability shall not affect or impair any of the remaining provisions, sentences, clauses, sections, parts of the contract or their application to Seller or Buyer or other persons or circumstances. It is understood and agreed that the terms, conditions and covenants of this Contract would have been made by both parties if such invalid, illegal, unconstitutional, inapplicable or unenforceable provision, sentence, clause, section or part had not been included therein to the extent that portion of this agreement may be invalid by striking of certain words or phrases, such words or phrases shall be deemed to be stricken and the remainder of the provisions and the remainder of the other portions of this Contract agreement shall remain in full force and effect. It is further agreed that this Contract may be executed in counterparts, each of which when considered together shall constitute the original contract. ADDITIONAL PROVISIONS: _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________

YOU, THE PURCHASER, MAY CANCEL THIS CONTRACT AT ANY TIME DURING THE NEXT TWO WEEKS. THE DEADLINE FOR CANCELING THE CONTRACT IS _____________ (DATE).

SIGNED, ACCEPTED, AND AGREED TO on __ day of _________, 20__ (“effective date”) by the undersigned parties, who acknowledge

that they have read and understand this Agreement and the Attachments to it and they execute this legal document voluntarily and of their

own free will.

Buyer: Date:

Address: Tax ID/SSN:

Buyer: Date:

Address: Tax ID/SSN:

Seller: Date:

Address: Tax ID/SSN:

Seller: Date:

Address: Tax ID/SSN:

WITNESSES:

Witness: Date:

Witness: Date:

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Promissory Note Legal-Forms-Kit.com 1

Promissory Note

FOR VALUE RECEIVED, the undersigned ______________, (the “Buyer”) hereby promises to pay to the order of ______________________ (the “Seller”) at _________________ (Seller’s Address) the whole principal sale amount of _____________ dollars payable upon the closing date of ________________ for the purchase of below said real property located at; Legal Description of Property: _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ WHERE AS; The Buyer acknowledges that he/she has full knowledge of the principal amount as well as the terms and conditions set forth in this note. 1. Not Secured. This Promissory note is not secured. 2. Interest. Interests and penalties of this note are subject to the Sale Agreement entered between the Buyer and Seller herein regarding the above referenced property. 3. Principal. The entire principal balance of this Note shall be come due and payable on the closing date of sale of the above referenced property. 4. Payment. Payment shall be made in lawful tender of the United States. 5. Events of Acceleration. The entire unpaid principal balance of this Note shall become due and payable prior to the specified due date of this Note upon the occurrence of one or more of the following events and in the following manner: _______________________________________________________________ _______________________________________________________________ _______________________________________________________________

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Promissory Note Legal-Forms-Kit.com 2

6. Collection. If action is instituted to collect this Note, the Buyer promises to pay all costs and expenses (including reasonable attorney fees) incurred in connection with such action. 7. Waiver. Waiver of any term of this Note must be made in writing and signed by the parties herein, and any such waiver shall be limited to its express terms. No delay by the Seller with respect to the terms of this Note shall constitute a waiver of any breach, default, or failure of a condition under this Note. The Buyer waives presentment, demand, notice of dishonor, notice of default or delinquency, notice of acceleration, notice of protest and nonpayment, notice of costs, expenses or losses and interest thereon, notice of interest on interest and diligence in taking any action to collect any sums owing under this Note or in proceeding against any of the rights or interests in or to properties securing payment of this Note. In addition, Buyer agrees to remain fully bound until all monies due under this Promissory Note have been paid in full and waives all rights of subrogation and set-off. 8. Bankruptcy or Insolvency. In the event of payment of any other amounts secured by this Promissory Note or upon the bankruptcy or insolvency of the undersigned or upon the filing of a petition in bankruptcy against the undersigned or upon the making of a proposal in bankruptcy by the undersigned, the whole of the monies (or any part thereof) secured by this Promissory Note remaining unpaid shall be, at the option of the Seller, forthwith become due and payable and all the powers in and by the Promissory Note or by law conferred in case of default shall become exercisable. 9. Default. In the event of default by the Buyer, all reasonable legal fees collection and enforcement charges to the extent permissible by law, in addition to other amounts dues, shall be payable by the Buyer. 10. Governing Law. This Promissory Note shall be governed by the laws of the State of Texas, which laws shall be applicable to the interpretation, construction and enforcement hereof. 11. Conflicting Agreements. In the event of any inconsistencies between the terms of this Note and the terms of any other document related to the loan evidenced by the Note, the terms of this Note shall prevail. 12. Binding Note. This Promissory Note shall be binding upon and accure to the benefit of the parties, their successors, legal representative and assigns.

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Promissory Note Legal-Forms-Kit.com 3

The Undersigned hereby warrants his/hers full authority to enter into this Promissory Note. Signed at _____________________________ on this ____ day of _____________, 20__. __________________________ (Purchaser) Signed in the presence of: ___________________________________________ _____________ (1) Name & Signature ___________________________________________ _____________ (2) Name & Signature

Page 15: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Legal-Forms-Kit.com

OFFER TO PURCHASE REAL ESTATE

BE IT KNOWN, the undersigned ___________________________________________ of

______________________________________________________ (Buyer) offers to purchase from

_______________________ of ________________________________ (Owner), real estate known as

_____________________________________________

City/Town of _________________________, County of ________________________, State of

_____________________________, said property more particularly described as:

___________________________________________________________________

______________________________________________________________________

and containing ____________________ square feet of land, more or less.

The purchase price is: $ ________________

Deposit herewith paid: $ ________________

Upon signing sales agreement: $ ________________

Balance at closing: $ ________________

Total purchase price: $ ________________

This offer is subject to Buyer obtaining a real estate mortgage for no less than;

$_________________________ payable over _______ years with interest not to exceed _____% at

customary terms within ____________ days from date hereof.

The broker to this transaction is ________________________________ who shall be paid a commission

of _______________ by seller upon closing.

This offer is further subject to Buyer obtaining a satisfactory home inspection report and termite/pest

report within ___________ days from date hereof. Said property is to be sold free and clear of all

encumbrances, by good and marketable title, with full possession of said property available to Buyer.

The parties agree to execute a standard purchase and sales agreement on the terms

contained herein, within ______________________ days.

The closing shall be on or before ____________________ (month & day), ____ (year)

at the deed recording office.

Signed this _______ day of ____________________ (month), ___ (year).

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Legal-Forms-Kit.com

In the presence of:

__________________________________ __________________________________

Witness Broker

_________________________________ __________________________________

Witness Buyer

_________________________________

Owner

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Legal-Forms-Kit.com

Counter offer.

The Offer to Purchase dated _________ and signed by Buyer, _________, for purchase of real estate at _________ is countered. All terms and conditions to remain the same as stated on the Offer to Purchase except the following: _______________ _______________

Seller agrees to sell and convey the above property on the terms and conditions as set forth in this Seller's Counter-Offer and acknowledges receipt of a copy of it. The warranties and representations made in this Counter-Offer survive the closing of this transaction.

This Counter-Offer must be accepted on or before _________(TIME IS OF THE ESSENCE) and it shall not be-come binding upon Seller until a copy of the accepted Counter-Offer is deposited, postage prepaid, in the United States mails, addressed to Seller at _________ or by person delivery thereof to Seller.

Dated: _________ [Signature(s) of seller(s)] _________[Name of licensee who negotiated this Coun-ter-Offer]

_______________

The above Counter-Offer is hereby (accepted/countered). If countered, all terms and conditions to remain the same as stated on the Offer to Purchase and not to include any of the terms on the above or any other Counter-Offer except the following: _______________ _______________

This Buyer's Counter-Offer must be accepted on or before _________(TIME IS OF THE ESSENCE) and it shall not become binding upon Buyer until a copy of the accepted Counter-Offer is deposited, postage prepaid, in the United States mails, addressed to Buyer at _________ or by personal delivery thereof to Buyer.

Dated: _________ [Signature(s) of buyer(s)] _________[Name of licensee who negotiated this Coun-ter-Offer]

_______________

Buyer's above Counter-Offer is hereby accepted. If Seller is not accepting Buyer's Counter-Offer, Seller should not sign below. Seller may counter on a new Counter-Offer form.

Dated: _________ [Signature(s) of seller(s)] _________[Name of licensee who negotiated this Coun-ter-Offer]

_______________

[Attach original Offer to Purchase]

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Legal‐Forms‐Kit.com  

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS:

_______________, hereinafter referred to as PRINCIPAL, in the County of ________ State of Texas, being of sound mind, do(es) appoint [individual] as his (her) true and lawful attorney-in-fact.

Any and all general powers of attorney that previously have been signed by principal are hereby revoked. However, the preceding sentence shall not have the effect of revoking any powers of attorney that are directly related to principal’s health care that previously have been signed by principal.

In the principal's name, and for the principal's use and benefit, said attorney-in-fact is authorized hereby:

1) Sell, convey, lease, mortgage, manage, insure, improve, repair, or perform any other act with respect to any of principal’s property currently owned or acquired later, including, but not limited to, real estate and real estate rights (including the right to remove tenants and to recover possession). This includes the right to sell or encumber any homestead currently owned or may own in the future.

2) Sell, exchange, buy, invest, or reinvest any assets or real or tangible property owned or acquired later.

3) Perform any act necessary to negotiate, sell or transfer any note or security.

4) Enter into legally binding contracts on behalf of Principal.

5) Consent to and release of liability disclosures regarding the transaction of sale of Principal’s tangible or real property currently owned or acquired later.

6) Purchase and/or maintain home-owner’s insurance or addition insurance requirements subject to the transaction of sale of Principal’s tangible or real property currently owned or acquired later.

7) Disclosure of financial information to 3rd parties in regards to checking accounts, savings accounts, and certificates of deposit), brokerage accounts, and other similar accounts with financial institutions necessary to perform any transaction of sale of Principal’s tangible or real property currently owned or acquired later.

8) Prepare, sign, and file documents with any governmental body or agency, including, but not limited to, authorization to:

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Legal‐Forms‐Kit.com  

9) Obtain information or documents from any government or its agencies, and negotiate, compromise, or settle any matter with such government or agency (including tax matters).

10) Prepare applications, provide information, and perform any other act reasonably requested by any government or its agencies in connection with governmental benefits (including military and social security benefits).

11) Disclaim any interest that might otherwise be transferred or distributed to principal from any other person, estate or other entity, as may be appropriate.

Said attorney-in-fact shall not be liable for any loss that results from a judgment error that was made in good faith. However, said attorney shall be liable for willful misconduct or the failure to act in good faith while acting under the authority of this Power of Attorney.

Principal authorizes said attorney to indemnify and hold harmless any third party who accepts and acts under this document.

Giving and granting to said attorney full power and authority to do all and every act and thing whatsoever requisite and necessary to be done relative to any of the foregoing as fully to all intents and purposes as principal might or could do if personally present.

All that said attorney shall lawfully do or cause to be done under the authority of this power of attorney is expressly approved.

1. WITNESS' SIGNATURE: __________________________________

WITNESS' PRINTED FULL LEGAL NAME: __________________________________

2. WITNESS' SIGNATURE: __________________________________

WITNESS' PRINTED FULL LEGAL NAME: __________________________________ ]

Dated: __________, 20____ at _________________________, _________________________.

By: __________

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Legal‐Forms‐Kit.com  

STATE OF TEXAS §

COUNTY OF __________ §

BEFORE ME, the undersigned authority, on this __________ day of __________, 20_____, personally appeared __________ to me well known to be the person described in and who signed the foregoing Power of Attorney, and acknowledged to me that he executed the same freely and voluntarily for the uses and purposes therein expressed.

WITNESS my hand and official seal the date aforesaid.

NOTARY PUBLIC

My Commission Expires:

_______________  

Page 21: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards

Lead Warning StatementHousing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can posehealth hazards if not managed properly. Lead exposure is especially harmful to young children and pregnantwomen. Before renting pre-1978 housing, lessors must disclose the presence of known lead-based paint and/orlead-based paint hazards in the dwelling. Lessees must also receive a federally approved pamphlet on lead poisoning prevention.

Lessor’s Disclosure

(a) Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below):

(i) ______ Known lead-based paint and/or lead-based paint hazards are present in the housing(explain).

_______________________________________________________________________________________

_______________________________________________________________________________________

(ii) _____ Lessor has no knowledge of lead-based paint and/or lead-based paint hazards in thehousing.

(b) Records and reports available to the lessor (check (i) or (ii) below):

(i) ______ Lessor has provided the lessee with all available records and reports pertaining tolead-based paint and/or lead-based paint hazards in the housing (list documentsbelow).

_______________________________________________________________________________________

_______________________________________________________________________________________

(ii) _____ Lessor has no reports or records pertaining to lead-based paint and/or lead-basedpaint hazards in the housing.

Lessee’s Acknowledgment (initial)

(c) ________ Lessee has received copies of all information listed above.

(d) ________ Lessee has received the pamphlet Protect Your Family from Lead in Your Home.

Agent’s Acknowledgment (initial)

(e) ________ Agent has informed the lessor of the lessor’s obligations under 42 U.S.C. 4852d andis aware of his/her responsibility to ensure compliance.

Certification of AccuracyThe following parties have reviewed the information above and certify, to the best of their knowledge, thatthe information they have provided is true and accurate.

__________________________________________________ __________________________________________________Lessor Date Lessor Date

__________________________________________________ __________________________________________________Lessee Date Lessee Date

__________________________________________________ __________________________________________________Agent Date Agent Date

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Recycled/RecyclablePrinted with vegetable oil based inks on recycled paper (minimum 50% postconsumer) process chlorine free.

If you think your home has high levels of lead:

� Get your young children tested for lead, even ifthey seem healthy.

� Wash children’s hands, bottles, pacifiers, and toysoften.

� Make sure children eat healthy, low-fat foods.

� Get your home checked for lead hazards.

� Regularly clean floors, window sills, and other surfaces.

� Wipe soil off shoes before entering house.

� Talk to your landlord about fixing surfaces withpeeling or chipping paint.

� Take precautions to avoid exposure to lead dustwhen remodeling or renovating (call 1-800-424-LEAD for guidelines).

� Don’t use a belt-sander, propane torch, hightemperature heat gun, scraper, or sandpaper onpainted surfaces that may contain lead.

� Don’t try to remove lead-based paint yourself.

Simple Steps To Protect Your Family From Lead Hazards

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ProtectYourFamilyFromLead InYourHome

United States EnvironmentalProtection Agency

United StatesConsumer ProductSafety Commission

United StatesDepartment of Housingand Urban Development

Page 25: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Many houses and apartments built before 1978 havepaint that contains high levels of lead (called lead-based paint). Lead from paint, chips, and dust can

pose serious health hazards if not taken care of properly.

OWNERS, BUYERS, and RENTERS areencouraged to check for lead (see page 6)before renting, buying or renovating pre-1978 housing.

Federal law requires that individuals receive certain information before renting, buying, or renovating pre-1978 housing:

LANDLORDS have to disclose known infor-mation on lead-based paint and lead-basedpaint hazards before leases take effect.Leases must include a disclosure aboutlead-based paint.

SELLERS have to disclose known informa-tion on lead-based paint and lead-basedpaint hazards before selling a house. Salescontracts must include a disclosure aboutlead-based paint. Buyers have up to 10days to check for lead.

RENOVATORS disturbing more than 2 squarefeet of painted surfaces have to give youthis pamphlet before starting work.

Are You Planning To Buy, Rent, or Renovatea Home Built Before 1978?

Page 26: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

IMPORTANT!

Lead From Paint, Dust, andSoil Can Be Dangerous If Not

Managed Properly

FACT: Lead exposure can harm young children and babies even before theyare born.

FACT: Even children who seem healthy canhave high levels of lead in their bodies.

FACT: People can get lead in their bodies bybreathing or swallowing lead dust, or byeating soil or paint chips containinglead.

FACT: People have many options for reducinglead hazards. In most cases, lead-basedpaint that is in good condition is not ahazard.

FACT: Removing lead-based paint improperlycan increase the danger to your family.

If you think your home might have lead hazards, read this pamphlet to learn some

simple steps to protect your family.

1

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2

People can get lead in their body if they:

� Breathe in lead dust (especially duringrenovations that disturb painted surfaces).

� Put their hands or other objects covered with lead dust in their mouths.

� Eat paint chips or soil that containslead.

Lead is even more dangerous to childrenunder the age of 6:

� At this age children’s brains and nervoussystems are more sensitive to the dam-aging effects of lead.

� Children’s growing bodies absorb morelead.

� Babies and young children often puttheir hands and other objects in theirmouths. These objects can have leaddust on them.

Lead is also dangerous to women ofchildbearing age:

� Women with a high lead level in theirsystem prior to pregnancy would exposea fetus to lead through the placentaduring fetal development.

Lead Gets in the Body in Many Ways

Childhoodlead poisoningremains amajor environmen-tal healthproblem inthe U.S.

Even childrenwho appearhealthy canhave danger-ous levels oflead in theirbodies.

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3

Lead’s Effects

It is important to know that even exposureto low levels of lead can severely harm children.

In children, lead can cause:

� Nervous system and kidney damage.

� Learning disabilities, attention deficitdisorder, and decreased intelligence.

� Speech, language, and behavior problems.

� Poor muscle coordination.

� Decreased muscle and bone growth.

� Hearing damage.

While low-lead exposure is most common, exposure to high levels of lead can have devastating effects onchildren, including seizures, uncon-sciousness, and, in some cases, death.

Although children are especially susceptible to lead exposure, lead can be dangerous for adults too.

In adults, lead can cause:

� Increased chance of illness duringpregnancy.

� Harm to a fetus, including brain damage or death.

� Fertility problems (in men and women).

� High blood pressure.

� Digestive problems.

� Nerve disorders.

� Memory and concentration problems.

� Muscle and joint pain.

Brain or Nerve Damage

Slowed Growth

Hearing Problems

ReproductiveProblems(Adults)

DigestiveProblems

Lead affectsthe body inmany ways.

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4

Many homes built before 1978 have lead-based paint. The federal governmentbanned lead-based paint from housing in1978. Some states stopped its use evenearlier. Lead can be found:

� In homes in the city, country, or suburbs.

� In apartments, single-family homes, andboth private and public housing.

� Inside and outside of the house.

� In soil around a home. (Soil can pick uplead from exterior paint or other sourcessuch as past use of leaded gas in cars.)

To reduce your child's exposure to lead,get your child checked, have your hometested (especially if your home has paintin poor condition and was built before1978), and fix any hazards you may have.Children's blood lead levels tend to increaserapidly from 6 to 12 months of age, andtend to peak at 18 to 24 months of age.

Consult your doctor for advice on testingyour children. A simple blood test candetect high levels of lead. Blood tests areusually recommended for:

� Children at ages 1 and 2.

� Children or other family members whohave been exposed to high levels of lead.

� Children who should be tested underyour state or local health screening plan.

Your doctor can explain what the test resultsmean and if more testing will be needed.

Get yourchildren andhome testedif you thinkyour homehas high lev-els of lead.

Checking Your Family for Lead

Where Lead-Based Paint Is Found

In general,the older yourhome, themore likely ithas lead-based paint.

Page 30: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Lead-based paint is usually not a hazard ifit is in good condition, and it is not on animpact or friction surface, like a window. Itis defined by the federal government aspaint with lead levels greater than or equalto 1.0 milligram per square centimeter, ormore than 0.5% by weight.

Deteriorating lead-based paint (peeling,chipping, chalking, cracking or damaged)is a hazard and needs immediate attention.It may also be a hazard when found on sur-faces that children can chew or that get alot of wear-and-tear, such as:

� Windows and window sills.

� Doors and door frames.

� Stairs, railings, banisters, and porches.

Lead dust can form when lead-based paint is scraped, sanded, orheated. Dust also forms when painted surfaces bump or rub togeth-er. Lead chips and dust can get on surfaces and objects that peopletouch. Settled lead dust can re-enter the air when people vacuum,sweep, or walk through it. The following two federal standards havebeen set for lead hazards in dust:

� 40 micrograms per square foot (µg/ft2) and higher for floors,including carpeted floors.

� 250 µg/ft2 and higher for interior window sills.

Lead in soil can be a hazard when children play in bare soil orwhen people bring soil into the house on their shoes. The followingtwo federal standards have been set for lead hazards in residentialsoil:

� 400 parts per million (ppm) and higher in play areas of bare soil.

� 1,200 ppm (average) and higher in bare soil in the remainder ofthe yard.

The only way to find out if paint, dust and soil lead hazards exist isto test for them. The next page describes the most common meth-ods used.

Lead frompaint chips,which youcan see, andlead dust,which youcan’t alwayssee, can bothbe serious hazards.

Identifying Lead Hazards

5

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6

You can get your home tested for lead inseveral different ways:

� A paint inspection tells you whether yourhome has lead-based paint and where itis located. It won’t tell you whether or notyour home currently has lead hazards.

� A risk assessment tells you if your homecurrently has any lead hazards from leadin paint, dust, or soil. It also tells you whatactions to take to address any hazards.

� A combination risk assessment andinspection tells you if your home has any lead hazards and if your home hasany lead-based paint, and where thelead-based paint is located.

Hire a trained and certified testing profes-sional who will use a range of reliablemethods when testing your home.

� Visual inspection of paint condition and location.

� A portable x-ray fluorescence (XRF)machine.

� Lab tests of paint, dust, and soilsamples.

There are state and federal programs inplace to ensure that testing is done safely,reliably, and effectively. Contact your stateor local agency (see bottom of page 11) formore information, or call 1-800-424-LEAD(5323) for a list of contacts in your area.

Home test kits for lead are available, butmay not always be accurate. Consumersshould not rely on these kits before doingrenovations or to assure safety.

Checking Your Home for Lead

Just knowingthat a homehas lead-based paintmay not tellyou if there is a hazard.

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7

If you suspect that your house has leadhazards, you can take some immediatesteps to reduce your family’s risk:

� If you rent, notify your landlord ofpeeling or chipping paint.

� Clean up paint chips immediately.

� Clean floors, window frames, windowsills, and other surfaces weekly. Use amop or sponge with warm water and ageneral all-purpose cleaner or a cleanermade specifically for lead. REMEMBER:NEVER MIX AMMONIA AND BLEACHPRODUCTS TOGETHER SINCE THEYCAN FORM A DANGEROUS GAS.

� Thoroughly rinse sponges and mopheads after cleaning dirty or dustyareas.

� Wash children’s hands often, especial-ly before they eat and before nap timeand bed time.

� Keep play areas clean. Wash bottles,pacifiers, toys, and stuffed animals regularly.

� Keep children from chewing windowsills or other painted surfaces.

� Clean or remove shoes beforeentering your home to avoidtracking in lead from soil.

� Make sure children eat nutritious, low-fat meals high in iron and calcium, such asspinach and dairy products.Children with good diets absorbless lead.

What You Can Do Now To Protect Your Family

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8

In addition to day-to-day cleaning and goodnutrition:

� You can temporarily reduce lead hazardsby taking actions such as repairing dam-aged painted surfaces and planting grassto cover soil with high lead levels. Theseactions (called “interim controls”) are notpermanent solutions and will need ongo-ing attention.

� To permanently remove lead hazards,you should hire a certified lead “abate-ment” contractor. Abatement (or perma-nent hazard elimination) methodsinclude removing, sealing, or enclosinglead-based paint with special materials.Just painting over the hazard with regularpaint is not permanent removal.

Always hire a person with special trainingfor correcting lead problems—someonewho knows how to do this work safely andhas the proper equipment to clean up thoroughly. Certified contractors will employqualified workers and follow strict safetyrules as set by their state or by the federalgovernment.

Once the work is completed, dust cleanupactivities must be repeated until testingindicates that lead dust levels are below thefollowing:

� 40 micrograms per square foot (µg/ft2)for floors, including carpeted floors;

� 250 µg/ft2 for interior windows sills; and

� 400 µg/ft2 for window troughs.

Call your state or local agency (see bottomof page 11) for help in locating certifiedprofessionals in your area and to see iffinancial assistance is available.

Reducing Lead Hazards In The Home

Removinglead improperlycan increasethe hazard toyour familyby spreadingeven morelead dustaround thehouse.

Always use a professional whois trained toremove lead hazards safely.

Page 34: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Take precautions before your contractor oryou begin remodeling or renovating any-thing that disturbs painted surfaces (suchas scraping off paint or tearing out walls):

� Have the area tested for lead-basedpaint.

� Do not use a belt-sander, propanetorch, high temperature heat gun, dryscraper, or dry sandpaper to removelead-based paint. These actions createlarge amounts of lead dust and fumes.Lead dust can remain in your homelong after the work is done.

� Temporarily move your family (espe-cially children and pregnant women)out of the apartment or house until the work is done and the area is prop-erly cleaned. If you can’t move yourfamily, at least completely seal off thework area.

� Follow other safety measures toreduce lead hazards. You can find outabout other safety measures by calling 1-800-424-LEAD. Ask for the brochure“Reducing Lead Hazards WhenRemodeling Your Home.” This brochureexplains what to do before, during, and after renovations.

If you have already completed renova-tions or remodeling that could havereleased lead-based paint or dust, getyour young children tested and followthe steps outlined on page 7 of thisbrochure.

Remodeling or Renovating a Home WithLead-Based Paint

If not conductedproperly, certain typesof renova-tions canrelease leadfrom paintand dust intothe air.

9

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10

� Drinking water. Your home might haveplumbing with lead or lead solder. Callyour local health department or watersupplier to find out about testing yourwater. You cannot see, smell, or tastelead, and boiling your water will not getrid of lead. If you think your plumbingmight have lead in it:

• Use only cold water for drinking andcooking.

• Run water for 15 to 30 secondsbefore drinking it, especially if youhave not used your water for a fewhours.

� The job. If you work with lead, youcould bring it home on your hands orclothes. Shower and change clothesbefore coming home. Launder your workclothes separately from the rest of your family’s clothes.

� Old painted toys and furniture.

� Food and liquids stored in lead crystalor lead-glazed pottery or porcelain.

� Lead smelters or other industries thatrelease lead into the air.

� Hobbies that use lead, such as makingpottery or stained glass, or refinishingfurniture.

� Folk remedies that contain lead, such as“greta” and “azarcon” used to treat anupset stomach.

Other Sources of Lead

While paint, dust,and soil are themost commonsources of lead,other leadsources also exist.

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11

The National Lead Information CenterCall 1-800-424-LEAD (424-5323) to learnhow to protect children from lead poisoningand for other information on lead hazards.To access lead information via the web, visitwww.epa.gov/lead andwww.hud.gov/offices/lead/.

EPA’s Safe Drinking Water HotlineCall 1-800-426-4791 for information aboutlead in drinking water.

Consumer Product Safety Commission (CPSC) Hotline

To request information on lead inconsumer products, or to report anunsafe consumer product or a prod-uct-related injury call 1-800-638-2772, or visit CPSC's Web site at:www.cpsc.gov.

Health and Environmental AgenciesSome cities, states, and tribes havetheir own rules for lead-based paintactivities. Check with your local agency tosee which laws apply to you. Most agenciescan also provide information on finding alead abatement firm in your area, and onpossible sources of financial aid for reducinglead hazards. Receive up-to-date addressand phone information for your local con-tacts on the Internet at www.epa.gov/leador contact the National Lead InformationCenter at 1-800-424-LEAD.

For More Information

For the hearing impaired, call the Federal Information Relay Service at 1-800-877-8339 to access any of

the phone numbers in this brochure.

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12

EPA Regional Offices

Region 1 (Connecticut, Massachusetts,Maine, New Hampshire, Rhode Island,Vermont)

Regional Lead ContactU.S. EPA Region 1Suite 1100 (CPT)One Congress StreetBoston, MA 02114-2023 1 (888) 372-7341

Region 2 (New Jersey, New York,Puerto Rico, Virgin Islands)

Regional Lead ContactU.S. EPA Region 22890 Woodbridge AvenueBuilding 209, Mail Stop 225Edison, NJ 08837-3679(732) 321-6671

Region 3 (Delaware, Maryland,Pennsylvania, Virginia, Washington DC,West Virginia)

Regional Lead ContactU.S. EPA Region 3 (3WC33)1650 Arch StreetPhiladelphia, PA 19103(215) 814-5000

Region 4 (Alabama, Florida, Georgia,Kentucky, Mississippi, North Carolina,South Carolina, Tennessee)

Regional Lead ContactU.S. EPA Region 461 Forsyth Street, SWAtlanta, GA 30303(404) 562-8998

Region 5 (Illinois, Indiana, Michigan,Minnesota, Ohio, Wisconsin)

Regional Lead ContactU.S. EPA Region 5 (DT-8J)77 West Jackson BoulevardChicago, IL 60604-3666(312) 886-6003

EPA Regional Offices

Region 6 (Arkansas, Louisiana, NewMexico, Oklahoma, Texas)

Regional Lead ContactU.S. EPA Region 61445 Ross Avenue, 12th FloorDallas, TX 75202-2733(214) 665-7577

Region 7 (Iowa, Kansas, Missouri,Nebraska)

Regional Lead ContactU.S. EPA Region 7(ARTD-RALI)901 N. 5th StreetKansas City, KS 66101(913) 551-7020

Region 8 (Colorado, Montana, NorthDakota, South Dakota, Utah, Wyoming)

Regional Lead ContactU.S. EPA Region 8999 18th Street, Suite 500Denver, CO 80202-2466(303) 312-6021

Region 9 (Arizona, California, Hawaii,Nevada)

Regional Lead Contact U.S. Region 975 Hawthorne StreetSan Francisco, CA 94105(415) 947-4164

Region 10 (Alaska, Idaho, Oregon,Washington)

Regional Lead ContactU.S. EPA Region 10Toxics Section WCM-1281200 Sixth AvenueSeattle, WA 98101-1128(206) 553-1985

Your Regional EPA Office can provide further information regard-ing regulations and lead protection programs.

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CPSC Regional Offices

Eastern Regional CenterConsumer Product Safety Commission201 Varick Street, Room 903New York, NY 10014(212) 620-4120

Central Regional CenterConsumer Product Safety Commission230 South Dearborn Street, Room 2944Chicago, IL 60604(312) 353-8260

Western Regional CenterConsumer Product Safety Commission1301 Clay Street, Suite 610-NOakland, CA 94612(510) 637-4050

HUD Lead Office

13

Please contact HUD's Office of Healthy Homes and Lead HazardControl for information on lead regulations, outreach efforts, andlead hazard control and research grant programs.

U.S. Department of Housing and Urban DevelopmentOffice of Healthy Homes and Lead Hazard Control451 Seventh Street, SW, P-3206Washington, DC 20410(202) 755-1785

Your Regional CPSC Office can provide further information regard-ing regulations and consumer product safety.

U.S. EPA Washington DC 20460 EPA747-K-99-001U.S. CPSC Washington DC 20207 June 2003U.S. HUD Washington DC 20410

This document is in the public domain. It may be reproduced by an individual ororganization without permission. Information provided in this booklet is basedupon current scientific and technical understanding of the issues presented andis reflective of the jurisdictional boundaries established by the statutes governingthe co-authoring agencies. Following the advice given will not necessarily pro-vide complete protection in all situations or against all health hazards that canbe caused by lead exposure.

Page 39: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

Seller's Disclosure Regarding Potential Annexation

Texas Property Code §5.011

NOTICE REGARDING POSSIBLE ANNEXATION If the property that is the subject of this contract is located outside the limits of a municipality, the property may now or later be included in the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the property is located within a municipality's extraterritorial jurisdiction or is likely to be located within a municipality's extraterritorial jurisdiction, contact all municipalities located in the general proximity of the property for further information. I ACKNOWLEDGE RECEIPT OF THIS DISCLOSURE REGARDING POTENTIAL ANNEXATION BY SELLER PURSUANT TO TEX PR. CODE ANN. §5.011(b). ______________________________ ______________________________ (Date) (BUYER’S SIGNATURE)

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NOTICE OF CANCELLATION PURCHASER’S RIGHT TO CANCEL WITHOUT CAUSE

Pursuant to TEX PR. CODE ANN §5.074, Notice is hereby given that you may cancel the executory contract, dated ___/___/_____ for any reason without any penalty or obligation by ___ / ___ / ______.

1. you must send by telegram or certified or registered mail, return receipt requested, or deliver in person a signed and dated copy of this cancellation notice or any other written notice to: Seller’s name: ____________________________________________ at Seller’s address: _____________________________________________ by ___ / ___ / ______.

2. The Seller shall, not later than the 10th day after the date the seller receives your cancellation notice:

a. Return the executed contract and any property exchanged or

payments made by you under the contract; and b. Cancel any security interest arising out of the contract.

I acknowledge receipt of this notice of cancellation form. ______________________________ ______________________________ (Date) (Buyer’s Signature) I hereby cancel this contract. ______________________________ ______________________________ (Date) (Buyer’s Signature) Comment: Pursuant to Tex Pr. Code. Ann §5.074(a), If in the event the purchaser cancels or rescinds an executor contract for any reason, written notice to seller shall not be later than the 14th day after the date of the contract.

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NOTICE OF NONAPPLICABILITY OF CERTAIN WARRANTIES AND BUILDING AND PERFORMANCE STANDARDS

THE PROPERTY THAT IS SUBJECT TO THIS CONTRACT IS EXEMPT FROM TITLE 16, PROPERTY CODE, INCLUDING THE PROVISIONS OF THAT TITLE THAT PROVIDE STATUTORY WARRANTIES AND BUILDING AND PERFORMANCE STANDARDS. I ACKNOWLEDGE RECEIPT OF THIS DISCLOSURE REGARDING NONAPPLICABILITY OF CERTAIN WARRANTIES AND BUILDING AND PERFORMANCE STANDARDS AND SUCH DISCLOSURE HAS BEEN DELIVERED TO ME BY SELLER PURSUANT TO TEX PR. CODE ANN. §5.016(b). ______________________________ ______________________________ (Date) (BUYER’S SIGNATURE) Comment: Pursuant to Tex Pr. Code Ann. §5.016(b), this notice shall be delivered to purchaser by seller on or before the effective date of a binding executory contract. Note: If in the event an executor contract has been entered between the seller and purchaser without this notice, the purchaser may terminate the executor contract for any reason on or before the 7th day after the date the purchaser receives the notice.

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SELLER’S DISCLOSURE CONVEYANCE OF RESIDENTIAL PROPERTY ENCUMBERED BY LIEN

(Texas Property Code §5.016) WARNING: ONE OR MORE RECORDED LIENS HAVE BEEN FILED THAT MAKE A CLAIM AGAINST THIS PROPERTY AS LISTED BELOW. IF A LIEN IS NOT RELEASED AND THE PROPERTY IS CONVEYED WITHOUT THE CONSENT OF THE LIENHOLDER, IT IS POSSIBLE THE LIENHOLDER COULD DEMAND FULL PAYMENT OF THE OUTSTANDING BALANCE OF THE LIEN IMMEDIATELY. YOU MAY WISH TO CONTACT EACH LIENHOLDER FOR FURTHER INFORMATION AND DISCUSS THIS MATTER WITH AN ATTORNEY. PROPERTY ADDRESS: ___________________________________ Lienholder: __________________________ Acct# _________________________ Address: ____________________________ Contact No.: ____________________ Contract Terms: ______________ Amount Owed: ________ Interest Rate: ______% Installment Amount: ________ Lienholder consent to transfer of property to purchaser? [ ] Yes [ ] No Is there an insurance policy on the property? [ ] Yes [ ] No Insurance Policy Information (If Applicable) Name of Insurer: ________________ Name of Insured: __________________ Policy No.: ____________________ Insured Amt: $_____________________ Amount of property taxes currently due on property: $_____________. I ACKNOWLEDGE RECEIPT OF THIS DISCLOSURE. ______________________________ ______________________________ (Date) (BUYER’S SIGNATURE) Comment: Note that pursuant to Tex Pr. Code Ann. §5.016(d), a disclosure violation is not actionable if the disclosing party reasonably believes and takes any necessary action to ensure that each lien for which notice was not provided will be released on or before the 30th day after the date on which title to the property is transferred.

Page 43: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

SELLER’S DISCLOSURE OF FINANCING TERMS

PURCHASER: REGARDING THE PROPERTY AT

_____________________________________________________________, (Address)

Pursuant to Tex Pr. Code Ann. §5.071, Seller hereby discloses, as required, the financial terms of the contract: 1. The purchase price of the property: $____________________________ 2. The interest rate charged under the contract: $____________________________ 3. The dollar amount, or an estimate of the dollar amount if the interest rate is variable, of the interest

charged for the term of the contract: $____________________________ 4. The total amount of principal and interest to be paid under the contract:

a. Principal amount: $____________________________ b. Interest (from 3 above) $____________________________

c. Late charges * (if any) $____________________________ TOTAL $____________________________ (principal + interest + applicable late charges)

* The late charge(s) which are assessed under the contract NOTICE: Seller may not charge a prepayment penalty or any similar fee if purchaser elects to pay the entire amount due under the contract before the scheduled payment date under the contract. ___________________________________ ________________________ (Signature of Seller) Date ___________________________________ ________________________ (Signature of Purchaser) Date

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NOTICE OF MEMBERSHIP IN PROPERTY OWNERS' ASSOCIATION CONCERNING

THE PROPERTY Seller of the property is subject to membership in a property owners association and comprises not more than one dwelling unit located in this state hereby gives notice, pursuant to Tex Pr. Code Ann. §5.012, of his/hers obligations related to such membership for the property located at:

_____________________________________________________________ (street address)

________________________________________________________________ (name of residential community)

As a purchaser of property in the residential community in which this property is located, you are obligated to be a member of a property owners' association. Restrictive covenants governing the use and occupancy of the property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county in which the property is located, pursuant to CHP 209 Texas Residential Property Owners Protection Act. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk. You are obligated to pay assessments to the property owners' association. The amount of the assessments is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of your property. ______________________________ _____________________________________ Date Signature of Purchaser

Comment: Pursuant to Tex Pr. Code Ann. §5.012(d) If an executory contract is entered between the seller and purchaser without the seller providing notice, the purchaser may terminate the contract for any reason within the seven days after the date the purchaser receives the notice or the date the transfer occurs as provided by the executory contract, which ever date is earlier.

Page 45: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

ORAL AGREEMENTS PROHIBITED (TEX PR. Code ANN §5.072)

Both SELLER AND PURCHASER EXECUTORY CONTRACT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY ORAL NEGOTATIONS, DISCUSSIONS, REQUESTS, AND OTHER UNDERSTANDINGS WITH RESPECT TO THE EXECUTORY CONTRACT SHALL BE PROHIBITED. ______________________________ ______________________________ (Date) (SELLER’S SIGNATURE) ______________________________ ______________________________ (Date) (BUYER’S SIGNATURE)

Page 46: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

NOTICE OF PROPERY CONDITION (TO BE ATTACHED TO CONTRACT)

TEX PR. Code ANN. §5.069

For the property located at or described as follows:

____________________________________________________________________________ Buyer’s Name: ________________________ Seller’s Name: ________________________

WARNING IF ANY OF THE ITEMS BELOW HAVE NOT BEEN CHECKED, YOU MAY NOT BE ABLE TO LIVE ON THE PROPERTY.

SELLER'S DISCLOSURE NOTICE CONCERNING THE PROPERTY AT: ________________________________________ THIS DOCUMENT STATES CERTAIN APPLICABLE FACTS ABOUT THE PROPERTY YOU ARE CONSIDERING PURCHASING. CHECK ALL THE ITEMS THAT ARE APPLICABLE OR TRUE: [ ] The property is in a recorded subdivision. [ ] The property has water service that provides potable water. [ ] The property has sewer service. [ ] The property has been approved by the appropriate municipal, county, or state agency for

installation of a septic system. [ ] The property has electric service. [ ] The property is not in a floodplain. [ ] The roads to the boundaries of the property are paved and maintained by:

[ ] the seller; [ ] the owner of the property on which the road exists; [ ] the municipality; [ ] the county; or [ ] the state. [ ] No individual or entity other than the seller:

1. Owns the property; 2. Has a claim of ownership to the property; or 3. Has an interest in the property.

[ ] No individual or entity has a lien filed against the property.

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[ ] There are no restrictive covenants, easements, or other title exceptions or encumbrances that prohibit construction of a house on the property.

NOTICE: SELLER ADVISES PURCHASER TO:

1. OBTAIN A TITLE ABSTRACT OR TITLE COMMITMENT COVERING THE PROPERTY AND HAVE THE ABSTRACT OR COMMITMENT REVIEWED BY AN ATTORNEY BEFORE SIGNING A CONTRACT OF THIS TYPE; AND

2. PURCHASE AN OWNER'S POLICY OF TITLE INSURANCE COVERING THE

PROPERTY. ______________________________ ________________________ (Signature of Buyer) Date ______________________________ ________________________ (Signature of Seller) Date

Page 48: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

SELLER'S DISCLOSURE NOTICE

(TO BE ATTACHED TO CONTRACT) TEX PR. CODE ANN. §5.008

CONCERNING THE PROPERTY AT:

________________________________________________________ (Street Address and City)

THIS NOTICE IS A DISCLOSURE OF SELLER'S KNOWLEDGE OF THE CONDITION OF THE PROPERTY AS OF THE DATE SIGNED BY SELLER AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PURCHASER MAY WISH TO OBTAIN. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER'S AGENTS. ALL INFORMATION PROVIDED BY SELLER HEREIN ARE TO THE SELLER’S BEST BELIEF AND KNOWLEDGE AS OF DATE WHEN THIS NOTICE HAS BEEN SIGNED BY SELLER PURSUANT TO TEX PR. CODE ANN §5.008(d). Seller _____ is _____ is not occupying the Property. If unoccupied, how long since Seller has occupied the Property? __________________

1. The Property has the items checked below:

Write Yes (Y), No (N), or Unknown (U).

___Range ___Oven ___Microwave

___Dishwasher ___Trash Compactor ___Disposal

___Washer/Dryer Hookups ___Window Screens ___Rain Gutters

___Security System ___Fire Detection Equipment ___Intercom System

___TV Antenna ___Cable TV Wiring ___Satellite Dish

___Ceiling Fan(s) ___Attic Fan(s) ___Exhaust Fan(s)

___Central A/C ___Central Heating ___Wall/Window A/C

___Plumbing System ___Septic System ___Public Sewer System

___Patio/Decking ___Outdoor Grill ___Fences

___Pool ___Sauna ___Spa ___Hot Tub

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___Pool Equipment ___Pool Heater ___Automatic Lawn Sprinkler System

___Fireplace(s) & Chimney (Woodburning)

___Fireplace(s) & Chimney (Mock)

___Gas Lines (Nat./LP) ___Gas Fixtures

Garage: ___Attached ___Not Attached ___Carport

Garage Door Opener(s): ___Electronic ___Control(s)

Water Heater: ___Gas ___Electric

Water

Water Supply:___City ___Well ___MUD ___Co-op

Roof Type _______________________________ Age: ___ (approx)

Are you (Seller) aware of any of the above items that are not in working condition, that have known defects, or that are in need of repair? _____ Yes _____ No _____ Unknown. If yes, then describe. (Attach additional sheets if necessary): ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________

2. Are you (Seller) aware of any known defects/malfunctions in any of the following?

Write Yes (Y) if you are aware, write No (N) if you are not aware.

___Interior Walls ___Ceilings ___Floors

___Exterior Walls ___Doors ___Windows

___Roof ___Foundation/Slab(s) ___Basement

___Walls/Fences ___Driveways ___Sidewalks

___Plumbing/Sewers/Septics ___Electrical Systems ___Lighting Fixtures

_____ Other Structural Components (Describe): _____________________________________ ____________________________________________________________________________ ____________________________________________________________________________

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If the answer to any of the above is yes, explain. (Attach additional sheets if necessary): ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________

3. Are you (Seller) aware of any of the following conditions?

Write Yes (Y) if you are aware, write No (N) if you are not aware.

___Active Termites (includes wood-destroying insects)

___Previous Structural or Roof Repair

___Termite or Wood Rot Damage Needing Repair ___Hazard or Toxic Waste

___Previous Termite Damage ___Asbestos Components

___Previous Termite Treatment ___Urea formaldehyde Insulation

___Previous Flooding ___Radon Gas

___Improper Drainage ___Lead Based Paint

___Water Penetration ___Aluminum Wiring

___Located in 100-Year Floodplain ___Previous Fires

___Present Flood Insurance Coverage ___Unplatted Easements

___Landfill, Settling, Soil Movement, Fault Lines ___Subsurface Structure or Pits

If the answer to any of the above is yes, explain. (Attach additional sheets if necessary): ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________

4. Are you (Seller) aware of any item, equipment, or system in or on the property that is in need of repair? _____ Yes (if you are aware) _____ No (if you are not aware). If yes, explain (attach additional sheets as necessary). _________________________________________________

5. Are you (Seller) aware of any of the following?

Write Yes (Y) if you are aware, write No (N) if you are not aware.

_____ Room additions, structural modifications, or other alterations or repairs made without necessary permits or not in compliance with building codes in effect at that time.

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_____ Homeowners' Association or maintenance fees or assessments. _____ Any "common area" (facilities such as pools, tennis courts, walkways, or other areas) co-owned in undivided interest with others. _____ Any notices of violations of deed restrictions or governmental ordinances affecting the condition or use of the Property. _____ Any lawsuits directly or indirectly affecting the Property. _____ Any condition on the Property which materially affects the physical health or safety of an individual. If the answer to any of the above is yes, explain. (Attach additional sheets if necessary): ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________

6. If the property is located in a coastal area that is seaward of the Gulf Intracoastal Waterway or within 1,000 feet of the mean high tide bordering the Gulf of Mexico, the property may be subject to the Open Beaches Act or the Dune Protection Act (Chapter 61 or 63, Natural Resources Code, respectively) and a beachfront construction certificate or dune protection permit may be required for repairs or improvements. Contact the local government with ordinance authority over construction adjacent to public beaches for more information.

______________________________ Date

______________________________ Signature of Seller

The undersigned purchaser hereby acknowledges delivery and receipt of the foregoing notice pursuant to TEX PR. Code ANN. §5.008(f) in part.

______________________________ Date

______________________________ Signature of Purchaser

Comment: Pursuant to TEX PR. Code ANN. §5.008(c), Seller or its agent does not have to make such disclosure or release of information related to any deaths that has or have occurred on the property, unrelated conditions of the property, where such death by a pervious occupant had, may have had, or may have AIDS or HIV related illness or infection.

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ABOUT TEXAS DISCLOSURES Seller’s Disclosure Notice (Tex Pr. Code Ann. §5.008)

Delivered by the seller to the purchaser on or before the effective date of an executory contract binding the purchaser to purchase the property.

Notice Regarding Possible Liability For Additional Taxes (Tex Pr. Code Ann. §5.010)

For the sale of vacant land: Seller must include in the contract the following bold-faced notice… Include in contract as stipulated.

Seller's Disclosure Regarding Potential Annexation (Tex Pr. Code Ann. §5.011)

Delivered by the seller to the purchaser before the date the executory contract binds the purchaser to purchase the property.

Membership In A Property Owners Association (Tex Pr. Code Ann. §5.012)

For residential real property that is subject to membership in a property owners’ association and that comprises not more than one dwelling unit located in the state of Texas. Delivered by the seller to the purchaser before the date the executory contract binds the purchaser to purchase the property.

Disclosure of Location of Conditions Under Surface of Unimproved Real Property (Tex Pr. Code Ann. §5.013)

For the sale of unimproved real property to be used for residential purposes. If the information required to be disclosed is not known to the seller, the seller shall indicate that fact in the notice. Delivered by the seller to the purchaser on or before the effective date of an executory contract binding the purchaser to purchase the property.

Notice of Property Condition (Tex. Pr. Code Ann. §5.069)*

Delivered by the seller to the purchaser before an executory contract is signed by the purchaser. This notice must be filed with the executory contract on or before the 30th day after the date the contract is executed. In addition, if the executory contract is terminated for any reason, the seller shall record the instrument that terminates the contract. See note below for applicability of this disclosure.

Notice of Cancellation (Tex Pr. Code Ann. §5.074)*

Seller must provide a notice of cancellation form to the purchaser at the time the purchaser signs the executory contract. Purchaser may cancel and rescind an executory contract for any reason by sending by telegram or certified or registered mail, return receipt requested, or by delivering in person a signed, written notice of cancellation to the seller not later than the 14th day after the date of the contract.

Seller's Disclosure of Tax Payments and Insurance Coverage (Tex Pr. Code Ann. §5.070)*

Delivered, together with stipulated documentation, by seller to purchaser before an executory contract is signed by the purchaser.

Seller’s Disclosure of Financing Terms (Tex Pr. Code Ann. §5.071)*

Delivered by seller to purchaser before an executory contract is signed by the purchaser. Seller’s Disclosure of Conveyance of Residential Property Encumbered by Lien (Tex Pr. Code Ann. §5.016)

On or before the seventh day before the earlier of the effective date of the conveyance or the execution of an executory contract binding the purchaser to purchase the property, an option contract, or other contract, the person provides the purchaser and each lienholder a separate written disclosure statement.

Oral Agreements Prohibited (Tex Pr. Code Ann. §5.072): Include in a separate document or in a provision of the

contract a statement printed in 14-point boldfaced type or 14-point uppercase typewritten letters.

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Lead Paint Notice [Federal Requirement (EPA and HUD)] Must be provided to renters or buyers of pre-1978 housing before renovations.

Lead Paint Pamphlet [Federal Requirement (EPA and HUD)]

Must be provided to renters or buyers of pre-1978 housing before renovations. *NOTE: Use the identified disclosure for:

1. An executory contract for conveyance of real property used or to be used as the purchaser's residence or as the residence of a person related to the purchaser AND

2. That provides for the delivery of a deed from the seller to the purchaser more than 180 days of the date of the final execution of the executory contract.

Page 54: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

SELLER’S DISCLOSURE OF TAX PAYMENTS AND INSURANCE COVERAGE

Tex Pr. Code Ann. §5.070 PURCHASER: REGARDING THE PROPERTY AT

_____________________________________________________________ (Address)

please find attached the following:

1. A tax certificate from the collector for each taxing unit that collects taxes due on the property as provided by Section 31.08, Tax Code; and

2. A legible copy of any insurance policy/policies or binder(s) relating to the property.

Please verify that any applicable copy attached indicates:

a. the name of the insurer and the insured; b. a description of the property insured; and c. the amount for which the property is insured.

I ACKNOWLEDGE DELIVERY AND RECEIPT OF THIS DISCLOSURE OF TAX PAYMENTS AND INSURANCE COVERAGE, PURUSANT TO TEX PR. CODE ANN. §5.070(a) AND RECEIPT OF THE DOCUMENTS SPECIFIED HEREIN. ______________________________ ______________________________ (Date) (BUYER’S SIGNATURE) Comments: Note failure of seller to provide the above information entitles the purchaser to cancel and rescind the executor contract and receive a full refund of all payment made to the seller, pursuant to Tex Pr. Code Ann. §5.070(b)(2). In addition legal action can sought under false, misleading or deceptive business practices under Tex Bus. & Comm Code §17.46.

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Disclosure of Location of Conditions Under Surface of Unimproved Real Property

Tex Pr. Code Ann. §5.013

Buyer, the property located at

_________________________________________________________________________ (address)

is unimproved real property. Seller hereby provides Buyer the following disclosure: To the best of the seller's belief and knowledge:

a. [ ] The location of transportation pipelines, including pipelines for the transportation of natural gas, natural gas liquids, synthetic gas, liquefied petroleum gas, petroleum or a petroleum products, or any hazardous substances or waste* known to Seller to the best of Seller’s belief and knowledge are as follows:

________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________

b. [ ] Seller has no information concerning the location of transportation pipelines, including pipelines for the transportation of natural gas, natural gas liquids, synthetic gas, liquefied petroleum gas, petroleum or a petroleum products, or any hazardous substances or waste*.

* “Hazardous substance” and “hazardous waste” shall have the meaning as defined under Texas Health and Safety Code §361.003. The Purchaser acknowledges and delivery and receipt of this notice of Seller’s Disclosure of Location of Conditions Under Surface of Unimproved Real Property, Pursuant to Tex Pr. Code Ann. §5.013(c). ______________________________ _____________________________________ Date Signature of Purchaser

Page 56: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

http://www.legal-forms-kit.com Email [email protected] Thank you for purchasing our Texas Real Estate Home Package.

Package# Texas Home Purchase Forms

Contents: 1. Texas Real Estate Sales Contract 2.  Texas Promissory Note 3.  Texas Real Estate Power of Attorney 4.  Texas Offer to Purchase Real Estate 5.  Texas Counter Offer Real Estate 6.  Texas lead Paint Pamphlet 7.  Texas Disclosure Annexation 8. Texas Disclosure Cancellation 9. Texas Disclosure Certain Warranties 10.  Texas Disclosure Encumbered Lien 11. Texas Disclosure Financing Terms 12.  Texas Disclosure HOA 13.  Texas Disclosure Oral Agreements 14.  Texas Disclosure Property Condition 15.  Texas Disclosure Seller Notice 16.  Texas Disclosure Read Me 17.  Texas Disclosure Tax Insurance 18.  Texas Disclosure Unimproved Property 19.  Lead Paint Disclosure 

 Form Descriptions: 

1. Sales Contract:  A real estate sales agreement is a formal written contract made between a homebuyer and seller. The document includes property address, condition, purchase price, inspections, date of closing, date of possession and more. 

2. Offer to Purchase Real Estate:  A formal document in which a buyer proposes to purchase a property for a specified amount and under certain conditions. Acceptance by the seller creates a contract binding on both parties, subject to any contingencies. 

3. Promissory Note: The binding legal document that must be signed by the borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including interest rate, and cancellations. The borrower should keep this document until the loan has been repaid. 

4. Counter Offer: An offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. Example: Susan Seller offers to sell her house for $150,000, to be paid in 60 days; Bruce Buyer receives the offer and gives Seller a counter offer of $140,000, payable in 45 days. The original offer is dead, despite the shorter time for payment since the price is lower. Seller then can choose to accept at $140,000, counter again at some compromise price, reject the counter offer, or let it expire. 

5. Power of Attorney: A legal document that grants the power of one individual to act on behalf of another. 

6. Disclosures: A very important term in both real estate and mortgage transactions. It is required by 

statute and should not be overlooked. For real estate it means: Disclosing all known facts that 

Page 57: Real Estate Sale and Purchase Agreement - Contract Of Sale Texas

materially affect the value of a residential real property and are not readily observable to the buyer. 

For mortgages it means: Disclosing all known facts that affect your ability to obtain a home loan. In 

both cases, if you’re not sure, always disclose. 

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