Lol It is not necessary to have serious money to turn an otherwise accepted offer into a valid contract. Earnest Money is a buyer`s service item that must be deposited after the full performance of a contract. A contract could come into effect even if the agreement does not require serious money. An amount for a seller`s contribution to the buyer`s closing costs must be included in Article 12A(1)(b) of the Contract. If buyers were to use a government loan program for the purchase, this contribution would initially cover the expenses associated with the program, but this is not true in this situation. Instead, the seller`s contribution would first cover the buyer`s prepaid items, and then the buyer`s other expenses up to the amount specified for the seller`s contribution. These expenses are defined in § 12A (2). Extended version – Used when a purchase agreement is purchased and awarded to a 3rd partner. A saleswoman allowed me to advertise in mls, which mediates her refrigerator with the sale. But when she sold her property, her contract didn`t mention the refrigerator at all, so she took it when she moved.

The buyer says she should have left him as he was advertised as a broker with the sale in the MLS list. Does the seller have to give the refrigerator to the buyer? A MUD is a political subdivision of the state authorized by the Texas Environmental Quality Commission to provide water, wastewater, drainage, and other services within its boundaries. The seller is required by the Texas Water Code to notify a buyer that the property is in a MUD before the buyer enters into a purchase agreement. The notification shall include information on the tax rate, the obligation and, where applicable, the costs of the MUD. Usually, the fact that the property is in a MUD should be quite obvious to the seller, as it is indicated on the tax bill that the county sends to the owner. However, the seller does not always know what specific type of notice to provide to the buyer based on the requirements of the Water Code. There is no standard language that is suggested. The broker should exercise caution when completing paragraph 2F, as the reserve clause can become complex.

The broker must determine the extent of the interest and mineral rights that the owner wishes to reserve. This may or may not become a problem of important negotiations between the buyer and the seller. Buyers and sellers may negotiate a number of provisions in a reservation clause. For example, will the seller keep all or only a certain portion of the mineral? Does the seller reserve all minerals or only some minerals? Does the seller retain all executive rights? Will there be restrictions on drilling? If the reserve clause includes more than one very simple and simple reserve clause, the broker will likely have to suggest to the parties that they hire a lawyer who can prepare an appropriate addendum to the contract. A broker will not want to enter into the unauthorized exercise of law by drafting a complex legal clause or addendum. Yes and no. Seller disclosure requirements do not apply to subsequent seizures or sales by a foreclosure lender (Texas Property Code Section 5.008). Foreclosure sales are also exempt from federal disclosure requirements for lead-based paints.

However, a subsequent sale by the purchaser as part of a foreclosure sale, including a foreclosure lender who purchased the property at the time of foreclosure, is not exempt from the disclosure requirements for lead-based paints for real estate prior to 1978. Lenders or other purchasers who purchase such a property must complete the TREC Add-on for Lead-Based Paints (TAR 1906) and attach it to the purchase agreement and provide the purchaser with the federally approved brochure. ® Brokers involved in these transactions must ensure compliance with federal regulations by the selling lender (or any other seller) as indicated in the Addendum. Keep in mind that you risk a fine of $10,000 and up to three times the damage to an injured person every time you violate the federal disclosure requirement for lead-based paints. Although the assignor may sell its rights under the contract to an assignee, this does not relieve the assignor of its duties and duties. The assignor continues to have liability to the seller in accordance with the terms of the contract. If the assignee does not perform the contract, he is in default. The assignor generally retains obligations under the contract.

Here you can contact a real estate lawyer if you have a problem. Why has concern for mining interests only recently become a problem when selling in or near urban areas? A buyer cannot cancel a contract after the option period has expired simply because the inspector has noticed problems. However, according to § 7E, if the buyer`s lender requires that these issues be resolved as a condition of granting the loan, and the buyer and seller cannot agree on who will pay for the repairs, the contract terminates. The buyer withholds the money. In addition, § 7E provides that if the cost of the repairs required by the lender exceeds 5% of the sale price, the buyer may terminate the contract. Section 7D(2) of the TREC contracts is the appropriate article to cover a seller`s consent to repair a specific item of the property. A general wording that does not identify certain remedies, such as . B “subject to inspections” is not appropriate.

Texas real estate® agents have a new form on mineral clauses, information on mineral clauses in contract forms (TAR 2509). This form is intended to provide general information about minerals and mineral clauses. It can be given to a buyer or seller to explain what mineral clauses are and why real estate® agents cannot draft such clauses and add them to contracts. This form can be signed by the person receiving it to confirm receipt of the form. Since the form is informative in nature, it is not intended as an agreement between a buyer and a seller and should not be attached to a contract or form part of a contract. If the parties want the mining clauses to be part of their contract, an oil and gas lawyer should be engaged to draft and include the appropriate clauses in the contract. Maybe the contempt is because the wholesaler doesn`t really buy the house. You are an intermediary. Those who object to the idea of assigning a contract are of the view that the buyer should only enter into a contract for the purchase of a property if he honestly intends to purchase the property. Now that the Farm and Ranch Purchase Agreement and the Single-Family Residential Contract Purchase Agreement (Resale) Require the TREC Addendum for Oil, Gas and Other Minerals Reservation, if a seller wants to reserve a mining interest, I can use the Single-Family Residential Contract (Resale) form to sell a 15-acre property, on which there is a house and is located just outside the city? Why would a seller want to retain mining interests in a sale of real estate in or near an urban area? My buyer has received written notice from the seller that they are asking my client to waive their contingency in the sale of their current property, otherwise the contract will be terminated as set out in the addendum. Everything is on track with the sale of her current property, so she decided to waive the eventuality and gave written notice in time with notice of contingencies under the Addendum for the Buyer`s Sale of Other Property (TAR 1912). Now the seller wants my client to provide proof that she can get her loan, even if the sale of her current property doesn`t take place before closing.

Can the seller force my customer to do this? The assignor may need to require the assignee to sign a non-disclosure agreement (NDA) because the details contained in the purchase agreement are confidential. There are also exceptions for rental properties, which you can read in the legal FAQ on texasrealestate.com. Any broker or sales agent who receives remuneration from the seller or landlord – either directly or through the listing broker – is considered an agent for the purposes of the lead-based paint disclosure requirements. The contract entered into force as soon as it was performed. Even if the sale is subject to the consent of the lender, there is still a contract between the buyer and the seller. The validity of the contract is not subject to the consent of the creditor, so the date of entry into force must be fulfilled as for all contracts. My client wants to enter into a hire-purchase agreement with a potential tenant. A former client`s lawyer has prepared a hire purchase agreement that is similar to the needs of my current client. Can I make changes to the agreement so that it applies to my client`s transaction? It`s a misconception that Texas` status as a “secret state” means that a listing broker doesn`t have to share sales data with their MLS. That`s not true. Rather, it means that the state government, including local assessment districts, cannot force anyone to provide it with the sale price.

Texas REALTORS members have exclusive® access to more than 130 forms for various types of real estate transactions not covered by mandatory TREC forms, including residential and commercial forms. Check if a form for your transaction is already available in the forms section of texasrealestate.com. .