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Video instructions and help with filling out and completing tar 1406
Hey guys just wanted to take some time today we are going to be talking about addenda the most popular addenda on the Texas Association of Realtors contracts Texas real estate commission contracts and a couple of addenda we'll be talking about today we're going to talk about the agenda for sale of other property by buyer we're going to talk about the reservation of oil gas and other minerals we're going to talk about the addendum for backup contract and we'll finish up with the buyers walkthrough and acceptance form so that's what we're looking at discussing today let me go ahead and get some of these forms up on the screen for ya and we'll start with the addendum for sale of other property by buyer this will be the addenda that you're going to use when you've got a buyer that's got to sell one property to be able to purchase another property it may be a move-up buyer they're selling a smaller place maybe getting a bigger place it could be an empty nester maybe they're selling the big house and got to get the smaller home or it could be a lateral move doesn't really matter but addendum for sale of other property by buyer they cannot qualify keeping the current home that they own so they're going to go ahead and have to sell one property the sale is going to be contingent upon them selling that property in order to be able to qualify for the next property so what we got first addendum for sale of other property by buyer we put the address here of the property that they are purchasing so this is the property that they want to purchase as our first blank the next thing we've got contract is contingent upon buyers receipt of the proceeds from sell of the buyers property at this is where you will put their address of the property that they need to sell and then underneath it guys we're gonna need to put a date there the contingency they are going to get the receipt of the proceeds so it's gonna have to close and find by the date that you put down here so it does go on to say if the contract if the contingency isn't satisfied or waived so they don't sell the property or waive the contingency we'll look at how they do that in just a minute the contract will terminate automatically and the earnest money will be refunded to buyer and you can see that here at the end of a obviously the date that you're putting here the next paragraph tells us that closing date should not be later than the closing date in the contract so what would you put in a well if I've got a contract closing in 45 days let's say make sure you put a date in paragraph a that's less than whatever date you picked for closing so