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Video instructions and help with filling out and completing Paragraph 2 of the one to four family residential contract resale

Instructions and Help about Paragraph 2 of the one to four family residential contract resale

Hi everyone so this and this video we're gonna be going over the one to four family residential contract now we have here our buyer Joe buyer and he's already found the right home and he's would go ahead and submit the contract so we're gonna walk through the contract in here under number one the parties to the contract or Sally seller and Joe buyer the legal description of the property and I pulled that from real list you can see right here legal description lot 21 block to Crossroads Park section one lot 21 block to Crossroads Park section one now sometimes lenders are picky and do require that you disclose what section the home is in so right here just go ahead and and put section one in the city of Houston and the county of Harris also known as 12 506 Matt way court this house price in the under a you're gonna go ahead and put the down payment amount in this case Joe buyer is putting $30,000 down that is gonna we're gonna be required to submit a third party financing addendum and he's gonna be financing $200,000 for a total sales price of two hundred and thirty thousand dollars now before it's gonna require that you disclose if you're licensed agent and you're representing a spouse parent or child or a business entity in which you hold more than ten percent Interest so go ahead and disclose that if that applies to you and this is both on the buyer side and the selling side so if your buyer's agent and you're representing a buyer a spouse parent child or any business that you hold 10% of just go ahead and submit that earnest money most ages are going to require that you put at least 1% know the sales price in earnest money in this case Joe buyer is putting down $2,000 of earnest money with Texas American title company as the escrow agent we're gonna head and submit their address 2500 West Loop South Suite 500 buyer shall deposit a dishonest money in this case he's not going to deposit additional money Tata policy and survey this is completely negotiable between the buyer and seller more times than not the seller is gonna pay for it again complete negotiable and under Jo buyers case we're gonna go ahead and ask the seller to pay for it with the with Texas American title where the earnest money is going to be held the standard printed exception as to discrepancies conflicts shortages in an area or boundary lines encroachments or protrusions or overlapping improvements will not be amended or deleted from insider policy or will be amended to read shortages in area at the expense of the buyer or seller in this case you want to select will be a minute to read and since it's a buyer benefit we ask the buyer to select it again completely negotiable under survey any.

FAQ

What is the purpose of paragraph 24 of the one to four family residential contract?
Buyer wishes to purchase a 10-day option to terminate the contract. How long does the buyer have to pay the option fee? What is the purpose of paragraph 24 of the One to Four Family Residential Contract? The parties may add contact information of their attorneys.
Which paragraph of the one to four family residential contract says that buyers can object to something they find in the survey?
Paragraph 6 (D) is one of the most misunderstood sections in the TREC One to Four Family Residential Contract.
How do you complete a one to four family residential contract?
1.32 16.07 How to Fill Out a TREC One to Four Residential Resale Contract YouTube Start of suggested clip End of suggested clip Form for the given type of transaction. So the appropriate promulgated contract form should be usedMoreForm for the given type of transaction. So the appropriate promulgated contract form should be used when a real estate license holder is writing up a offer to purchase for a client.
Which of the following is included in paragraph 2 of the TREC one to four family residential contract?
Which of the following is included in paragraph 2 of the TREC One to Four Family Residential Contract? The answer is excluded fixtures and accessories.
What is in paragraph 6D objections?
Paragraph 6D If the buyer does not send their notice in this time period they have waived their objections. This paragraph also contains additional time periods for the buyer to object and for the seller to cure if the buyer receives an updated title commitment, survey or additional exception documents.
What is a one to four family residential contract Texas?
One to Four Family Residential Contract (Resale) (Form ID. 20-16) 9/01/2021. Description. This is the most frequently used contract form. It is used for the resale of residential properties that are either a single family home, a duplex, a tri-plex or a four-plex.
How many days does the buyer have to terminate the contract under paragraph 23 of the one to four family residential contract quizlet?
Who holds the earnest money while a contract is pending under the TREC One to Four family residential contract? A buyer promises to pay an option fee of $500 within three days of execution under paragraph 23 of the TREC One to four family residential contract to purchase a 12- day option to terminate.
Which paragraph of the TREC one to four family residential contract provides a breakdown of sellers and buyers expenses?
Which paragraph of the TREC One to Four Family Residential Contract provides a breakdown of sellers' and buyers' expenses? The answer is paragraph 12.
What information is filled out in paragraph 1 of the one to four contract?
In conclusion, Paragraph 1 is the first consideration in the contract (promise exchange for a promise) and the blueprint to the transaction. Performing these basic housekeeping practices could avoid issues in the future.
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