The seller agrees to sell and convey a certain piece of property to the buyer and the buyer agrees to buy from the seller the described piece of property. The contract also states that the monthly payments, interest rates, or other terms of some loans may be adjusted by the lender at or after closing. Other provisions of the contract include: the sales price, financing, title policy, and earnest money. The form also informs the parties that a real estate licensee cannot give legal advice and if there are any provisions within the contract which are not clearly understood, an attorney should be consulted.
Unimproved Property Contract In Texas
State:
Texas
Control #:
TX-1056
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Word;
PDF;
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Unimproved Property Contract (Form ID: 9-15) 09/01/2021. Description: This contract form is for property that does not have physical buildings, additions or fixtures on the land. It is generally used for property that has been platted (has a recorded Lot/Block legal description).
A Texas land contract establishes terms binding the parties in a sale of vacant land. The parties, a seller and a buyer, must utilize this contract to record the ownership transfer's binding terms, such as the agreed-upon price and applicable financial provisions.
Yes. The contract forms are available for public use. A TREC contract form, however, is intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.
Contracts for deed and leases combined with an option to purchase residential property are strictly regulated in Texas by Subchapter D of Chapter 5 of the Texas Property Code (hereinafter Subchapter D).
A contract for deed in Texas is a contract between a seller and a purchaser whereby the owner of property or land retains the title or deed until the purchaser finishes making the installments of the agreed-upon purchase price.