Seller agrees to sell and buyer agrees to purchase from seller a certain piece of property described in the contract. The contract states that financing will be deemed to have been obtained when the lender has determined that the buyer has satisfied all of the lenders financial requirements. Buyer is also required to deposit earnest money with an escrow agent upon the execution of the contract by both parties. If the buyers fails to deposit the earnest money as required by the contract, the buyer will be held to be in default. The contract also states that unless otherwise agreed upon in writing, neither party is obligated to pay the lender for required repairs or treatments for wood destroying insects.
Farm And Ranch Contract Form
State:
Texas
Control #:
TX-1067
Format:
Word;
PDF;
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FAQ
Paragraph 6 (D) is one of the most misunderstood sections in the TREC One to Four Family Residential Contract.
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.
Description: This contract is generally used for rural properties with metes and bounds property description from a survey and contains provisions to deal with items that are relevant to farms and ranches that are not specifically addressed in other types of contracts.
Which of the following is considered a surface material that may be used for developing or removing oil, gas, or other minerals? The answer is sand.
The effective date should always be filled in on page 8 of the contract and the responsibility for completion falls to the Realtors involved in the transaction.