This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
Real Estate Contract Clauses Examples In Dallas
State:
Multi-State
County:
Dallas
Control #:
US-00120
Format:
Word;
Rich Text
Instant download
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FAQ
Eg. Conditional upon Buyer getting Financing (mortgage approval) or Conditional upon Inspection of the property by a home Inspector. If there is a Condition on Financing & Inspection (for example) for 5 days, it means the Seller has agreed to accept the Buyer's offer and can't accept any other offers.
Here's an example in real estate: "The seller is selling the property "as-is" condition, with any and all existing faults. The buyer accepts that they are purchasing the property in its current condition with no expressed or implied guarantees or warranties regarding the property's suitability or condition".
Example1: “The Buyer acknowledges that the property is being sold 'as is' with all faults and defects, whether known or unknown, presently existing or that may hereafter arise. The Seller makes no warranties or representations of any kind regarding the condition of the property.”
The Seller is selling this property in “As Is” condition. Buyer acknowledges and agrees that Buyer is accepting the Property “As Is” without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller.
“As Is” disclaimer example: Other than as provided in this agreement, Developer makes no other warranties, express or implied, and hereby disclaims all implied warranties, including any warranty of merchantability and warranty of fitness for a particular purpose.
As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.
In real estate contracts, there are contract clauses that outline the terms of the agreement and responsibilities of each party. The contract clauses address all aspects of the sale terms and are legally binding once both parties sign the document.
These include indemnification, force majeure, copyright, termination, warranties and disclaimers, and privacy. Without including these important clauses in your business contracts, you may find yourself facing exorbitant legal fees, legal battles that could last for years, and intellectual property theft.
The sentence "When it rained they went inside" consists of two clauses: "when it rained" and "they went inside."