TREC Form 30-13 "Residential Condominium Contract (Resale)" - Texas

What Is TREC Form 30-13?

This is a legal form that was released by the Texas Real Estate Commission - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on February 12, 2018;
  • The latest edition provided by the Texas Real Estate Commission;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of TREC Form 30-13 by clicking the link below or browse more documents and templates provided by the Texas Real Estate Commission.

ADVERTISEMENT
ADVERTISEMENT

Download TREC Form 30-13 "Residential Condominium Contract (Resale)" - Texas

267 times
Rate (4.3 / 5) 15 votes
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
Contract Concerning
Page of 9
2-12-18
NOTICE: Not For Use Where Seller Owns Fee Simple Title To Land Beneath Unit
(Address of Property)
RESIDENTIAL CONDOMINIUM CONTRACT (RESALE)
EQUAL
HOUSING
OPPORTUNITY
1. PARTIES: The parties to this contract are
(Seller) and
(Buyer). Seller agrees to
sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below.
2. PROPERTY AND CONDOMINIUM DOCUMENTS:
A. The Condominium Unit, improvements and accessories described below are collectively
referred to as the “Property”.
(1) CONDOMINIUM UNIT: Unit
, in Building
,
of
, a condominium project, located at
(address/zip code), City of
,County of
,
Texas, described in the Condominium Declaration and Plat and any amendments thereto
of record in said County; together with such Unit's undivided interest in the Common
Elements designated by the Declaration, including those areas reserved as Limited
Common Elements appurtenant to the Unit and such other rights to use the Common
Elements which have been specifically assigned to the Unit in any other manner. Parking
areas assigned to the Unit are:
.
(2) IMPROVEMENTS: All fixtures and improvements attached to the above described real
property including without limitation, the following permanently installed and built-in
items, if any: all equipment and appliances, valances, screens, shutters,
awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television
antennas, mounts and brackets for televisions and speakers, heating and air conditioning
units, security and fire detection equipment, wiring, plumbing and lighting fixtures,
chandeliers, shrubbery, landscaping, outdoor cooking equipment, and all other property
owned by Seller and attached to the above described Condominium Unit.
(3) ACCESSORIES: The following described related accessories, if any: window air
conditioning units, stove, fireplace screens, curtains and rods, blinds, window shades,
draperies and rods, door keys, mailbox keys, above ground pool, swimming pool
equipment and maintenance accessories, artificial fireplace logs, and controls for:
(i) garage doors, (ii) entry gates, and (iii) other improvements and accessories.
(4) EXCLUSIONS: The following improvements and accessories will be retained by Seller and
must be removed prior to delivery of possession:
.
B. The Declaration, Bylaws and any Rules of the Association are called "Documents". (Check
one box only):
(1) Buyer has received a copy of the Documents. Buyer is advised to read the Documents
before signing the contract.
(2) Buyer has not received a copy of the Documents. Seller, at Seller’s expense, shall deliver
the Documents to Buyer within
days after the Effective Date of the contract. Buyer
may cancel the contract before the sixth day after Buyer receives the Documents by hand
-delivering or mailing written notice of cancellation to Seller by certified United States
mail, return receipt requested. If Buyer cancels the contract pursuant to this paragraph,
the contract will terminate and the earnest money will be refunded to Buyer.
C. The Resale Certificate from the condominium owners association (the Association) is called
the "Certificate". The Certificate must be in a form promulgated by TREC or required by the
parties. The Certificate must have been prepared, at Seller’s expense, no more than 3
months before the date it is delivered to Buyer and must contain at a minimum the
information required by Section 82.157, Texas Property Code.
(Check one box only):
(1) Buyer has received the Certificate.
(2) Buyer has not received the Certificate. Seller shall deliver the Certificate to Buyer within
days after the Effective Date of the contract. Buyer may cancel the contract
before the sixth day after the date Buyer receives the Certificate by hand-delivering or
mailing written notice of cancellation to Seller by certified United States mail, return
receipt requested. If Buyer cancels the contract pursuant to this paragraph, the contract
will terminate and the earnest money will be refunded to Buyer.
(3) Buyer has received Seller's affidavit that Seller requested information from the
Association concerning its financial condition as required by the Texas Property Code, and
that the Association did not provide a Certificate or information required in the
Certificate. Buyer and Seller agree to waive the requirement to furnish the Certificate.
D. If the Documents reveal that the Property is subject to a right of refusal under which the
Association or a member of the Association may purchase the Property, the Effective Date
shall be amended to the date that Buyer receives a copy of the Association’s certification
that: (i) Seller has complied with the requirements under the right of refusal; and (ii) all
persons who may exercise the right of refusal have not exercised or have waived the right to
buy the Property. If Buyer does not receive the Association’s certification within
_______days after the Effective Date or if the right of refusal is exercised, this contract shall
terminate and the earnest money shall be refunded to Buyer.
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
Contract Concerning
Page of 9
2-12-18
NOTICE: Not For Use Where Seller Owns Fee Simple Title To Land Beneath Unit
(Address of Property)
RESIDENTIAL CONDOMINIUM CONTRACT (RESALE)
EQUAL
HOUSING
OPPORTUNITY
1. PARTIES: The parties to this contract are
(Seller) and
(Buyer). Seller agrees to
sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below.
2. PROPERTY AND CONDOMINIUM DOCUMENTS:
A. The Condominium Unit, improvements and accessories described below are collectively
referred to as the “Property”.
(1) CONDOMINIUM UNIT: Unit
, in Building
,
of
, a condominium project, located at
(address/zip code), City of
,County of
,
Texas, described in the Condominium Declaration and Plat and any amendments thereto
of record in said County; together with such Unit's undivided interest in the Common
Elements designated by the Declaration, including those areas reserved as Limited
Common Elements appurtenant to the Unit and such other rights to use the Common
Elements which have been specifically assigned to the Unit in any other manner. Parking
areas assigned to the Unit are:
.
(2) IMPROVEMENTS: All fixtures and improvements attached to the above described real
property including without limitation, the following permanently installed and built-in
items, if any: all equipment and appliances, valances, screens, shutters,
awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television
antennas, mounts and brackets for televisions and speakers, heating and air conditioning
units, security and fire detection equipment, wiring, plumbing and lighting fixtures,
chandeliers, shrubbery, landscaping, outdoor cooking equipment, and all other property
owned by Seller and attached to the above described Condominium Unit.
(3) ACCESSORIES: The following described related accessories, if any: window air
conditioning units, stove, fireplace screens, curtains and rods, blinds, window shades,
draperies and rods, door keys, mailbox keys, above ground pool, swimming pool
equipment and maintenance accessories, artificial fireplace logs, and controls for:
(i) garage doors, (ii) entry gates, and (iii) other improvements and accessories.
(4) EXCLUSIONS: The following improvements and accessories will be retained by Seller and
must be removed prior to delivery of possession:
.
B. The Declaration, Bylaws and any Rules of the Association are called "Documents". (Check
one box only):
(1) Buyer has received a copy of the Documents. Buyer is advised to read the Documents
before signing the contract.
(2) Buyer has not received a copy of the Documents. Seller, at Seller’s expense, shall deliver
the Documents to Buyer within
days after the Effective Date of the contract. Buyer
may cancel the contract before the sixth day after Buyer receives the Documents by hand
-delivering or mailing written notice of cancellation to Seller by certified United States
mail, return receipt requested. If Buyer cancels the contract pursuant to this paragraph,
the contract will terminate and the earnest money will be refunded to Buyer.
C. The Resale Certificate from the condominium owners association (the Association) is called
the "Certificate". The Certificate must be in a form promulgated by TREC or required by the
parties. The Certificate must have been prepared, at Seller’s expense, no more than 3
months before the date it is delivered to Buyer and must contain at a minimum the
information required by Section 82.157, Texas Property Code.
(Check one box only):
(1) Buyer has received the Certificate.
(2) Buyer has not received the Certificate. Seller shall deliver the Certificate to Buyer within
days after the Effective Date of the contract. Buyer may cancel the contract
before the sixth day after the date Buyer receives the Certificate by hand-delivering or
mailing written notice of cancellation to Seller by certified United States mail, return
receipt requested. If Buyer cancels the contract pursuant to this paragraph, the contract
will terminate and the earnest money will be refunded to Buyer.
(3) Buyer has received Seller's affidavit that Seller requested information from the
Association concerning its financial condition as required by the Texas Property Code, and
that the Association did not provide a Certificate or information required in the
Certificate. Buyer and Seller agree to waive the requirement to furnish the Certificate.
D. If the Documents reveal that the Property is subject to a right of refusal under which the
Association or a member of the Association may purchase the Property, the Effective Date
shall be amended to the date that Buyer receives a copy of the Association’s certification
that: (i) Seller has complied with the requirements under the right of refusal; and (ii) all
persons who may exercise the right of refusal have not exercised or have waived the right to
buy the Property. If Buyer does not receive the Association’s certification within
_______days after the Effective Date or if the right of refusal is exercised, this contract shall
terminate and the earnest money shall be refunded to Buyer.
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
Contract Concerning
Page 2 of 9
2-12-18
(Address of Property)
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer at closing ....................$

B. Sum of all financing described in the attached:
Third Party Financing Addendum,


Loan Assumption Addendum,
Seller Financing Addendum ....$
C. Sales Price (Sum of A and B) ........................................................$
4. LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder w ho is
a party to a transaction or acting on behalf of a spouse, parent, child, business entity in which
the license holder owns more than 10%, or a trust for which the license holder acts as trustee or
of which the license holder or the license holder’s spouse, parent or child is a beneficiary, to
notify the other party in writing before entering into a contract of sale. Disclose if applicable:
.
5. EARNEST MONEY:
W ithin 3 days after the Effective Date , Buyer
must
deliver
$
as earnest money to
,
as escrow agent, at
(address). Buyer shall deliver additional earnest money of $
to escrow agent
within
days after the Effective Date of this contract. If Buyer fails to deliver the earnest
money within the time required, Seller may terminate this contract or exercise Seller’s remedies
under Paragraph 15, or both, by providing notice to Buyer before Buyer delivers the earnest
money. If the last day to deliver the earnest money falls on a Saturday, Sunday, or legal
holiday, the time to deliver the earnest money is extended until the end of the next day that is
not a Saturday, Sunday, or legal holiday. Time is of the essence for this paragraph.
6. TITLE POLICY:
A. TITLE POLICY: Seller shall furnish to Buyer at
Seller’s
Buyer’s expense an owner policy of
title insurance (Title Policy) issued by
(Title Company)
in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under
the provisions of the Title Policy, subject to the promulgated exclusions (including existing
building and zoning ordinances) and the following exceptions:
(1) Restrictive covenants common to the platted subdivision in which the Property is located.
(2) The standard printed exception for standby fees, taxes and assessments.
(3) Liens created as part of the financing described in Paragraph 3.
(4) Terms and provisions of the Documents including the assessments and platted
easements.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by
Buyer in writing.
(6) The standard printed exception as to marital rights.
(7) The standard printed exception as to waters, tidelands, beaches, streams, and related
matters.
(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary
lines, encroachments or protrusions, or overlapping improvements.
(9) The exception or exclusion regarding minerals approved by the Texas Department of
Insurance.
B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller
shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's
expense, legible copies of restrictive covenants and documents evidencing exceptions in the
Commitment (Exception Documents) other than the standard printed exceptions. Seller
authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer
at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are
not delivered to Buyer within the specified time, the time for delivery will be automatically
extended up to 15 days or 3 days before the Closing Date, whichever is earlier. If the
Commitment and Exception Documents are not delivered within the time required, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
C. OBJECTIONS: Buyer may object in writing to defects, exceptions, or encumbrances to title:
disclosed in the Commitment other than items 6A(1) through (9) above; or which prohibit the
following use or activity:
.
Buyer must object the earlier of (i) the Closing Date or (ii) ______ days after Buyer receives
the Commitment and Exception Documents.
Buyer’s failure to object within
the
time
allowed will constitute a waiver of Buyer’s right to object; except that the requirements in
Schedule C of the Commitment are not waived by Buyer. Provided Seller is not obligated to
incur any expense, Seller shall cure any timely objections of Buyer or any third party lender
within 15 days after Seller receives the objections (Cure Period) and the Closing Date will be
extended as necessary. If objections are not cured within the Cure Period, Buyer may, by
delivering notice to Seller within 5 days after the end of the Cure Period: (i) terminate this
contract and the earnest money will be refunded to Buyer; or (ii) waive the objections. If
Buyer does not terminate within the time required, Buyer shall be deemed to have waived the
objections. If the Commitment or Survey is revised or any new Exception Document(s) is
delivered, Buyer may object to any new matter revealed in the revised Commitment or
Survey or new Exception Document(s) within the same time stated in this paragraph to make
objections beginning when the revised Commitment, Survey, or Exception Document(s) is
delivered to Buyer.
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
Contract Concerning
Page 3 of 9
2-12-18
(Address of Property)
D. TITLE NOTICES:
(1) ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering
the Property examined by an attorney of Buyer’s selection, or Buyer should be furnished
with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be
promptly reviewed by an attorney of Buyer’s choice due to the time limitations on Buyer’s
right to object.
(2) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily
created district providing water, sewer, drainage, or flood control facilities and services,
Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory
notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to
final execution of this contract.
(3) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135,
Texas Natural Resources Code, requires a notice regarding coastal area property to be
included in the contract. An addendum containing the notice promulgated by TREC or
required by the parties must be used.
(4) ANNEXATION: If the Property is located outside the limits of a municipality, Seller notifies
Buyer under §5.011, Texas Property Code, that the Property may now or later be included
in the extraterritorial jurisdiction of a municipality and may now or later be subject to
annexation by the municipality. Each municipality maintains a map that depicts its
boundaries and extraterritorial jurisdiction. To determine if the Property is located within a
municipality’s extraterritorial jurisdiction or is likely to be located within a municipality’s
extraterritorial jurisdiction, contact all municipalities located in the general proximity of
the Property for further information.
(5) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE
PROVIDER:
Notice required by §13.257, Water Code:
The real property, described in
Paragraph 2, that you are about to purchase may be located in a certificated water or
sewer service area, which is authorized by law to provide water or sewer service to the
properties in the certificated area. If your property is located in a certificated area there
may be special costs or charges that you will be required to pay before you can receive
water or sewer service.
There may be a period required to construct lines or other
facilities necessary to provide water or sewer service to your property. You are advised to
determine if the property is in a certificated area and contact the utility service provider to
determine the cost that you will be required to pay and the period, if any, that is required
to provide water or sewer service to your property. The undersigned Buyer hereby
acknowledges receipt of the foregoing notice at or before the execution of a binding
contract for the purchase of the real property described in Paragraph 2 or at closing of
purchase of the real property.
(6) TRANSFER FEES: If the Property is subject to a private transfer fee obligation, §5.205,
Property Code, requires Seller to notify Buyer as follows:
The private transfer fee
obligation may be governed by Chapter 5, Subchapter G of the Texas Property Code.
(7) PROPANE GAS SYSTEM SERVICE AREA: If the Property is located in a propane gas system
service area owned by a distribution system retailer, Seller must give Buyer written notice
as required by §141.010, Texas Utilities Code.
An addendum containing the notice
approved by TREC or required by the parties should be used.
(8) NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of
water, including a reservoir or lake, constructed and maintained under Chapter 11, Water
Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment’s normal
operating level, Seller hereby notifies Buyer: “The water level of the impoundment of
water adjoining the Property fluctuates for various reasons, including as a result of: (1) an
entity lawfully exercising its right to use the water stored in the impoundment; or (2)
drought or flood conditions.”
7. PROPERTY CONDITION:
A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer’s agents access
to the Property at reasonable times. Buyer may have the Property inspected by inspectors
selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections.
Any hydrostatic testing must be separately authorized by Seller in writing. Seller at Seller's
expense shall immediately cause existing utilities to be turned on and shall keep the utilities
on during the time this contract is in effect .
B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice):
(Check one box only)
(1) Buyer has received the Notice.
(2) Buyer has not received the Notice. Within
days after the Effective Date of this
contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,
Buyer may terminate this contract at any time prior to the closing and the earnest money
will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate this contract
for any reason within 7 days after Buyer receives the Notice or prior to the closing,
whichever first occurs, and the earnest money will be refunded to Buyer.
(3) The Texas Property Code does not require this Seller to furnish the Notice.
C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by
Federal law for a residential dwelling constructed prior to 1978.
D. ACCEPTANCE OF PROPERTY CONDITION: “As Is” means the present condition of the Property
with any and all defects and without warranty except for the warranties of title and the
warranties in this contract. Buyer’s agreement to accept the Property As Is under Paragraph
7D(1) or (2) does not preclude Buyer from inspecting the Property under Paragraph 7A, from
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
Contract Concerning
Page 4 of 9
2-12-18
(Address of Property)
negotiating repairs or treatments in a subsequent amendment, or from terminating this
contract during the Option Period, if any.
(Check one box only)

(1) Buyer accepts the Property As Is.

(2) Buyer accepts the Property As Is provided Seller, at Seller’s expense, shall complete the
following specific repairs and treatments:
.
(Do not insert general phrases, such as “subject to inspections,” that do not identify
specific repairs and treatments.)
E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither
party is obligated to pay for lender required repairs, which includes treatment for wood
destroying insects. If the parties do not agree to pay for the lender required repairs or
treatments, this contract will terminate and the earnest money will be refunded to Buyer. If the
cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
F. COMPLETION OF REPAIRS AND TREATMENTS: Unless otherwise agreed in writing: (i) Seller
shall complete all agreed repairs and treatments prior to the Closing Date; and (ii) all required
permits must be obtained, and repairs and treatments must be performed by persons who are
licensed to provide such repairs or treatments or, if no license is required by law, are
commercially engaged in the trade of providing such repairs or treatments. At Buyer’s election,
any transferable warranties received by Seller with respect to the repairs and treatments will
be transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed repairs and
treatments prior to the Closing Date, Buyer may exercise remedies under Paragraph 15 or
extend the Closing Date up to 5 days if necessary for Seller to complete repairs and treatments.
G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,
including asbestos and wastes or other environmental hazards or the presence of a threatened
or endangered species or its habitat may affect Buyer’s intended use of the Property. If Buyer
is concerned about these matters, an addendum promulgated by TREC or required by the
parties should be used.
H. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract from
a residential service company licensed by TREC. If Buyer purchases a residential service
contract, Seller shall reimburse Buyer at closing for the cost of the residential service contract
in an amount not exceeding $
. Buyer should review any residential service
contract for the scope of coverage, exclusions and limitations. The purchase of a residential
service contract is optional. Similar coverage may be purchased from various
companies authorized to do business in Texas.
8.BROKERS' FEES: All obligations of the parties for payment of brokers ’ fees are contained in
separate written agreements.
9.CLOSING:
A. The closing of the sale will be on or before
, 20
, or within 7 days
after objections to matters disclosed in the Commitment have been cured, whichever date is
later (Closing Date). If either party fails to close the sale by the Closing Date, the non-
defaulting party may exercise the remedies contained in Paragraph 15.
B.
At closing:
(1) Seller shall execute and deliver a general warranty deed conveying title to the Property to
Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish
tax statements or certificates showing no delinquent taxes on the Property.
(2) Buyer shall pay the Sales Price in good funds acceptable to the escrow agent.
(3) Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits,
releases, loan documents and other documents reasonably required for the closing of the
sale and the issuance of the Title Policy.
(4) There will be no liens, assessments, or security interests against the Property which will not
be satisfied out of the sales proceeds unless securing the payment of any loans assumed
by Buyer and assumed loans will not be in default.
(5) If the Property is subject to a residential lease, Seller shall transfer security deposits (as
defined under §92.102, Property Code), if any, to Buyer. In such an event, Buyer shall
deliver to the tenant a signed statement acknowledging that the Buyer has acquired the
Property and is responsible for the return of the security deposit, and specifying the exact
dollar amount of the security deposit.
10. POSSESSION:
A. Buyers Possession: Seller shall deliver to Buyer possession of the Property in its present or required
condition, ordinary wear and tear excepted:
upon closing and funding
according to a
temporary residential lease form promulgated by TREC or other written lease required by the
parties. Any possession by Buyer prior to closing or by Seller after closing which is not authorized by
a written lease will establish a tenancy at sufferance relationship between the parties. Consult your
insurance agent prior to change of ownership and possession because insurance coverage
may be limited or terminated. The absence of a written lease or appropriate insurance
coverage may expose the parties to economic loss.
B. Leases:
(1) After the Effective Date, Seller may not execute any lease (including but not limited to
mineral leases) or convey any interest in the Property without Buyer’s written consent.
(2) If the Property is subject to any lease to which Seller is a party, Seller shall deliver to
Buyer copies of the lease(s) and any move-in condition form signed by the tenant within 7
days after the Effective Date of the contract.
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
Contract Concerning
Page 5 of 9
2-12-18
(Address of Property)
11. SPECIAL PROVISIONS: (I nsert only factual statements and business details applicable
to the sale. TREC rules prohibit license holders from adding factual statements or business details
for which a contract addendum, lease or other form has been promulgated by TREC for
mandatory use.)
12. SETTLEMENT AND OTHER EXPENSES:
A. The following expenses must be paid at or prior to closing:
(1) Expenses payable by Seller (Seller's Expenses):
(a) Releases of existing liens, including prepayment penalties and recording fees; lender,
FHA, or VA completion requirements; tax statements or certificates; preparation of
deed; one-half of escrow fee; and other expenses payable by Seller under this contract.
(b) Seller shall also pay an amount not to exceed $
to be applied in the
following order: Buyer’s Expenses which Buyer is prohibited from paying by FHA, VA,
Texas Veterans Land Board or other governmental loan programs, and then to other
Buyer’s Expenses as allowed by the lender.
(2) Expenses payable by Buyer (Buyer's Expenses): Appraisal fees; loan application fees;
origination charges; credit reports; preparation of loan documents; interest on the notes
from date of disbursement to one month prior to dates of first monthly payments;
recording fees; copies of easements and restrictions; loan title policy with endorsements
required by lender; loan-related inspection fees; photos; amortization schedules; one-half
of escrow fee; all prepaid items, including required premiums for flood and hazard
insurance, reserve deposits for insurance, ad valorem taxes and special governmental
assessments; final compliance inspection; courier fee; repair inspection; underwriting fee;
wire transfer fee; expenses incident to any loan; Private Mortgage Insurance Premium
(PMI), VA Loan Funding Fee, or FHA Mortgage Insurance Premium (MIP) as required by the
lender; and other expenses payable by Buyer under this contract.
(3) Except as provided by 12(A)(4) below, Buyer shall pay any and all Association fees or
other charges resulting from the transfer of the Property not to exceed $
and Seller shall pay any excess.
(4) Buyer shall pay any deposits for reserves required at closing by the Association.
B. If any expense exceeds an amount expressly stated in this contract for such expense to be
paid by a party, that party may terminate this contract unless the other party agrees to pay
such excess. Buyer may not pay charges and fees expressly prohibited by FHA, VA, Texas
Veterans Land Board or other governmental loan program regulations.
13. PRORATIONS:
Taxes
for
the
current
year, interest, maintenance
fees, regular
condominium assessments, dues and rents will be prorated through the Closing Date. The tax
proration may be calculated taking into consideration any change in exemptions that will affect
the current year's taxes. If taxes for the current year vary from the amount prorated at closing,
the parties shall adjust the prorations when tax statements for the current year are available. If
taxes are not paid at or prior to closing, Buyer shall pay taxes for the current year. Cash reserves
from regular condominium assessments for deferred maintenance or capital improvements
established by the Association will not be credited to Seller. Any special condominium assessment
due and unpaid at closing will be the obligation of Seller.
14. CASUALTY LOSS: I f any part of the Unit w hich Seller is solely obligated to m aintain and
repair under the terms of the Declaration is damaged or destroyed by fire or other casualty,
Seller shall restore the same to its previous condition as soon as reasonably possible, but in any
event by the Closing Date. If Seller fails to do so due to factors beyond Seller’s control, Buyer
may (a) terminate this contract and the earnest money will be refunded to Buyer, (b) extend the
time for performance up to 15 days and the Closing Date will be extended as necessary or (c)
accept the Property in its damaged condition with an assignment of insurance proceeds, if
permitted by Seller’s insurance carrier, and receive credit from Seller at closing in the amount of
the deductible under the insurance policy. If any part of the Common Elements or Limited
Common Elements appurtenant to the Unit is damaged or destroyed by fire or other casualty
loss, Buyer will have 7 days from receipt of notice of such casualty loss within which to notify
Seller in writing that the contract will be terminated unless Buyer receives written confirmation
from the Association that the damaged condition will be restored to its previous condition within a
reasonable time at no cost to Buyer. Unless Buyer gives such notice within such time, Buyer will
be deemed to have accepted the Property without confirmation of such restoration. Seller will
have 7 days from the date of receipt of Buyer’s notice within which to cause to be delivered to
Buyer such confirmation. If written confirmation is not delivered to Buyer as required above,
Buyer may terminate this contract and the earnest money will be refunded to Buyer. Seller’s
obligations under this paragraph are independent of any other obligations of Seller under this
contract.
Initialed for identification by Buyer
and Seller
TREC NO. 30-13
Page of 9