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HomeMy WebLinkAboutLegal Document rn o . __'0_ .__ ....~... ... .. MJlnPlE LISTING SERVICE REAL TOR~ MI.S e BRYAN - COLLEGE STATION BOARD OF REALTORS ALL CASH OR OWNER FINANCED - RESIDENTIAL EARNEST MONEY CONTRACT (RESALE) PROMULGATED BY TEXAS REAL ESTATE COMMISSION 1. PARTIES: Ga 1 indo Wood, Tnr (Seller) agrees to sell and convey to J. Sppnrpr Wpndt, Trllc::tpE' (Buyer) and Buyer agrees to buy from Seller the following property situated in Bra zos County, Texas, known as a 1.218 acre tract on University Drive (Address). 2. PROPERTY: Lot , Block Y , Uni vprs; ty Pn rk Phas e I I Addition, City of Co 11 ege S ta t ion , or as described on attached exhibit, together with the following fDaures, if any: curtain rods, drapery rods, venetian blinds, window shades, screens and shutters, awnings, wall-t(}-wall carpeting, mirrors fIxed in place, attic fans, permanently installed heating and air conditioning units and equipment, lighting and plumbing fiX- tures, TV antennas, mail boxes, water softeners, shrubbery and all other property owned by Seller and attached to the above described real pr(}- perty. All property sold by this contract is called "Propeny". 3. CONTRACT SALES PRICE: A. Cash payment payable at closing ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -0- B. Note described in 4 B below (the Note) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5. C. Sales Price payable to Seller (Sum of A and B) . . . . . . . . . . . -53.,056 . s q.. . f t ~ . . X . . . . . . . . . ~ FINANCING CONDITIONS: eX A. This is an all cash sale; no fInancing is involved. [J B. The Note in the principal sum shown in 3 B above, dated as of the Closing Date, to be executed and delivered by Buyer and payable to the order of Seller, bearing interest at the rate of percent per annum from date thereof until maturity, matured unpaid principal and interest to bear interest at the rate of 1 O'Vo per annum, principal and interest to be due and payable [J (l) In installments of $ or more each, beginning on or before after date of the Note, and (Check "a" or "b") o a. continuing regularly and at the same intervals thereafter until fully paid. o b. continuing regularly and at the same intervals thereafter until , 19 , when the entire balance of principal and accrued interest shall be due and payable. o (2) In a lump sum on or before after date of the Note, o C. This contract is subject to Buyer furnishing Seller evidence that Buyer has a history of good credit. EARNEST MONEY: $1 , nnn nn is herewith tendered and is to be deposited as Earnest Money with Ken Robi son Escrow , as Escrow Agent; upon execution of the contract by both parties. Additional Earnest Money, if any, shall 9f deposired with the Escrow Agent on or before N / A , 19 -N,L1L in the amount of $ Nj A TITLE: ~~eJ ~ei~U~~~en~e shall furnish either: . [1 A.Owner'sPolicyofTitleInsurance(theTitlePolicy)issuedby Deslgnee of purchaser' s attorney in the amount of the Sales Price and dated at or after closing: OR C B. Complete Abstract of Title (the Abstract) certified by to current date. NOTICE TO BUYER: AS REQUIRED BY LAW, Broker advises that YOU should have the Abstract covering the Property examined by an attorney of YOUR selection, or YOU should be furnished with or obtain a Title Policy. . PROPERTY CONDITION (Check "A" or "B"): DC A. Buyer accepts the Property in its present condition, subject only to c:: p E' S r p r i n 1 pro vis ion s below 4. 6. 7. C B. Buyer requires inspections and repairs required by the Property Condition Addendum (the Addendum). Seller shall commence and complete prior to closing all required repairs at Seller's expense. All inspections, reports and repairs required of Seller by this contract and the Addendum shall not exceed $ 0 . If Seller fails to complete such requirements, Buyer may do so and Seller shall be liable up to the amount specified and the same paid from the proceeds of the sale. If such expenditures exceed the stated amount and Seller refuses to pay such excess, Buyer may pay the addit ional cost or accept the Propeny with the limited repairs and this sale shall be closed as scheduled, or Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. Broker and sales associates have no responsibility or liability for repair or replacement of any of the Property. 8. BROKER'S FEE: Nj A Listing Broker (--1ll,LA"70) and N/ A N/ A C(}-Broker (liLlL'Vo), as Real Estate Broker (the Broker), has negotiated this sale and Seller agrees to pay Broker in Nj.l\ County, Texas, on consummalion of this sale or on Seller's default (unless otherwise provided herein) a total cash fee of Nj A oflhe tota! Sales Price, which Escrow Agent may pay from the sale proceeds. 9. CLOSING: The closing oflhe sale (the Closing Date) shall be on or before __. Opr 111, , 19 ----B2, or within 7 days after objections to title have been cured, whichever dale is later. 10. POSSESSION: The possession of the Propeny shall be delivered to Buyer on C 1 os; ng in its present or required improved condition, ordinary wear and tear excepted. Any possession by Buyer prior [0 or by Seller after Closing Date shall establish a landlord- tenant at sufferance relationship between the panies. ] I. SPECIAL PROVISIONS: A. Purchaser to pay for the cost of the survey and zone change. B. This Contract contingent upon receiving one curb cut from the City of College Station on University Drive. C. This Contract is contingent upon receiving higher zoning from the City of College Station. D. This Contract is contingent upon Purchaser receiving financing. (Insert terms and conditions of a factual nature applicable to this sale, e.g., personal propeny included in sale [curtains, ~jl&lies, valances'ft~], ptlor purchase or sale of other property, lessee's surrender of posseSSIOn, and the like.) . 1'1 - u TREe ~n 6-0 12. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSING: A. Seller's Expenses: (I) Any inspections, reports and repairs required of Seller herein, and in the Addendum. (2) All cost of releasing existing loans and recording the releases; tax statements; 1/2 of any escrow fee; preparation of Deed; copies of restric- tions and easements; other expenses mpulated to be paid by Seller under other provisions of this contract. B. Buyer's Expenses: All expenses lllCldent to any loan (e.g., preparation of Note, Deed of Trust and other loan documents, recording fees, Mort- gagee's Title Policy, credit reports); 1/2 of any escrow fee; one year premIUm for hazard insurance unless insurance is prorated; and expenses stipulated to be paid by Buyer under other provisions of this contract. C. If any sales expenses exceed the maximum amount herein stipulated to be paid by either pany, either party may terminate this contract unless the other party agrees to pay such excess. 13. PRORATIONS: Insurance (at Buyer's option), raxes and any rents and maintenance fees. shall be prorated to the Closing Date. 14. TITLE APPROVAL: If Abstract is furnished, Seller shall deliver same to Buyer within 20 days from the effective date hereof. Buyer shall have 20 days from date of receipt of Abstract to deliver a copy of the title opinion to Seller, stating any objections to title, and only objections so stated shall be considered. If Title Policy is furnished, the Title Policy shall guarantee Buyer's title to be good and indefeasible subject only to (i) re- strictive covenants affecting the Property (ii) any discrepancies, conflicts or shortages in area or boundary lines or any encroachments, or any overlapping of improvements (iii) all taxes for the current and subsequent years (iv) any existing building and zoning ordinances (v) rights of par- ties in posses ion (vi) any liens created as security for the sale consideration and (vii) any reservations or exceptions contained in the Deed. In either instance, if title objections are disclosed, Seller shall have 30 days to cure the same. Exceptions permitted in the Deed and zoning or- dinances' shall not be valid objections to title. Seller shall furnish at Seller's expense tax statements showing no delinquent taxes and a General Warranty Deed conveying title subject only to liens securing debt created as part of the consideration, taxes for the current year, usual restrictive covenants and utility easements common to the platted subdivision of which the Property is a part and any other reservations or exceptions ac- ceptable to Buyer. The Note shall be secured by Vendor's and Deed of Trust liens. In case of dispute as to the form of Deed, Deed of Trust or Note, such shall be upon a form prepared by the State Bar of Texas. 15. CASUALTY LOSS: If any part of Property IS damaged or destroyed by fIre or other casualty loss, Seller shall restore the same to its previous condition as soon as reasonably possible, but in any event by Closing Date; and if Seller is unable to do so without fault, this contract shall ter- minate and Earnest Money shall be refunded with no Broker's fee due. 16. DEFAULT: If Buyer fails to comply herewith, Seller may eHher enforce specific performance or terminate this contract and receive the Earnest Money as liquidated damages, one-half of which (but not exceedwg the herein recited Broker's fee) shall be paid by Seller to Broker in full pay- ment for Broker's services. If Seller lS unable without fault [0 deliver Abstract or Title Policy or to make any non-casualty repairs required herein within the time herein specified, Buyer may either termlllate this contract and receive the Earnest Money as the sole remedy, and no Broker's fee shall be earned, or extend the time up to 30 days. If Seller fails to comply herewith for any other reason, Buyer may (i) terminate this contract and receive the Earnest Money, thereby releasing Seller from this contract (ii) enforce specific performance hereof or (iii) seek such other relief as may be provided by law. If completion of sale is prevented by Buyer's default, and Seller elects to enforce specific performance, the Broker's fee is payable only if and when Seller collects damages for such default by suit, compromise, settlement or otherwise, and after first deducting the expenses of collection, and then only in an amount equal to one-half of that portion collected, but not exceeding the amount of Broker's fee. 17. ATTORNEY'S FEES: Any signatory to this contract who is the prevailing party in any legal proceeding against any other signatory brought under or with relation to this contract or transaction shall be additionally entitled to recover court costs and reasonable attorney fees from the non-prevailing party. 18. ESCROW: Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent (i) does not assume or have any liability for performance or nonperformance of any party (ii) has the right to require the receipt, release and authorization in writing of all parties before paying the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party unreasonably falls to agree m writing to an appropriate release of Earnest Money, then such party shall be liable to the other parties to the extent provided in paragraph 17. At closing, Earnest Money shall be applied to any cash down payment required, next to Buyer's closing costs and any excess refunded to Buyer. Before Buyer shall be entitled to refund of Earnest Money, any actual expenses incurred or paid on Buyer's behalf shall be deducted therefrom and paid to the creditors entitled thereto. 19. REPRESENT A TIONS: Seller represents that there will be no Title I liens, unrecorded liens or Uniform Commercial Code liens against any of the Property on Closing Date. If any representation above IS untrue this contract may be terminated by Buyer and the Earnest Money shall be refunded without delay. Representations shall survive closing. 20. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written consent. 21. CONSULT YOUR ATTORNEY: This is intended to be a legally binding contract. READ IT CAREFULLY. If you do not understand the ef- fect of any part, consult your attorney BEFORE signing. The Broker cannot give you legal advice - only factual and business details concern- ing land and improvements. Attorneys to represent panies may be designated below, and, so employment may be accepted, Broker shall promptly deliver a copy of this contract to such attorneys. Seller's Atty: EXECUTED in multiple originals effective the ~ Jay of LAST PARTY SIGNS). Buyer's Atty: September Ken Robison , 19 ~. (BROKER FILL IN THE DATE Listing Broker License No. . J' ~' 1/ . J / ,I" '4--~'L /.vvv:-tc< ~~ . I VI ) ~ --r-f.: . J Seller By Seller Homer B. Adams Realty c(}- Broker 00003 License No. Seller'..<"Apdress ___ . I /' . .' A'~ , /.. 1'-- CPi .. <f ~.llyttJ ~-- . L ,./' / / ~" ,. - -/ ~.; ( ,:/~-< - ( __~____ _.____ _c_ Tel. By 01 eta E. Wendt Receipt of $1, nnn Earnest j',,10ney IS acknowledged m the form of check Buyer Kpn Rnhic::nn Fc::crow . EsCrOW~Age. ~ ~ . By ---..---LaA-~ i2~ , POBox 9390, College Station Buyer's Address 696-0144 Tel. Date The form of this contract has been approved bv the Texas Real Estate Commission and the State Bar of Texas. Such approval relates to this contract ~orm only. No representation IS made as to the legal validity or adequac\' of any provision In any specific transaction. It IS not suitable tor complex transaCl1ons. ExtenSl\e rIders or Jddltlons are not to be used. (8- 78) TREC No. 6-0 N~ 16