Earnest Money is not delivered within 3 days -What happens? Space to enter the time received added. Initial boxes for Seller and Buyer were removed.
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Questions on Paragraph 5 revisions? Paragraph 6A 9 adds an exception for minerals as approved by the Texas Department of Insurance.
The spaces for fax numbers were removed and spaces for phone numbers for the brokers were added. Initial boxes for Seller and Buyer were removed if in current contracts.
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Specific contracts only: Paragraph 2B 2 and 2C Condominium Contract Only clarifies that the seller bears the expense to deliver the condominium documents and the resale certificate to buyer. Reservations Farm and Ranch Contract Only the parenthetical stating that reservations may be included in special provisions was deleted.
Reservations are to be addressed in an addendum. Three options available that affect the basic rights of the parties First must understand paragraph B.
The buyer is giving up his or her right to terminate the contract under paragraph B. Buyer may terminate the contract under Paragraph B.
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The buyer must provide a copy of the appraisal to the seller in order to terminate. When will each box most likely be used?
Box 1 will most likely be used in transactions when: othe buyer is fairly confident that the appraisal will be at or above a certain amount; and othe buyer is willing to assume the obligation to close the sale i. Box 2 will most likely be used in in the same conditions as set out under Box 1, but the buyer wishes to place a limit on how much extra cash he is willing to commit to close the transaction.
Box 3 will most likely be used when a buyer wants to have the unequivocal right to terminate the contract if the appraisal falls below a certain amount. Do parties have to use this addendum? This addendum is not required to be used unless the parties want one of these special appraisal contingencies to the contract.
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No addendum is needed if the provisions in the Third Party Financing Addendum are acceptable as written. New notice proposed for Sellers to use to give notice of termination under rights granted under the mandatory contract forms or addenda Mainly under revised Paragraph 5.
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