TX Prom Forms Unit 3 Parties Property & Money.pptx - Unit 3...

Unit 3
Parties, Property, and the Money

Information Needed to Complete Contract
Forms (Including Financing Costs)

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Information Needed to Complete Contract
Forms
•
This checklist will enable the licensee to guide
the parties in the selection of the appropriate
contract form for their situation and the
needed addenda to clearly define the details
of the transaction.

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Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms
NOTE: Any reservation for oil, gas, or other minerals, water, timber, or other interests is made in accordance with the
Addendum for Reservation of Oil, Gas and Other Minerals.

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Information Needed to Complete Contract
Forms
•
To complete paragraph 3

Cash down payment $ _____

Amount of loans $ _____

Sales price $ _____

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms
•
To complete paragraph 11

Are there any business details not addressed
in other parts of the contract?
__________________

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Information Needed to Complete Contract
Forms
•
To complete paragraph 12
The seller must pay all of the seller expenses,
plus any amount agreed to pay for buyer in
paragraph 12.

How much will seller contribute toward
buyer’s expenses? $ _____

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms
To complete paragraph 22

What addenda will need to be added to the
agreement? ______________
_______________________________

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

©Kaplan, Inc.
Information Needed to Complete Contract
Forms

Elements of One to Four Family Residential
Contract (Resale) and Non-Realty Items
Addendum

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The heading indicates
•
its intended use (the title);
•
it is for resale, not new construction;
•
it is only for one to four family properties;
•
it is not for use with condominiums; and
•
it is promulgated.

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The Date
•
The date in the upper right corner is the date
that TREC approved and promulgated the
form.
–
License holders must be aware of the date and
verify they are using the current form.
–
Using an old form violates the TRELA.