Selected Notices Amendments and other forms NOT Addenda Notice of Buyers

Selected notices amendments and other forms not

This preview shows page 10 - 12 out of 15 pages.

Selected Notices, Amendments, and other forms (NOT Addenda)Notice of Buyers Termination to ContractoUsed by a broker when the buyer wishes to notify the seller that the contract is terminated pursuant to one or more of the six different contractual rights to terminated contained in the contract or an addendumAmendment to Contract Concerning the Property At____oUsed to modify an existing contract and/or addendum to a contractoContain 9 contract subject areas to amend or modifyNotice to Prospective BuyeroApproved and optional form to be used by a licensee working with a buyer when TREC-promulgated contract forms are not used under theexceptions rule and/or the buyers agent has not used a Buyer Representation Agreement that already contains these noticesTexas Real Estate Consumer Notice Concerning Hazards or DeficienciesSeller Disclosure of Property ConditionoUsed optionally and contains only the minimum requirements of the Texas Property Code Section. Many brokers use their own version or TAR Versions with many additional items of disclosure than those required by Section 5.008Information About Brokerage ServicesoStatute of FraudsAgreement in writingAccording to the statute of frauds, a promise or agreement for the sale of real property, or for the lease of real property for more than one year, is not enforceable unless the agreement is in writing and signed by the person to becharged with the agreement or by someone lawfully authorized to sign for that person Debt agreements and contracts for transfer of real estateNot leases of 12 months or lessOral contracts for more than one year are unenforceable by lawAgreement SignedBoth spouses must sign agreements to release community property and homestead rightsCertain agreements must be signed by the parties to be charged with the responsibility to performPurpose of The Statutes of FraudsTo prevent fraud by someone seeking the enforcement of an executory contract that was never made or to disallow fraudulent oral evidence of a fictitious contractTo protect spouses rights in property
Background image
Not designed to prevent the performance of oral contracts but merely to prevent their enforcement in courtoRemedies for Breach of Contract/Default Replacement Notice Contained in TREC-Promulgated Contract FormsSeller Remedies for Buyer DefaultEnforce specific performance (court action to force breaching party to perform), seek such other relief as provided by law or bothTerminate the contract and receive earnest money as liquidated damages, thereby releasing both parties from the contractBuyer Remedies for Seller DefaultBuyer may extend the time for performance up to 15 days and the closing date will be extended as necessary or terminate this contract as the sole remedy and receive the earnest moneyEnforce specific performance, seek such other reliefs as may be provided by law, or both, Terminate this contract and receive the earnest money thereby releasing both parties from this contract
Background image
Image of page 12

You've reached the end of your free preview.

Want to read all 15 pages?

  • Spring '17

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture