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Learning About Sales Contracts in Texas

By Joni Bailey

Real Estate Agent with 101 Main St. Realty 518539

September 30, 2011 11:39 AM

Lets Talk About Page 1 of a One to Four Family Residential Contract in Texas

The first page of the One to Four Family Residential Contract (RESALE) covers the following 4 items:

1) Buyer and Seller:

This is how you want to take or transfer title. If you want the home to be in a family trust, the trust name would be here. IF there is going to be a mortgage, ONLY the individuals who are to be on the mortgage need to be on the contract. 615 Holly Lane in Glenhaven Estates WATERFRONT

It is not a good idea to use the word Owner of Record as the seller’s name. Contact the listing agent for the proper way the seller is transferring title.

2) Legal Description

5 Lakeshore Drive in Carolina Cove According to Susan Bryant at The Mortgage Corner, this is an area that can hold up a closing. Besides having the proper Lot, Block and Section, the STREET ADDRESS must match that of the survey and tax records. SOMETIMES the tax records are WRONG. If you suspect this to be the case, verify the 911 address by contacting:

*Within City Limits: Janet Ridley (936) 294-5783

*Outside City Limits: Andy Isbell (936) 436-4939

*You can also verify some 911 address information at:

www.Huntsville.Gov and www.HuntsvilleGIS.com

* Indicates information is specific to Walker County

3) Sales Price:

Make sure your offer looks good and SMELLS good to the seller! A. The amount of cash that you are offering. The offer can be all cash, part cash - part loan, or no cash.

If paying cash, this amount would be your offering price and will match C below.

B. Amount Financed (Your loan amount here, if applicable, plus the cash at A will equal the total offer to the seller.)

C. Total Sales Price (Buyer’s Offer).

4) Type of Financing that you will be using if applicable:

A. Third Party Financing includes the amount that you are fininancing and should match the figure in 3B. 4(2) should have either ‘a’ or ‘b’ marked, depending on whether or not the contract is subject to the buyer getting appoved for financing.

B. Assumption

C. Seller Financing. If this box is selected the figure should match that of 3B.

Have any questions? Give me a call 936-650-9017

Tada! That's it. If you take the contract one page at a time, it is a whole lot easier to digest!

Chew on this a while and then we will see what's on page 2!

In the meantime, if you have any questions, give me a call! (936) 650-9017!

Lets Talk About Page 1 of a One to Four Family Residential Sales Contract in Texas

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Susan Emo

Sotheby's International Realty Canada - Brokerage - Kingston, ON

Kingston and the 1000 Islands Area

The forms other areas use is just facinating to me! In my area, how a purchaser is financing the purchase is no one's business but the Buyer. What is outstanding on the property is no one's business but the Seller. Nothing is disclosed but the actual purchase price that has been agreed upon.

Sep 30, 2011 11:57 AM

Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC

Talk To or Text Peter 250-213-9490

Hi Joni,

Interesting and very helpful for your potenial buyer, to offer this tutorial, excellent resource for anyone buying in your area, as long as they talk to Jonie, they will be just fine.....

Sep 30, 2011 12:49 PM

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Joni -

You've broken it down in a great way that anyone should be able to understand easily. You're the go to gal in Riverside Texas!

Regards from The Q

Sep 30, 2011 01:23 PM

Richard Weeks

Dallas, TX

REALTOR®, Broker

Joni,

Great job of explaning those paragraphs. Keep them coming.

Sep 30, 2011 10:30 PM

Robert Bob Gilbert

Berkshire Hathaway HomeServices Anderson Properties - Katy, TX

Your Katy TX ( West of Houston) Real Estate Expert

Great idea to take the Texas contract and go through page by page with very good explanations. I might have to devise my own method and keep a copy to give to clients. Now I give all clients a blank contract to read upfront before we start looking at homes and making offers.

Oct 01, 2011 04:39 AM

Joni Bailey

101 Main St. Realty - Huntsville, TX

Your Huntsville / Lake Livingston Area REALTOR®

Susan: I enjoy reading how other states do things as well! I'm glad we disclose financing. When there are multiple offers, it is not always the highest bidder that wins, it is the strongest offer. The highest bidder who is getting finiancing with no money down and rolling in his closing costs doesn't look nearly as good as the full price cash offer. LOL!

Peter and Linda: AND for a seller. When we start getting to the parts where the buyer is asking for closing costs, etc... it's helpful to know this could well happen! :)))

Thanks, Q! ☺

Richard: Awww.. Thanks "Teach". :))

Bob: I give the "General Information to a Buyer" form out to every buyer. It explains things SO WELL!! ☺

Oct 01, 2011 10:53 AM

Learning About Sales Contracts in Texas

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