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