Texas Real Estate Contract

PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 11-8-99

ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)

ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR SELLER FINANCING

NOTICE: Not For Use For Condominium Transactions

1. PARTIES: (Seller)

agrees to sell and convey to (Buyer)

and Buyer agrees to buy from Seller the property described below.

2. PROPERTY: Lot , Block ,

Addition, City of , County,

Texas, known as

(Address/Zip Code), or as described on attached exhibit, together with the following items, if any:

curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings,

wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and

satellite dish system with controls and equipment, permanently installed heating and air-conditioning

units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting

fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers

with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories,

shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens,

artificial fireplace logs and all other property owned by Seller and attached to the above described real

property except the following property which is not included:

.

All property sold by this contract is called the "Property." The Property ! is ! is not subject to

mandatory membership in an owners' association. The TREC Addendum For Property Subject To

Mandatory Membership In An Owners’ Association ! is ! is not attached.

NOTICE TO BUYER: If the Property is subject to mandatory membership in an owners’ association,

Seller notifies Buyer under §5.012, Texas Property Code, that, as a purchaser of property in the

residential community in which the Property is located, you are obligated to be a member of an owners’

association. Restrictive covenants governing the use and occupancy of the Property and a dedicatory

instrument governing the establishment, maintenance, and operation of this residential community have

been or will be recorded in the Real Property Records of the county in which the Property is located.

Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk.

You are obligated to pay assessments to the owners’ association. The amount of the assessments is

subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of

the Property.

3. SALES PRICE:

A. Cash portion of Sales Price payable by Buyer at closing ................. $

B. Sum of all financing described below

(excluding any private mortgage insurance [PMI] premium) ............. $

C. Sales Price (Sum of A and B) ...................................... $

4. FINANCING: Within days after the effective date of this contract Buyer shall apply for all third

party financing or noteholder's approval of any assumption and make every reasonable effort to obtain

financing or assumption approval. Financing or assumption approval will be deemed to have been

obtained when the lender determines that Buyer has satisfied all of lender's financial requirements

(those items relating to Buyer's net worth, income and creditworthiness). If financing (including any

financed PMI premium) or assumption approval is not obtained within days after the effective

Initialed for identification by Buyer and Seller 01A

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01A TREC NO. 20-4

One to Four Family Residential Contract Concerning Page Two 11-8-99

(Address of Property)

date hereof, this contract will terminate and the earnest money will be refunded to Buyer. Each note

to be executed hereunder must be secured by vendor's and deed of trust liens.

The portion of Sales Price not payable in cash will be paid as follows: (Check applicable boxes below)

! A. THIRD PARTY FINANCING:

! (1) This contract is subject to approval for Buyer of a third party first mortgage loan having

a loan-to-value ratio not to exceed % as established by such third party (excluding

any financed PMI premium), due in full in year(s), with interest not to exceed

% per annum for the first year(s) of the loan. The loan will be ! with !

without PMI.

! (2) This contract is subject to approval for Buyer of a third party second mortgage loan

having a loan-to-value ratio not to exceed % as established by such third party

(excluding any financed PMI premium), due in full in year(s), with interest not

to exceed % per annum for the first year(s) of the loan. The loan will be

! with ! without PMI.

! B. TEXAS VETERANS' HOUSING ASSISTANCE PROGRAM LOAN: This contract is subject

to approval for Buyer of a Texas Veterans' Housing Assistance Program Loan (the Program

Loan) of $ for a period of at least years at the interest rate

established by the Texas Veterans' Land Board at the time of closing.

! C. SELLER FINANCING: A promissory note from Buyer to Seller of $ , bearing

% interest per annum, secured by vendor's and deed of trust liens, in accordance with the

terms and conditions set forth in the attached TREC Seller Financing Addendum. If an owner

policy of title insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title

insurance.

! D. ASSUMPTION:

! (1) Buyer shall assume the unpaid principal balance of a first lien promissory note

payable to

which unpaid balance at closing will be $ . The total current monthly

payment including principal, interest and any reserve deposits is $ .

Buyer's initial payment will be the first payment due after closing.

! (2) Buyer shall assume the unpaid principal balance of a second lien promissory note

payable to

which unpaid balance at closing will be $ . The total current monthly

payment including principal, interest and any reserve deposits is $ .

Buyer's initial payment will be the first payment due after closing.

Buyer's assumption of an existing note includes all obligations imposed by the deed of trust

securing the note.

If the unpaid principal balance(s) of any assumed loan(s) as of the Closing Date varies from the

loan balance(s) stated above, the ! cash payable at closing ! Sales Price will be adjusted by

the amount of any variance; provided, if the total principal balance of all assumed loans varies in

an amount greater than $350.00 at closing, either party may terminate this contract and the

earnest money will be refunded to Buyer unless the other party elects to eliminate the excess in

the variance by an appropriate adjustment at closing. If the noteholder requires (a) payment of

an assumption fee in excess of $ in D(1) above or $ in

D(2) above and Seller declines to pay such excess, or (b) an increase in the interest rate to

more than % in D(1) above, or % in D(2) above, or (c) any other modification of

the loan documents, Buyer may terminate this contract and the earnest money will be refunded

to Buyer. A vendor's lien and deed of trust to secure assumption will be required which shall

automatically be released on execution and delivery of a release by noteholder. If Seller is

released from liability on any assumed note, the vendor's lien and deed of trust to secure

assumption will not be required.

Initialed for identification by Buyer and Seller

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One to Four Family Residential Contract Concerning Page Three 11-8-99

(Address of Property)

NOTICE TO BUYER: The monthly payments, interest rates or other terms of some loans may be

adjusted by the lender at or after closing. If you are concerned about the possibility of future

adjustments, do not sign the contract without examining the notes and deeds of trust.

NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will continue unless you

obtain a release of liability from the lender. If you are concerned about future liability, you should

use the TREC Release of Liability Addendum.

! E. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: Within days after the

effective date of this contract, Buyer shall deliver to Seller ! credit report ! verification of

employment, including salary ! verification of funds on deposit in financial institutions ! current

financial statement to establish Buyer's creditworthiness for assumption approval or seller

financing and !

.

If Buyer's documentation is not delivered within the specified time, Seller may terminate this

contract by notice to Buyer within 7 days after expiration of the time for delivery, and the earnest

money will be paid to Seller. If this contract is not so terminated, Seller will be deemed to have

accepted Buyer's credit. If the documentation is timely delivered, and Seller determines in

Seller's sole discretion that Buyer's credit is unacceptable, Seller may terminate this contract by

notice to Buyer within 7 days after expiration of the time for delivery and the earnest money will

be refunded to Buyer. If Seller does not so terminate this contract, Seller will be deemed to have

accepted Buyer's credit. Buyer hereby authorizes any credit reporting agency to furnish to Seller

at Buyer's sole expense copies of Buyer's credit reports.

5. EARNEST MONEY: Buyer shall deposit $ as earnest money with

at

(Address), as escrow agent, upon execution of this contract by both parties. Additional earnest

money of $ must be deposited by Buyer with escrow agent on or before

, . If Buyer fails to deposit the earnest money as required by this

contract, Buyer will be in default.

6. TITLE POLICY AND SURVEY:

! A. TITLE POLICY: Seller shall furnish to Buyer at ! Seller’s ! Buyer’s expense an owner policy

of title insurance (the Title Policy) issued by

(the Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer

against loss under the provisions of the Title Policy, subject to the promulgated exclusions

(including existing building and zoning ordinances) and the following exceptions:

(1) Restrictive covenants common to the platted subdivision in which the Property is located.

(2) The standard printed exception for standby fees, taxes and assessments.

(3) Liens created as part of the financing described in Paragraph 4.

(4) Utility easements created by the dedication deed or plat of the subdivision in which the

Property is located.

(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by

Buyer in writing.

(6) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary

lines, encroachments or protrusions, or overlapping improvements.

(7) The standard printed exception as to marital rights.

(8) The standard printed exception as to waters, tidelands, beaches, streams, and related

matters.

Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer

a commitment for title insurance (the Commitment) and, at Buyer's expense, legible copies of

restrictive covenants and documents evidencing exceptions in the Commitment other than the

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01A TREC NO. 20-4

One to Four Family Residential Contract Concerning Page Four 11-8-99

(Address of Property)

standard printed exceptions. Seller authorizes the Title Company to mail or hand deliver the

Commitment and related documents to Buyer at Buyer's address shown below. If the Commitment

is not delivered to Buyer within the specified time, the time for delivery will be automatically extended

up to 15 days. Buyer will have 7 days after the receipt of the Commitment to object in writing to

matters disclosed in the Commitment.

! B. SURVEY: (Check one box only)

!(1) Within days after Buyer's receipt of a survey furnished to a third-party

lender at ! Seller’s ! Buyer's expense, Buyer may object in writing to any matter

shown on the survey which constitutes a defect or encumbrance to title.

!(2) Within days after the effective date of this contract, Buyer may object in writing to

any matter which constitutes a defect or encumbrance to title shown on a survey obtained

by Buyer at Buyer's expense.

The survey must be made by a Registered Professional Land Surveyor acceptable to the Title

Company and any lender. Utility easements created by the dedication deed and plat of the

subdivision in which the Property is located will not be a basis for objection.

Buyer may object to existing building and zoning ordinances, items 6A(1) through (8) above and matters

shown on the survey if Buyer determines that any such ordinance, items or matters prohibits the

following use or activity:

.

Buyer's failure to object under Paragraph 6A or 6B within the time allowed will constitute a waiver of

Buyer’s right to object; except that the requirements in Schedule C of the Commitment will not be

deemed to have been waived. Seller shall cure the timely objections of Buyer or any third party lender

within 15 days from the date Seller receives the objections and the Closing Date will be extended as

necessary. If objections are not cured by the extended Closing Date, this contract will terminate and the

earnest money will be refunded to Buyer unless Buyer elects to waive the objections.

NOTICE TO SELLER AND BUYER:

(1) Broker advises Buyer to have an abstract of title covering the Property examined by an attorney

of Buyer’s selection, or Buyer should be furnished with or obtain a Title Policy. If a Title Policy is

furnished, the Commitment should be promptly reviewed by an attorney of Buyer’s choice due to

the time limitations on Buyer’s right to object.

(2) If the Property is situated in a utility or other statutorily created district providing water, sewer,

drainage, or flood control facilities and services, Chapter 49 of the Texas Water Code requires

Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness,

or standby fee of the district prior to final execution of this contract.

(3) If the Property abuts the tidally influenced waters of the state, Section 33.135, Texas Natural

Resources Code, requires a notice regarding coastal area property to be included in the contract.

An addendum either promulgated by TREC or required by the parties should be used.

(4) Buyer is advised that the presence of wetlands, toxic substances, including asbestos and wastes

or other environmental hazards or the presence of a threatened or endangered species or its

habitat may affect Buyer’s intended use of the Property. If Buyer is concerned about these matters,

an addendum either promulgated by TREC or required by the parties should be used.

(5) If the Property is located outside the limits of a municipality, Seller notifies Buyer under §5.011,

Texas Property Code, that the Property may now or later be included in the extraterritorial

jurisdiction of a municipality and may now or later be subject to annexation by the municipality.

Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To

determine if the Property is located within a municipality’s extraterritorial jurisdiction or is likely to

be located within a municipality’s extraterritorial jurisdiction, contact all municipalities located in the

general proximity of the Property for further information.

(6) Unless expressly prohibited in writing by the parties, Seller may continue to show the Property for

sale and to receive, negotiate and accept back up offers.

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One to Four Family Residential Contract Concerning Page Five 11-8-99

(Address of Property)

(7) Any residential service contract that is purchased in connection with this transaction should be

reviewed for the scope of coverage, exclusions and limitations. The purchase of a residential

service contract is optional. Similar coverage may be purchased from various companies

authorized to do business in Texas.

7. PROPERTY CONDITION:

A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by an inspector

selected by Buyer, licensed by TREC or otherwise permitted by law to make such inspections.

Seller shall permit access to the Property at reasonable times for inspection, repairs and treatment

and for reinspection after repairs and treatment have been completed. Seller shall pay for turning

on utilities for inspection and reinspection.

B. SELLER'S DISCLOSURE NOTICE PURSUANT TO SECTION 5.008, TEXAS PROPERTY CODE

(Notice) (check one box only):

! (1) Buyer has received the Notice.

! (2) Buyer has not received the Notice. Within days after the effective date of this

contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice, Buyer

may terminate this contract at any time prior to the closing. If Seller delivers the Notice,

Buyer may terminate this contract for any reason within 7 days after Buyer receives the

Notice or prior to the closing, whichever first occurs.

! (3) The Texas Property Code does not require this Seller to furnish the Notice.

C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is

required by Federal law for a residential dwelling constructed prior to 1978. An addendum

providing such disclosure ! is ! is not attached.

D. ACCEPTANCE OF PROPERTY CONDITION: (check one box only):

! (1) In addition to any earnest money deposited with escrow agent, Buyer has paid

Seller $ (the “Option Fee”) for the unrestricted right to terminate this contract

by giving notice of termination to Seller within days after the effective date of this

contract. If Buyer gives notice of termination within the time specified, the Option Fee will

not be refunded, however, any earnest money will be refunded to Buyer. If Buyer does

not give notice of termination within the time specified, Buyer will be deemed to have

accepted the Property in its current condition and the Option Fee ! will ! will not be

credited to the Sales Price at closing.

! (2) Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense,

shall complete the following repairs and treatment:

.

E. LENDER REQUIRED REPAIRS AND TREATMENTS (REPAIRS): Unless otherwise agreed in

writing, neither party is obligated to pay for lender required repairs or treatments for wood

destroying insects. If the cost of lender required repairs exceeds 5% of the Sales Price, Buyer may

terminate this contract.

F. COMPLETION OF REPAIRS AND TREATMENT. Unless otherwise agreed by the parties in

writing, Seller shall complete all agreed repairs and treatment prior to the Closing Date. Repairs

and treatments must be performed by persons who regularly provide such repairs or treatments.

At Buyer’s election, any transferable warranties received by Seller with respect to the repairs will

be transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed repairs and

treatment prior to the Closing Date, Buyer may do so and the Closing Date will be extended up to

15 days, if necessary, to complete repairs and treatment or treatments for wood destroying insects.

8. BROKERS' FEES: All obligations of the parties for payment of brokers’ fees are contained in separate

written agreements.

Initialed for identification by Buyer and Seller

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01A TREC NO. 20-4

One to Four Family Residential Contract Concerning Page Six 11-8-99

(Address of Property)

9. CLOSING: The closing of the sale will be on or before , ,

or within 7 days after objections to matters disclosed in the Commitment or by the survey have been

cured, whichever date is later (the Closing Date). If financing or assumption approval has been

obtained pursuant to Paragraph 4, the Closing Date will be extended up to 15 days if necessary to

comply with lender's closing requirements (for example, appraisal, survey, insurance policies,

lender-required repairs, closing documents). If either party fails to close this sale by the Closing Date,

the non-defaulting party will be entitled to exercise the remedies contained in Paragraph 15. At closing

Seller shall furnish tax statements or certificates showing no delinquent taxes and a general warranty

deed conveying good and indefeasible title showing no additional exceptions to those permitted in

Paragraph 6.

10. POSSESSION: Seller shall deliver possession of the Property to Buyer on

in its present or required repaired condition, ordinary wear and tear excepted. Any possession by

Buyer prior to closing or by Seller after closing which is not authorized by a temporary lease form

promulgated by TREC or required by the parties will establish a tenancy at sufferance relationship

between the parties. Consult your insurance agent prior to change of ownership or possession as

insurance coverage may be limited or terminated. The absence of a written lease or appropriate

insurance coverage may expose the parties to economic loss.

11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale.

TREC rules prohibit licensees from adding factual statements or business details for which a contract

addendum, lease or other form has been promulgated by TREC for mandatory use.)

12. SETTLEMENT AND OTHER EXPENSES:

A. The following expenses must be paid at or prior to closing:

(1) Appraisal fees will be paid by .

(2) The total of loan discount fees (including any Texas Veterans' Housing Assistance

Program Participation Fee) may not exceed % of the loan of which Seller shall

pay and Buyer shall pay the remainder. The total of any buydown fees may

not exceed which will be paid by .

(3) Seller's Expenses: Releases of existing liens, including prepayment penalties and recording

fees; release of Seller's loan liability; tax statements or certificates; preparation of deed; one-

half of escrow fee; and other expenses stipulated to be paid by Seller under other provisions

of this contract.

(4) Buyer's Expenses: Loan application, origination and commitment fees; loan assumption costs;

preparation and recording of deed of trust to secure assumption; lender required expenses

Initialed for identification by Buyer and Seller

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01A TREC NO. 20-4

One to Four Family Residential Contract Concerning Page Seven 11-8-99

(Address of Property)

incident to new loans, including PMI premium, preparation of loan documents, loan related

inspection fee, recording fees, tax service and research fees, warehouse or underwriting fees,

copies of restrictions and easements, amortization schedule, premiums for mortgagee title

policies and endorsements required by lender, credit reports, photos; required premiums for

flood and hazard insurance; required reserve deposit for insurance premiums and ad valorem

taxes; interest on all monthly installment notes from date of disbursements to one month prior

to dates of first monthly payments; customary Program Loan costs for Buyer; one-half of

escrow fee; and other expenses stipulated to be paid by Buyer under other provisions of this

contract.

B. If any expense exceeds an amount expressly stated in this contract for such expense to be paid

by a party, that party may terminate this contract unless the other party agrees to pay such excess.

In no event will Buyer pay charges and fees expressly prohibited by the Texas Veterans’ Housing

Assistance Program or other governmental loan program regulations.

13. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents

will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated

at closing, the parties shall adjust the prorations when tax statements for the current year are available.

If a loan is assumed and the lender maintains an escrow account, the escrow account must be

transferred to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the

transferred account. Buyer shall pay the premium for a new insurance policy. If taxes are not paid at

or prior to closing, Buyer will be obligated to pay taxes for the current year.

14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss

after the effective date of the contract, Seller shall restore the Property to its previous condition as soon

as reasonably possible, but in any event by the Closing Date. If Seller fails to do so due to factors

beyond Seller’s control, Buyer may either (a) terminate this contract and the earnest money will be

refunded to Buyer (b) extend the time for performance up to 15 days and the Closing Date will be

extended as necessary or (c) accept the Property in its damaged condition and accept an

assignment of insurance proceeds. Seller’s obligations under this paragraph are independent of any

obligations of Seller under Paragraph 7.

15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either (a)

enforce specific performance, seek such other relief as may be provided by law, or both, or (b)

terminate this contract and receive the earnest money as liquidated damages, thereby releasing both

parties from this contract. If, due to factors beyond Seller’s control, Seller fails within the time allowed

to make any non-casualty repairs or deliver the Commitment, Buyer may either (a) extend the time

for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate

this contract as the sole remedy and receive the earnest money. If Seller fails to comply with this

contract for any other reason, Seller will be in default and Buyer may either (a) enforce specific

performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract

and receive the earnest money, thereby releasing both parties from this contract.

16. DISPUTE RESOLUTION: It is the policy of the State of Texas to encourage the peaceable resolution

of disputes through alternative dispute resolution procedures. The parties are encouraged to use an

addendum approved by TREC to submit to mediation disputes which cannot be resolved in good faith

through informal discussion.

17. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to

the transaction described in this contract is entitled to recover from the non-prevailing party all costs

of such proceeding and reasonable attorney’s fees.

Initialed for identification by Buyer and Seller

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01A TREC NO. 20-4

One to Four Family Residential Contract Concerning Page Eight 11-8-99

(Address of Property)

18. ESCROW: The earnest money is deposited with escrow agent with the understanding that escrow

agent is not (a) a party to this contract and does not have any liability for the performance or

nonperformance of any party to this contract, (b) liable for interest on the earnest money and (c) liable

for any loss of earnest money caused by the failure of any financial institution in which the earnest

money has been deposited unless the financial institution is acting as escrow agent. At closing, the

earnest money must be applied first to any cash down payment, then to Buyer's closing costs and any

excess refunded to Buyer. If both parties make written demand for the earnest money, escrow agent

may require payment of unpaid expenses incurred on behalf of the parties and a written release of

liability of escrow agent from all parties. If one party makes written demand for the earnest money,

escrow agent shall give notice of the demand by providing to the other party a copy of the demand.

If escrow agent does not receive written objection to the demand from the other party within 30 days

after notice to the other party, escrow agent may disburse the earnest money to the party making

demand reduced by the amount of unpaid expenses incurred on behalf of the party receiving the

earnest money and escrow agent may pay the same to the creditors. If escrow agent complies

with the provisions of this paragraph, each party hereby releases escrow agent from all adverse claims

related to the disbursal of the earnest money. Escrow agent's notice to the other party will be effective

when deposited in the U. S. Mail, postage prepaid, certified mail, return receipt requested, addressed

to the other party at such party's address shown below. Notice of objection to the demand will be

deemed effective upon receipt by escrow agent.

19. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens,

assessments, or security interests against the Property which will not be satisfied out of the sales

proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be

in default. If any representation in this contract is untrue on the Closing Date, this contract may be

terminated by Buyer and the earnest money will be refunded to Buyer. All representations contained

in this contract will survive closing.

20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person,” as defined by applicable law, or if

Seller fails to deliver an affidavit that Seller is not a "foreign person,” then Buyer shall withhold from the

sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the

Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written

reports if cash in excess of specified amounts is received in the transaction.

21. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot

be changed except by their written agreement. Addenda which are a part of this contract are (list):

.

22. CONSULT YOUR ATTORNEY: Real estate licensees cannot give legal advice. This contract is

intended to be legally binding. READ IT CAREFULLY. If you do not understand the effect of this

contract, consult your attorney BEFORE signing.

Buyer's Seller's

Attorney is: Attorney is:

Initialed for identification by Buyer and Seller

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01A TREC NO. 20-4

The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are intended for use only by trained real

estate licensees. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. It is not suitable

for complex transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or (512) 459-6544

(http://www.trec.state.tx.us)TREC NO. 20-4. This form replaces TREC NO. 20-3.

One to Four Family Residential Contract Concerning Page Nine 11-8-99

(Address of Property)

23. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to,

hand-delivered at, or transmitted by facsimile machine as follows:

To Buyer at: To Seller at:

Telephone:( ) Telephone:( )

Facsimile:( ) Facsimile:( )

EXECUTED the day of , (THE EFFECTIVE DATE). (BROKER:

FILL IN THE DATE OF FINAL ACCEPTANCE.)

Buyer

Seller

Buyer

Seller

BROKER INFORMATION AND RATIFICATION OF FEE

Listing Broker has agreed to pay Other Broker of the total sales price when Listing Broker’s

fee is received. Escrow Agent is authorized and directed to pay Other Broker from Listing Broker’s fee at closing.

Other Broker License No. Listing Broker License No.

represents ! Seller as Listing Broker’s subagent

! Buyer only as Buyer’s agent

represents ! Seller and Buyer as an intermediary

! Seller only as Seller’s agent

Listing Associate Telephone

Associate Telephone Selling Associate Telephone

Broker Address

Telephone Facsimile Telephone Facsimile

RECEIPT

Receipt of ! Contract and ! $ Earnest Money in the form of is

acknowledged.

Escrow Agent: Date: ,

By:

Address Telephone: ( )

City State Zip Facsimile: ( )

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01A TREC NO. 20-4

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leases & options, 10 tested ways to find lease/option properties (includes sample ads & flyers), the "sure-fire" telephone script that literally

"weeds out" the unmotivated sellers, and the air-tight legal forms and strategies you need to protect yourself from disaster (including the

“performance mortgage”). Updated 2002!

VOLUME III: ALTERNATIVE REAL ESTATE FINANCING - $395.00

This course gives you all of the advanced cutting-edge techniques for acquiring real estate in today’s market with little or no cash, credit or

personal liability. Covers the details of “subject to” transfers (including the “land trust assignment”), buying and selling on land contract,

wraparounds, profiting from over-financed properties, discounting liens, subordination & substitution of collateral, foreclosure tricks and

strategies, creative tax strategies for maximizing your profit, and much, much more! Includes CD-ROM with all of the latest forms, plus

special bonus mortgage calculators in MS-Excel format.

VOLUME IV: SECRETS OF A REAL ESTATE LAWYER - $395.00

Are you drowning in the sea of paperwork involved in real estate transactions? Are you sick of sending your hard-earned cash on a one-

way trip to your lawyer’s office? Are you ready to start filling in the gaps and important legal issues that so-called “gurus” leave out of their

courses? Are you interested in saving a fortune by doing some of the simple legal paperwork that real estate attorneys have had a

monopoly on? If you answered “yes” to any of these questions, then you MUST have this course! “Secrets of a Real Estate Lawyer” will

open your eyes to money-making possibilities you never imagined. Whether you are just getting started or are a 30-year real estate

veteran, you’ll acquire a wealth of information! Includes 4 video tapes, six audios and CD-ROM with state-specific real estate forms!

**Make Sure to Ask for Special Discounts for the Entire Library**

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Texas Real Estate Contract

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