Promulgated Contract Forms (Champions) (2023/2024) Already Graded A

Promulgated Contract Forms (Champions) (2023/2024) Already Graded A mutual consent a "meeting of the minds" unilateral contract a contract in which only one party is obligated to perform unenforceable contract a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda an attachment that adds or further describes the rights and duties of the parties assignment transfers all of the rights related to the contract to another party known as assignee novation when a new contract is substituted fro an existing one statute of limitations limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract bilateral contract a contract of sale between a buyer and seller executory contract a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed promulgated forms contract forms published by TREC counteroffer a rejection of the original offer coupled with a new offer offeror the party making the offer Buyer's or Seller's Temporary Residential Lease for no more than 90 days offer must be presented... phone, fax, email, letter, hand delivery options when responding to an offer do nothing; reject; accept; counteroffer acceptance means that the accepting party does so with no change to the contract whatsoever net sheet an estimate of the net proceeds to the seller and should be prepared based upon the offer being considered Broker-Lawyer committee 13 members; write residential contract forms that are generally mandatory for license holders TREC comprised of 9 members communication also referred to as notification imputed notice under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent Paragraph 2.(A) Sales Price is the sum of 3.A and 3.B Paragraph 2.(B) includes the improvements, including the house, garage and other permanently installed and built-in items Paragraph 2.(C) describes accessories which are commonly conveyed Paragraph 2.(D) exclusions to the sale. If item is to be excluded, give name and location Paragraph 3.(A) down payment is always the difference between the sales price and sum of all financing Paragraph 3.(B) sum of all financing from all sources Paragraph 3.(C) Sales price is the sum of 3.A and 3.B Paragraph 4 familial relationship must be disclosed property includes land, accessories and improvements certificate of reasonable value required to get VA guaranteed financing endorsement change made to a standard insurance policy title policy insurance policy against losses resulting in defects in title owner's title policy can be paid by.... either buyer or seller (usually seller) Texas Department of Insurance has promulgated EIGHT exceptions to title insurance policies default failure to meet a contractual obligation escrow funds held by a third party until performance of a contract option period the time allowed for buyer-specified inspections prorations expenses divided between parties at closing options in cases of buyer default specific performance; monetary damages; liquidated damages (keep earnest money) options in case of seller default specific performance, monetary damages, refund of earnest money option (provides what) Buyer has unrestricted right to terminate the contract within the option period rollback taxes tax assessed when a property no longer has an agricultural exemption farm and ranch contract contains provisions for surface leases related to a property agricultural use exemption method for evaluating tax burden of properties used for agriculture unimproved property contract used for the sale pf properties with no existing structures in a Farm and Ranch sale, buyer receives the following: windmills, tanks, pens (NOT trucks) buyer's termination form used to notify the seller of a buyer-initiated contract termination non-realty items addendum used when personal property is to be included in a sale short sale addendum used when seller is unable to sell at or above what is owed on a property consumer information form should be displayed prominently at broker's office condominium resale certificate prepared by management of a condo project addendum for sale of other property by buyer used when there is a contingency churning excessive selling/lending activity for the purpose of generating fees and commissions chunking occurs when a fraudster promises to show investors how to get rich by investing in the real estate market UFFI Urea Formaldehyde Foam Insulation steering taking buyers/renters to or away from certain areas based on race, religion, etc. Most common cause for complaint under the law