PCF - Chapter 7
ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER
For use when the buyer has another property to sell before closing on the one contracted.
This form creates a "contingency contract," meaning that the agreed contract is contingent upon
the buyer
receiving proceeds from the sale of a home on or before a certain date.
The date in the addendum should not be later than the Closing Date specified in Paragraph 9 of
the contract.
PARAGRAPH B. During the contingency period, if Seller receives and accepts an offer from
another buyer,
Buyer has two choices:
1. Waive the contingency. A waiver makes the contract no longer subject to receiving the
proceeds
of the sale of the other property. Enter the number of days that Buyer has to waive
the contingency.
2. Decline to waive the contingency. If the contingency is not waived, terminate within the days
stated in paragraph B, and earnest money will be refunded upon termination. - ANS-
PARAGRAPH D states that if buyer waives the contingency and then does not close within the
time stated
in the contract, Seller may claim all earnest monies on deposit and exercise remedies in
Paragraph 15 of
the contract which are specific performance, monetary damages, liquidated damanges. - ANS-
ADDENDUM FOR "BACK-UP" CONTRACT (TREC 11-7)
This addendum would be used when a buyer wishes to submit an offer on a property that has a
previous
contract in place. It would be signed by all parties and is subject to the first contract terminating
within the
time frame stated in the Back-Up Addendum.
If the first contract terminates, then the effective date of the back-up contract will be amended to
the date
the Buyer receives notice of that termination.
If the Buyer wants an unrestricted right to terminate during an option period, the option check
must be
submitted along with the Back-Up Contract and given to the Seller within 3 days from when the
Seller
agrees to and signs the Back-Up Contract. - ANS-
ADDENDUM FOR RESERVATION OF OIL, GAS, AND OTHER MINERALS
, Records were not maintained on the transfer of mineral rights the same way they were
maintained on the
transfer of property. Unless there has been research on the history of who owns the mineral
rights, the
information may be unknown to the seller. Since a title policy does not guarantee mineral rights,
it is possible
the seller bought the property after the mineral rights had already been sold, and the seller was
never aware
that he or she did not acquire the mineral estate. If the parties have concern about the mineral
estate, it is
important they seek advice from an oil and gas attorney. - ANS-
BUYER'S TERMINATION OF CONTRACT
There are several conditions under which the buyer may terminate the contract, listed as 1-6 on
the NOTICE
OF BUYER'S TERMINATION OF CONTRACT form. Below is an explanation of each.
1. This sentence refers to Paragraph 23 of the 1-4 Residential Earnest Money Contract
(Resale).
Paragraph 23 contains details regarding the Option Period, including the unrestricted to
terminate
at any time during the option period. If Buyer is terminating the contract under this paragraph,
check
Box 1.
2. Read and understand the Third-Party Financing Addendum form. If Buyer cannot obtain Loan
Approval check this box. (If Buyer is terminating because of loan approval, it would be a good
idea
to obtain a letter from the lender, especially if Buyer has provided a pre-approval letter to the
Seller.)
3. Again, read and understand this Addendum. If the property is not approved (this is typically a
lender
decision - ANS-
GULF INTRACOASTAL WATERWAY. The Gulf Intracoastal Waterway is a coastal canal from
Brownsville,
Texas, to the Okeechobee waterway at Fort Myers, Florida. The Texas portion of the canal
system extends
426 miles, from Sabine Pass to the mouth of the Brownsville Ship Channel at Port Isabel. The
grand concept
of a canal system that would eventually connect Boston harbor with Brownsville harbor was
introduced by
Albert Gallatin, United States Secretary of the Treasury, in a report on Public Roads and Canals
submitted
to the United States Senate in 1808. The major function of the waterway is the transportation of
goods. This
ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER
For use when the buyer has another property to sell before closing on the one contracted.
This form creates a "contingency contract," meaning that the agreed contract is contingent upon
the buyer
receiving proceeds from the sale of a home on or before a certain date.
The date in the addendum should not be later than the Closing Date specified in Paragraph 9 of
the contract.
PARAGRAPH B. During the contingency period, if Seller receives and accepts an offer from
another buyer,
Buyer has two choices:
1. Waive the contingency. A waiver makes the contract no longer subject to receiving the
proceeds
of the sale of the other property. Enter the number of days that Buyer has to waive
the contingency.
2. Decline to waive the contingency. If the contingency is not waived, terminate within the days
stated in paragraph B, and earnest money will be refunded upon termination. - ANS-
PARAGRAPH D states that if buyer waives the contingency and then does not close within the
time stated
in the contract, Seller may claim all earnest monies on deposit and exercise remedies in
Paragraph 15 of
the contract which are specific performance, monetary damages, liquidated damanges. - ANS-
ADDENDUM FOR "BACK-UP" CONTRACT (TREC 11-7)
This addendum would be used when a buyer wishes to submit an offer on a property that has a
previous
contract in place. It would be signed by all parties and is subject to the first contract terminating
within the
time frame stated in the Back-Up Addendum.
If the first contract terminates, then the effective date of the back-up contract will be amended to
the date
the Buyer receives notice of that termination.
If the Buyer wants an unrestricted right to terminate during an option period, the option check
must be
submitted along with the Back-Up Contract and given to the Seller within 3 days from when the
Seller
agrees to and signs the Back-Up Contract. - ANS-
ADDENDUM FOR RESERVATION OF OIL, GAS, AND OTHER MINERALS
, Records were not maintained on the transfer of mineral rights the same way they were
maintained on the
transfer of property. Unless there has been research on the history of who owns the mineral
rights, the
information may be unknown to the seller. Since a title policy does not guarantee mineral rights,
it is possible
the seller bought the property after the mineral rights had already been sold, and the seller was
never aware
that he or she did not acquire the mineral estate. If the parties have concern about the mineral
estate, it is
important they seek advice from an oil and gas attorney. - ANS-
BUYER'S TERMINATION OF CONTRACT
There are several conditions under which the buyer may terminate the contract, listed as 1-6 on
the NOTICE
OF BUYER'S TERMINATION OF CONTRACT form. Below is an explanation of each.
1. This sentence refers to Paragraph 23 of the 1-4 Residential Earnest Money Contract
(Resale).
Paragraph 23 contains details regarding the Option Period, including the unrestricted to
terminate
at any time during the option period. If Buyer is terminating the contract under this paragraph,
check
Box 1.
2. Read and understand the Third-Party Financing Addendum form. If Buyer cannot obtain Loan
Approval check this box. (If Buyer is terminating because of loan approval, it would be a good
idea
to obtain a letter from the lender, especially if Buyer has provided a pre-approval letter to the
Seller.)
3. Again, read and understand this Addendum. If the property is not approved (this is typically a
lender
decision - ANS-
GULF INTRACOASTAL WATERWAY. The Gulf Intracoastal Waterway is a coastal canal from
Brownsville,
Texas, to the Okeechobee waterway at Fort Myers, Florida. The Texas portion of the canal
system extends
426 miles, from Sabine Pass to the mouth of the Brownsville Ship Channel at Port Isabel. The
grand concept
of a canal system that would eventually connect Boston harbor with Brownsville harbor was
introduced by
Albert Gallatin, United States Secretary of the Treasury, in a report on Public Roads and Canals
submitted
to the United States Senate in 1808. The major function of the waterway is the transportation of
goods. This