8. Brokerage fees: The agent responsible for paying brokerage fees is described in a separate agreement. 23. Termination option: Determines the amount of option tax that the buyer declares to the seller (due to the seller 3 days after the execution of the contract) and sets the time within which the buyer can terminate the contract for any reason. If the buyer terminates the contract during this period, the option fee will not be refunded, but the serious money will be. This section also specifies whether or not the option fees are credited to the closing sale price. The sales contract is usually prepared by the buyer`s representative in a transaction. If a buyer wishes to make an offer for a home, his agent will enter into a sales contract which he will then deliver to the seller`s listing agent. The Texan purchase and sale contract is used to trace the terms of a home buyer when purchasing real estate. The document informs the seller of the amount the buyer is willing to pay and sets out the different conditions that the seller must meet if the buyer is to consent to the sale. Other provisions may be made, for example.
B financial contingencies (for example. B, the purchase is only possible if the bank accepts a loan application) and the inclusion of permanent facilities such as air conditioning or a swimming pool. After verifying the proposal, the seller can adjust the conditions by submitting a counter-offer. It is only after the signing of the agreement that both parties will be officially and legally binding. Now that we know what a sales contract is and when it is used, we go through each section in detail so you know exactly what awaits you when it`s time to use this document. As the one- to four-family housing contract (resale) is the most widely used, we use this form as an example. All right, let`s jump in! 15. Standard: If a party does not meet the requirements of the contract, it is late, which means that it has breached the terms of the contract. If the buyer is late, the seller (a) may impose a particular benefit, in which case the buyer must purchase the house, regardless of why he is late, or (b) terminate the contract and keep the money earned as compensation. If the seller is late, the same options apply to the buyer. 1. Parties: This is the first section included in the sales contract that identifies the two parties involved in the transaction – the seller and the buyer.