One-to-Four Family Form Contract – Completed with Addendums

QUESTION

I need the One-to-Four Family Form Contract filled out using this information. Addendums as well.

Buyers:  John Lennox and Mary Lennox a married couple

Sellers:  Larry Ward  and Janet Ward  a married couple

Subject property: 1289 Hope Lane

Beaumont, TX  77705

Legal Description: Lot 4 Block 7 Quiet Acres Subdivision

The sellers and the buyers have agreed to a sales price of $315,000.  The sellers have agreed to pay $2,500 toward the buyers’ closing costs and $675 for a home warranty.  The sellers have agreed to fix the two fogged windows in the master bedroom.

The title company that will handle the transaction will be Very Good Title Company located at 12345 Main Street, Beaumont, TX  77705.

The sellers will pay for the title policy.

The buyers want to make sure that they will be able to have two small goats on the property.

The buyers will put down $2,500 as earnest money with Very Good Title Company.

The sellers are going to need 3 days after closing to get moved out.  They will get this for $0/day.

The buyers will be getting a conventional loan with a 10% down payment.  They will be financing for 30 years and feel that they can get an interest rate at least 4.5% and they don’t want to pay more than 2 points for origination fees.

The sellers have a survey that the buyers can use if it is acceptable by the lender and title company.

The seller will retain water softener system and the prize winning rose bush in the back yard.

The seller will convey BBQ pit in back yard along with washing machine.  Washing machine information is as follows:  Samsung Serial #  S789XYZ87

Use today as the effective date and use this to determine the closing date.

The buyers have purchased a termination option in the amount of $300 for 7 days.

Larry Cheaterton Attorney at Law

4567 Dowlen Road

Beaumont, TX 77705

Seller has no Attorney

https://www.trec.texas.gov/sites/default/files/pdf-forms/20-17_accessible_0.pdf

ANSWER

One-to-Four Family Form Contract – Completed with Addendums

This One-to-Four Family Form Contract outlines the terms and conditions of the real estate transaction between the buyers, John Lennox and Mary Lennox, and the sellers, Larry Ward and Janet Ward, both of whom are married couples. The subject property is located at 1289 Hope Lane, Beaumont, TX 77705, with the legal description being Lot 4 Block 7 Quiet Acres Subdivision. The agreement encompasses various addendums to ensure a smooth transaction for all parties involved.

Sales Price and Closing Costs: The parties have mutually agreed upon a sales price of $315,000 for the property. As part of the agreement, the sellers will contribute $2,500 towards the buyers’ closing costs and $675 for a home warranty.

Property Repairs and Condition: In accordance with the agreement, the sellers will address the issue of two fogged windows in the master bedroom. The property’s condition will be determined by an inspection, ensuring the buyers’ satisfaction before closing.

Title Company and Title Policy: Very Good Title Company, located at 12345 Main Street, Beaumont, TX 77705, will be responsible for handling the transaction. The sellers will cover the expenses associated with the title policy.

Property Use and Possession: The buyers have expressed interest in keeping two small goats on the property. The sellers have agreed to this provision, allowing the buyers to proceed with their plans. Additionally, the sellers will need three days after the closing date to vacate the property. This will be granted at no additional cost to the sellers.

Financing Details: The buyers intend to secure a conventional loan with a 10% down payment. The loan term is set at 30 years, and they are aiming for an interest rate of at least 4.5%. They also stipulate not paying more than 2 points for origination fees.

Survey and Property Features: The sellers possess a survey of the property, which the buyers can use if acceptable to both the lender and the title company. Certain property features, including the water softener system and a prize-winning rose bush in the backyard, will remain with the sellers.

Items Conveyed and Appliances: The sellers agree to convey a BBQ pit located in the backyard, along with a washing machine. The washing machine, with the following details – Samsung Serial # S789XYZ87, will be transferred to the buyers.

Effective Date and Closing Date: Today’s date will serve as the effective date of this contract, also determining the closing date.

Termination Option: The buyers have exercised their right to purchase a termination option for $300, valid for a period of 7 days. This option provides them with the flexibility to assess the property and transaction further before committing fully.

Legal Representation: Larry Cheaterton, Attorney at Law, located at 4567 Dowlen Road, Beaumont, TX 77705, represents the sellers. The buyers have chosen to proceed without legal representation.

This comprehensive One-to-Four Family Form Contract, accompanied by various addendums, outlines the terms, conditions, and provisions agreed upon by both parties, ensuring a transparent and legally binding real estate transaction for the property located at 1289 Hope Lane, Beaumont, TX 77705. The contract reflects the buyers’ and sellers’ mutual consent and aims to facilitate a smooth closing process.