Explanation of Common Contract Documents

One to Four Family Residential Contract (Resale)

This is the most frequently used contract form. It is used for the resale of residential properties that are either a single family home, a duplex, a tri-plex or a four-plex. It is not for use for condominium transactions, new homes being sold by a builder, or farm and ranch properties.

Third Party Financing Addendum

This Addendum is used when any type of financing for all or part of the purchase price will be provided by a third-party (not the Seller or Buyer).

Non-Realty Items Addendum 

This Addendum is used if the parties need to add additional items of personal property that are to stay with the property that are not already listed in paragraph 2B or 2C of the purchase contract.

Addendum for Property Subject to Mandatory Membership in a Property Owners Association

This Addendum is used when there is a required membership in a property owners association tied to the property and allows the Buyer to elect to receive or not to receive information concerning the details of an owner’s association. Not for use with condominiums.

Intermediary Relationship Notice

There’s only one legal method in Texas to handle “in-house” real estate transactions—those deals where a broker and that broker’s associated license holders represent both the buyer and seller in the same transaction. That legal vehicle is called intermediary, and it comes with many rules the broker must follow. One of them is this notice.

Exclusive Right-To-Sell Listing

Residential Listing Agreement – Exclusive Right to Sell

The exclusive right-to-sell listing is the most restrictive yet the most popular option. The exclusive right-to-sell gives the agent exclusive right to sell the home and any commissions earned. As a result, sellers can’t find buyers and avoid paying the commission, and no other agents can sell the property.

Listing agents with an exclusive right-to-sell listing give these homes the most attention, listing them on the MLS and using other marketing tactics to spread the word about the house for sale. Since real estate agents put the most effort in with exclusive right-to-sell listings, sellers are more likely to get top dollar for their homes and even sell their houses fast.

 

 

 

 

Realty Austin Compliance Requirements

Wire Fraud Warning 

Provides notice to explain how buyers and sellers can protect themselves from scams when it comes to transferring funds.

CMA

Comparative Market Analysis must be signed by Buyer or Seller (depending on representation) to confirm it has been reviewed.

Survey Notice

The Texas Courts have deemed that a Surveyor’s liability is limited to the customer to whom it provided the Survey. The Seller(s) may be held liable for any error(s) on the Survey they give to the potential Buyer(s) due to the fact they have now made the Surveyor a third party to the transaction. 

Timothy Powles and Adam Stanley work together on the Adam Timothy Group at Realty Austin and manage AT Real Estate Group LLC. We are about building communities. We believe a real estate transaction is an important and extremely significant event but relationships last a lifetime. Our clients trust us to get to know their story and what is most important to them. And we work tirelessly to retain that trust.

Timothy Powles is a real estate agent in Austin. Adam Stanley is a real estate agent in Austin. 

Timothy Powles sells homes and represents home buyers and home sellers. 

Adam Stanley sells homes and represents home buyers and home sellers.

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