Chapter 13

How will the blank be filled in under paragraph C. of the Addendum for Sale of Other Property By Buyer be filled in?

$500.00

What goes in the blank line at the beginning of the Addendum for Sale of Other Property by Buyer?

10 Misty Mesa, Colleen, TX 76066

If the buyer terminates because he/she did not receive the Seller's Disclosure Notice, what happens to the earnest money?

It is refunded to the buyer.

Shown below is an excerpt from one of the addenda presented in this unit. What is the name of it? The contract is contingent upon Buyer's receipt of the proceeds from the sale of Buyer's property at __________________________ (Address) on or before ______, 20__ (the Contingency). If the Contingency is not satisfied or waived by Buyer by the above date, the contract will terminate automatically and the earnest money will be refunded to Buyer. What is the central purpose of this promulgated addendum? When should this addendum be used?

It is the Addendum for Sale of Other Buyer Property by Buyer To make it clear to all parties that the buyer must sell a property prior to being obligated to purchase another property. It is required to be used if the buyer must sell a property prior to being obligated to purchase another property.

In completing paragraph B. of the Addendum for Reservation of Oil, Gas and Other Minerals, which of the following boxes should be checked?

Reserved all of the Mineral Estate owned by Seller

What is the meaning of the term "time is of the essence?"

Strict compliance to the dates on the contract.

How is "time of the essence" handled in the Addendum for "Back-Up" Contract?

Strict compliance with the times for performance stated in the addendum is required.

With the Addendum for Sale of Other Property by Buyer, if a back-up offer is received by the seller and he or she chooses to accept it, the seller will notify the buyer and then what would happen to the contract?

The buyer could waive the contingency.

When is the effective date of the back-up offer?

The date that the buyer was notified that the first contract was terminated

What do the words "to bring to a conclusion" mean?

bring something to a finish or to an end

Shown Below is an excerpt from one of the addenda presented in this unit. What is the name of it? If the First Contract does not terminate on or before ________, 20_, the Back-Up Contract terminates and the earnest money will be refunded to Buyer. Seller must notify Buyer immediately of the termination of the First Contract. For purposes of performance, the effective date of the Back-Up Contract changes to the date Buyer receives notice of termination of the First Contract (Amended Effective Date). What is the central purpose of this promulgated addendum? When should this addendum be used?

Addendum for Back-Up Contract To make clear the terms of a secondary offer on a property. It must be used if a seller has accepted an offer (under contract) and then another buyer wants to place a secondary contract (back-up).

Which box should be marked on the Notice of Buyer's Termination of Contract if the buyer is terminating pursuant to paragraph 23, Termination Option, of One to Four Family Residential Contract (Resale)?

Box 1

According to the Addendum for "Back-Up" Contract, what are the parties obligations if the first transaction closes?

Neither party will have any further obligations.

Shown Below is an excerpt from one of the addenda presented in this unit. What is the name of it? [ ] (6) Other (identify the paragraph number of contract or the addendum): _____________________________________________________________________ _____________________________________________________________________ NOTE: Release of the earnest money is governed by the terms of the contract. What is the central purpose of this promulgated addendum? When should this addendum be used?

Notice of Buyer's Termination of Contract To notify the seller that the buyer is terminating a contract. There are multiple ways the buyer has the right to terminate and several are listed in this addendum. It is used after a buyer and seller have formed a contract and now the buyer wants to terminate that contract.