Texas Residential Purchase and Sale Agreement

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A Texas residential purchase and sale agreement is used to outline a home buyer’s conditions when offering to purchase real estate. The document informs the seller of the amount the buyer is willing to pay and specifies various terms the seller must satisfy if the buyer is to agree to the sale. Other provisions can be established such as financial contingencies (e.g., the purchase is only possible if the bank approves a loan application) and the inclusion of permanent fixtures like an air conditioning unit or swimming pool. After the seller reviews the proposal, they can adjust the terms through the submission of a counter-offer. Only after both parties sign the agreement will the sale be official and legally binding.

Table of Contents

Buyer Beware

Texas property code states that, when selling a property consisting of not more than a single-dwelling residence, the seller must disclose material defects to the buyer. Since this law only covers single-dwelling properties, those buying a multi-dwelling residence should be sure to conduct a full inspection before purchasing as any defects discovered after-the-fact are their responsibility. (§ 5.008)

Realtor Versions

Required Disclosures

Lead-Based Paint Disclosure – Sellers must provide buyers with this disclosure when selling any property built before 1978. This document reveals to the buyer information regarding the existence of lead paint in the residence.

Seller’s Disclosure Notice (§ 5.008) – If selling a single-dwelling property, the seller must use this disclosure to inform the buyer of damages to the property. Buyers must receive this disclosure on or before the date the residential purchase agreement is signed by both parties.

Commercial Property

Commercial Purchase AgreementThis document can be used as a legal contract between a buyer and a seller for commercial property transactions.

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