MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 5 0 2026

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Generally speaking, neither you nor the vendor has the right to unilaterally change the agreed-upon terms. But some contracts are crafted in anticipation of future changes in the size and scope of projects, with the flexibility for price adjustments.
Paragraph 7F is revised to require that the seller: (i) provide the buyer with copies of documentation from the repair person that shows both the scope of work and payment for the work completed; and (ii) transfer, at sellers expense, any transferable warranties at closing.
The offer will typically outline within the Finance Terms section the initial deposit amount, increased deposit, the first loan amount and terms, any secondary financing, if FHA/VA financing is to be obtained the buyer has 17 days to provide the seller with written notice of any lender required repairs, any additional
2:04 4:01 Its crucial to adhere to the terms of the purchase contract to avoid these issues and ensure aMoreIts crucial to adhere to the terms of the purchase contract to avoid these issues and ensure a smooth real estate transaction. Always make sure to deposit the earnest money as required.
If the buyer defaults, the seller may have the right to claim this deposit as liquidated damages, as specified in the contract. The seller can then retain the deposit and proceed to sell the property to another buyer.
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The earnest money is held by the title company in escrow. The defaulting party must sign a release form and provide it to the title company for the nondefaulting party to receive the earnest money.
DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the escrow agent within 7 days of receipt of the request will be liable to the other party for liquidated damages in an amount equal to the sum of: (i) damages; (ii) the earnest money; (iii) reasonable attorneys fees; and (iv) all costs
What may happen if the defaulting party in a contract refuses to release the escrow money under a TREC promulgated contract? The defaulting party will be liable to the other party for liquidated damages.

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