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Real Estate

CASE STUDY #2: CONVENTIONAL NEW LOAN – fill in the rest of the contract plus the

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CASE STUDY #2: CONVENTIONAL NEW LOAN – fill in the rest of the contract plus the two addenda.
https://www.trec.texas.gov/sites/default/files/pdf…https://www.trec.texas.gov/sites/default/files/pdf-forms/10-6.pdf
https://www.trec.texas.gov/sites/default/files/pdf…
ou must submit this assignment and include all three attachments. I do not grade submissions with fewer than three attachments.
You are allowed only one attempt with each of the two cases.
Be careful with your capitalization, it make a difference.
SELLER:
Bob Scott Zeller and wife Sarah Ann Wyatt Zeller
1927 Lazy Oaks, Houston, TX 77123, tel 713 497 3411 , zeller@abc.com
BUYER:
Ima Goode Byer, a single person
1000 Desert Drive, Phoenix, AZ, 5531 1, tel 502 465 3512, byer@ abc.com
PROPERTY:
lot 1, block 2 Homewoods, Section 1; 1927 Lazy Oaks, city of Houston, county of Harris, TX
77 123; built 1979.
EXCLUSIONS:
Seller will retain all birdbaths. garden sculptures & ornaments, pots, and potted plants.
SALES PRICE:
$130,000
DOWN PAYMENT: 5%
LTVR: 95%
FINANCING:
15 year conventional loan, fixed rate 4%
fixed origination charges 3%
purchase subject to approval; buyer has 14 days to notify seller of loan non-approval
EARNEST MONEY:
$3000
TITLE CO/SURVEY
The title policy will not be amended.
ABC Title Co., 1234 West Loop South, Houston, TX 77057. Seller pays for title
ins. Buyer pays for survey, due within 7 days after contract. Buyer has 7 days to object to anything in
Paragraph 6. Buyer plans to build a backyard pool. No mandatory HOA.
PROPERTY CONDITION:
Seller gave disclosure before contract. No repairs. Seller will pay $300 for
residential service contract.
CLOSING DATE:
approximately 30 days after execution date.
POSSESSION:
upon closing and funding
SPECIAL PROVISIONS:
On all case studies, insert the following:
(Buyer) requests a response within 48 hours.
Seller, at seller’s expense, shall provide a current CLUE report on the property within 7 days of contract
execution date.
SETTLEMENT EXPENSES:
Seller agrees to pay $1200 of buyer’s expenses.
OPTION:
14 days, $100
personal check, counts toward price.
EXECUTION DATE:
March 15 (current year)
BROKERS:
Listing Co.: Prudential, 3%, agent Diane Murray
Other Co.: 20th Century, 3%, agent John Harrison, a buyer’s agent.
(If you are having trouble with one of the checkboxes in Google Chrome, use Nitro Reader instead.): https://www.gonitro.com/download (Links to an external site.)
ADDENDUM:
This purchase is contingent upon sale of Buyer’s other property
at 1000 Desert Dr., Phoenix, AZ., by March 31. Buyer gets 3 days to remove contingency, pays additional $500 earnest money.
CLUE=
Comprehensive Loss Underwriting Exchange

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