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TREC Unimproved Property Contract
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What Is a TREC Unimproved Property Contract?
The Texas Real Estate Commission (TREC) provides standard contracts for realty transactions within the state. Two widely used contracts are the TREC Improved Property Contract and the TREC Unimproved Property Contract. The former is for properties with erect structures, whereas the latter, the unimproved property contract TREC developed, is used for lands devoid of any significant improvement.
Distinguishing between TREC commercial contract improved property and unimproved property
One common confusion arises between the TREC commercial contract improved property and the unimproved property contract TREC forms. The former is used when the land in question has significant improvements, such as buildings or utilities. In contrast, the TREC unimproved property contract is utilized when dealing with a land sale where there are no such developments.
How to Fill Out TREC Commercial Contract Improved Property
The TREC unimproved property contract might seem complex at first glance, but if you break it down, it's quite simple. Here's a basic guideline on how to fill out this form:
- Start filling out the form by entering parties' names under the 'Parties' section: provide full legal names of both buyer and seller without any abbreviations.
- Under the 'Property' section, provide detailed information about the unimproved property such as lot, block, city, county, address, and zip code.
- Go to the 'Sales Price' section. Make a choice between 'Cash Sale', 'Third Party Financing' or 'Assumption Sale' and fill corresponding fields. If 'Cash Sale' is chosen, provide the sales price in the next line. If 'Third Party Financing' or 'Assumption Sale' are selected, provide down payment, financed amount, and sales price.
- In the 'Leases' section, choose whether there are any existing leases and provide corresponding details as required.
- For the 'Earnest Money and Termination Option' section, fill in the amount of earnest money and details about who will hold it. Provide a termination option fee and specify the number of days for it.
- In the 'Title Policy and Survey' section, specify who will pay for owner's title policy and new survey if required.
- Specify details related to property conditions under 'Property Condition' Category.
- In the 'Brokers And Sales Agents' section, provide the name of the broker or sales agent, if involved.
- Fill out 'Closing' section with the agreed date of closure.
- In the 'Possession' section, specify the date when a buyer will take over the control of the property.
- If there are any 'Special Provisions', list them in the respective section.
- Fill out 'Settlement and Other Expenses', 'Proration and Rollback Taxes', 'Attorney's Fees', 'Escrow', 'Federal Tax Requirements' sections in accordance with the agreed conditions.
- In the 'Notices' section, fill out addresses, phone numbers, and email/fax details for all parties.
- Under 'Agreement of Parties', check all applicable boxes.
- In the 'Consult an Attorney Before Signing' section, provide contact details of both the buyer's and seller's attorneys.
- Put the date of final acceptance in the 'Date of Final Acceptance' field.
- The final step is to provide signatures and names of both buyer and seller. If signing on behalf of a company, provide the company name.
When to use TREC unimproved property contract?
Understanding when to use TREC's unimproved property contract is crucial in real estate transactions. This contract is typically used when the property in question is raw land, vacant, or if any improvements are minimal and insignificant to the property's overall value. Using this contract, the buyer and seller can set the terms, condition, and price of the transaction, protecting both parties' interests.
Fillable online TREC Unimproved Property Contract
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