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Init. Pt/Sale Checklst/contractBUYER ADDRESS SUBDIVISION COPPELL TOWNHOMES, LLC INITIAL POINT OF SALE CHECKLIST BUYER CITY LEGAL: UNIT BUILDING PLAN ELEV. SERIES CONST. STAGE CONTRACT DATE JOB # PRICE: PUBLISHED PRICE (price sheet dated) LOT PREMIUM UPGRADES: UPGRADE 1 UPGRADE 2 UPGRADE 3 UPGRADE 4 UPGRADE 5 UPGRADE 6 UPGRADE 7 UPGRADE 8 through TOTAL SALES PRICE: ADJUSTED SALES PRICE: DISCOUNTS: PRICE REDUCTION BUILDER'S CONTRIBUTION TOWARD FINANCING CREDIT TOWARDS UPGRADES TITLE POLICY (sales price - $100,000 X .00590 = $ + 932.00) $ TOTAL OF DISCOUNTS: DISCOUNT % = TOTAL DISCOUNTS/TOTAL SALES PRICE: REALTOR CO-OP? YES NO Name Telephone Lender Loan Officer Telephone Pages 1-4 of Earnest Money Contract Option Addendum Earnest Money Check Cabinet Selection Sheet Buyer Profile Form Signed Features Sheet Other ( ) REVIEWED BY: 5o I0. 11. 12. COPPELL TOWNHOME~;, LLC RESIDENTIAL EARNEST MONEY CONTRACT CONVENTIONAL / CASH PARTIES: Coppell Townhomes, LLC ("Seller") agrees to sell and convey to ("Buyer") and Buyer agrees to buy from Seller the property described in Section 2. PROPERTY: Lot , Block , Section of , State of Taxas, known as Plan No. _, Elevation ., Series property located thereon. Subdivision , Job # _, City of , County Zip , together with the improvements, fixtures and all other CONTRACT SALES PR1CE: A. Sales Price payable to Seller at closing (including options) .............................................. $ EARNEST MONEY: A. $ Direct to Seller upon signing of Contract, receipt of which is hereby acknowledged. OPTION DEPOSIT: $ _(50% minimum) Direct to Seller upon signing Contract. FINANCING CONDITIONS: Buyer to apply for a loan within five (5) days from the effective date of this Contract. BUYER has elected to apply for a loan from a lender of Buyer's choice. BUYER has elected to apply for a loan with builder's lender, and, if approved, is entitled at loan closing to purchase a package of loan origination and other settlement services at discounted prices, as set forth under special provisions of this Contract. ALL CASH: This is an all-cash sale; no financing is involved. CLOSING COSTS: The Buyer is to pay all costs associated with obtaining, financing and closing the loan, including prepaid items, except as noted on page 4 of this Contract. TITLE: Buyer may purchase at Buyer's expense an Owner's Policy of the Title Insurance ("The Title Policy") in the amount of the Sales Price and dated at or after Closing. CLOSING: Buyer and Seller, unless otherwise agreed herein, agree that the Closing ("Closing") of this mmsaction shall occur within five (5) days after approval of title to the Property by the Title Company. Buyer recognizes that time is of essence. In all events, if the Closing shall not have occurred within this five (5) day period, Seller may terminate this Contract. The Closing shall take place at the office of the Title Company on the date, time and location selected by Seller with at least forty-eight (48) hours oral or written notice to Buyer. At Closing, Seller shall convey the Properly to Buyer by general warranty deed, subject only to taxes and assessments not yet due and payable for the calendar year in which the Closing occurs, and easements, covenants, conditions, restrictions and other matters of record. At Closing, Buyer shall execute and deliver all mortgage documents required by Lender. Taxes and assessments for the year of the Closing shall be prorated as of the date of Closing. Seller to select Title Company. POSSESSION: Seller shall deliver possession of the Property to Buyer at funding of the Transaction. BREACH OF CONTRACT BY SELLER: If Seller fails to comply with any of its obligations herein the time specified, Buyer may terminate this contract and receive the Earnest Money as Buyer's sole remedy. BREACH OF CONTRACT BY PURCHASER: Seller may immediately and without prior notice terminate this Contract upon failure of Buyer to perform any term, condition or provision of this Contract. If any of the foregoing events occur and Seller terminates this Contract, the Earnest Money will be retained by Seller as liquidated damages. Seller Initials Salesperson Initials White - Office Yellow - Sales Pink- Buyer Buyer Initials Page I of 4 13. 14. 15. 16. 17. 18. 19. 20. TERMINATION: If Seller determines that an irreconcilable dispute has arisen between Seller and Buyer, this Contract will terminate upon Seller's giving Buyer five (5) days written notice and returninff all deposits. Upon receipt of the returned deposits, Buyer shall have no further claim aeainqt MODEL HOMES: Seller's the homes available for purch~ that will not be included as pa~ model home in any respect, an details from those used in any INSULATION: As required [ or to be installed in the home b~ A. Exterior walls of impr{ R-Value of 13. B. Sloped ceiling areas of R-Value of 21. C. Ceilings in improved Ii' certificate ranging from ~e basic floor plans, dimensions and styles of fin-nishings, landscaping and other features ;e the Buyer's home will conform to any als, workmanship and other significant ~tion relating to the insulation installed ~ufacturer of the insulation is as follows: thickness of 3-1/2 inches, which yields an ,ss of 7-1/2 inches, which yields an mess that is specified on the insulation FUTURE LAND USE: Seller t o__, .... ~,,izes and agrees to the following: Where zoning regulations exist, ~ ....... .c~mcr responsible nor has control of the zoning of the property to be purchased by Buyer or the property adjacent to or in the vicinity of the property of Buyer. Seller has no control nor is it responsible for any easements on, adjacent to, or in the vicinity of the property to be purchased by Buyer. Buyer understands that individuals, corporations and/or utilities may have specific rights granted by those easements, if any, including, but not limited to, access and use of the property described by the easement. These easement rights may exist whether or not such easements are being utilized at the present time. Seller has no control over the land, which is not owned by it, that may be located adjacent to or in the vicinity of the property to be purchased by Buyer. As such, Seller makes no representations as to what may or may not be built upon said property as to what the properly use may ultimately be. Seller reserves the right to alter, change and/or discontinue its prices and building program on any property, lots, or in any subdivision owned or controlled by it subject to the Declaration of Covenants, Conditions and Restrictions. DISCLAIMER OF ENVIRONMENTAL AND CONTAMINANT RISKS: Seller makes no warranties, expressed or implied, about the existing or future health hazards or environmental conditions on the property, in the home, or from adjacent sources, including, but not limited to, exposure to electric and magnetic fields, shifting, heaving or instability of soil conditions and possible present or future pollution of the air, water or soil (including radon gas) from any sources in any matter. CITY PARK & BALLFIELD PROXIMATY DISCLOSURE: The City of Coppell currently has an agreement with the Coppell Baseball Association that allows the Ball Field Lights at all fields adjacent to the Property to stay on no later than 11:00 P.M., 7 days a week. These fields will produce light spill and noise and Buyer hereby acknowledges his or her awareness of such. HOMEOWNERS' ASSOCIATION: Buyer hereby acknowledges that a homeowners' association has been established for the purpose of owning, operating and maintaining the common areas and facilities of the subdivision in which the Property is a part, and Buyer agrees that Buyer shall be a member of said homeowners' association and abide by the terms of the Articles and by-laws of said association, and all recorded covenants, conditions and restrictions relative thereto. WARRANTIES: Buyer has been provided a sample limited warranty and has read and understands the Seller's warranty is administered by Coppell Townhomes, LLC. Buyer understands and agrees that the warranty s provided by the Seller in lieu of all other warranties, oral agreements, or representations and Seller makes no warranty, expressed or implied, as to quality, fimess for a particular purpose, merchantability, habitability or otherwise, except as is expressly set forth in the Seller's warranty. Buyer understands and agrees the warranty of all appliances and other consumer products installed in the home are those of the manufacturer or supplier and same are assigned to Buyer, effective on the date of closing. In any event, Seller shall not be liable for any personal injury or other consequential or secondary damages and/or losses, which may arise from or out of any and all defects. Seller Initials Salesperson Initials White - Office Yellow - Sales Pink- Buyer Buyer Initials Page 2 of 4 21. 22. Upon tak{ng possession of the home, Buyer understands that he/she is responsible for implementing an inspection and maintonane~ program for the identification and elimination of moisture in the home that could give rise to the growth of mold or other conditions delrimental to the fimctioning of the home or the health of its occupants. While Seller will correct any leak or other condition that is covered by the Seller's limited warranty, Seller is not liable for any consequential damages arising from plumbing leaks or other warranty claims and specifically DISCLAIMS ANY WARRANTY, EXPRESSED OR IMPLIED, AGAINST OR ANY RESPONSIBILITY OR LIABILITY FOR MOLD, MILDEW OR FUNGUS, including damages for any illness or allergic reactions, as well as costs or remediation, inspecting or testing, regardless of the source of the moisture that caused or contributed to condition. ALTERNATIVE DISPUTE RESOLUTION: A. Mediation: Buyer and Seller have entered into this Agreement in good faith and in the belief that it is mutually advantageous to them. In that spirit of cooperation, they each pledge to attempt to resolve any dispute amicably, without the necessity of litigation. Accordingly, they agree if any dispute arises between them relating to this Agreement and the rights, duties, and obligations arising thereunder, or involving the construction of the improvements, (such disputes, whether sounding in Agreement, tort, statutory or common law, or in equity are called the "Disputes"), that prior to the commencement of any legal action to interpret or enforce this Agreement, they wilt first convene a meeting between the parties to attempt to resolve the Disputes. lfthe parties are still unable to resolve the Disputes, the parties agree to mediate their Disputes by mediation, with a mediator mutually agreeable between the parties. The mediation and mediator will be governed by the provisions of Chapter 154 of the Texas Civil Practice and Remedies Code, and such other rules as the mediator prescribes. The parties commit to participate in the proceedings in good faith with the intention of resolving the Disputes, if at all possible. The fees and expenses of the mediator will be shared equally by the parties. The mediator is disqualified as a witness, consultant, expert or counsel for any party with respect to the Disputes and any related matters. B. Binding Arbitration: If the Disputes have not been resolved by mediation or if either party fails to participate in mediation, or in any event, if the Disputes have not been resolved within thirty (30) days after they arise, then, upon the request of either party, whether made before or after the institution of any legal action, the Disputes will be resolved by binding arbitration conducted in Harris County, Texas. If eithar party objects to arbitration, the other party may bring an action in court to compel arbitration of the Disputes. Arbitration of the Disputes will be administered by the American Arbitration Association in accordance with these arbitration provisions, the Construction Industry Arbitration Rules of the AAA and, to the maximum extent applicable, the Federal Arbitration Act. Judgment on any award rendered by the Arbitrators may be entered in any court having jurisdiction. C. Number and Qualifications of Arbitrators: Fees: The parties may agree on an arbitrator to resolve the dispute. If the parties do not agree on an arbitrator within ten (10) days following the request for arbitration, each party shall name an arbitrator, and those arbitrators shall name a third arbitrator. If there are three arbitrators, the Disputes must be decided by a majority vote of the three arbitrators. The arbitrator(s) must resolve all Disputes in accordance with the applicable substantive law and the arbitration rules. Arbitrators must be knowledgeable in the subject matter of the Disputes. The parties will bear the costs of arbitration equally, unless the arbitrators decide otherwise, and, to the extent permitted by applicable law, the arbitrators have the power to award recovery of all costs and fees (including attorneys', administrative, and arbitrators' fees) to the prevailing party. D. Other Matters and Miscellaneous: To the maximum extent practicable, an arbitration proceeding hereunder must be concluded within ninety (90) days of the filing of the Disputes with the AAA. The provisions of this paragraph 18 survive any closing, termination, amendment, or expiration of the Agreement, unless the parties otherwise expressly agree in writing. E. CONFIDENTIALITY: Each party agrees to keep all Disputes and Mediation and arbitration proceedings strictly confidential, except for disclosures of information required in the ordinary course of business of the parties or by applicable laws. AGREEMENT OF PARTIES: Buyer and Seller agree that this written contract contains the entire agreement between them. NO ORAL STATEMENTS, PROMISES, OR REPRESENTATIONS BY EITHER SELLER OR BUYER CAN BE USED TO CHANGE, ADD TO OR VARY FROM THIS CONTRACT. BUYER EXPRESSLY STIPULATES AND ACKNOWLEDGES, WITHOUT RESERVATION, THAT NEITHER SELLER NOR ANY OF SELLER'S EMPLOYEES HAVE MADE ANY ORAL STATEMENTS, PROMISES, OR REPRESENTATIONS WHICH ADD TO, CHANGE, MODIFY OR VARY THE TERMS OF THIS CONTRACT. BUYER FULLY UNDERSTANDS AND HAS BEEN SPECIFICALLY APPRISED BY SELLER AND AGREES WITH SELLER THAT SELLER'S EMPLOYEES HAVE NO AUTHORITY TO MAKE, AND SELLER SHALL NOT BE BOUND BY, ANY ORAL STATEMENTS, PROMISES, OR REPRESENTATIONS BY SELLER OR SELLER'S EMPLOYEES WHICH PURPORT TO CHANGE, MODIFY, ADD TO OR VARY THE TERMS OF THIS CONTRACT. THIS CONTRACT THEREFORE EMBODIES AND CONTAINS THE COMPLETE AGREEMENT OF THE BUYER AND SELLER, INCLUDING EVERY OBLIGATION AND REPRESENTATION PURSUANT THERETO AS BETWEEN BUYER AND SELLER. This contract cannot be changed except by the Parties' written consent. This contract shall become efi~ctive as of the date it is signed and accepted by Seller. This contract is made and shall be construed under the laws of the State of Texas. Seller Initials Salesperson Initials White - Office Yellow - Sales Pink - Buyer Buyer Initials Page 3 of 4 23. 24. REAL ESTATE AGENT: __ There is no Rea! Estate Agent involved with this purchase. There is a Real Estate Agent involved with this purchase. The Real Estate Agent is: License Number: Address: Office Telephone: SPECIAL PROVISIONS: Company Name: EXECUTED in triplicate originals this day of ,20 , to be binding and effective upon acceptance by Coppell Townhomes, LLC as evidenced by signature of its authorized officer below (the "Effective Date"). SALESPERSON BUYER BUYER Buyer's Address: City State Zip Buyer's Phone: ( ) Office: ( ) ACCEPTED: COPPELL TOWNHOMES, LLC BY Seller Initials White - Office Yellow - Sales Pink - Buyer Date Salesperson Initials Buyer Initials Page 4 of 4 COPPELL TOWNHOMES, LLC Job tl Page_ OPTION ADDENDUM Buyer Buyer Subdivision Unit Building Address Plan Number Elevation As per the Buyer's request, the cost of these options will be included in the sales price, as listed in Item 3A of the earnest money contract. All Buyer requests for changes, credits, deletions and alterations of the options are not a condition of the original agreement and will not be considered as a seller's requirement. Buyer(s) agree that if their application for a home loan is rejected by the lending institution or, for any reason, Buyer(s) fail to complete the pumhase, any money collected for the following changes will be retained by Seller. At the time this option addendum is executed, a minimum deposit of 50% is required. This option addendum is not binding until accepted by The Coppell Townhomes LLC. The salesperson's signature does not constitute acceptance. DESCRIPTION OF CHANGES EXTRA COST TOTAL: $ REQUIRED DEPOSIT: $ (Minimum 50%) CHECK #: SALESPERSON DATE PROJECT MANAGER DATE COPPELL TOWNHOMES, LLC DATE BUYER DATE BUYER DATE White- Office Yellow - Sales Pink- Buyer Job # COPPELL TOWNHOMES, LLC Number Page of CHANGE ORDER Buyer Buyer Phone Number: Home Work Subdivision Unit Building Address Plan Number Elevation Buyer(s) agree to pay the Seller the price for each change shown below. At the time this change order contract is executed, a minimum deposit of 50% is required. Buyer(s) agree that if their application for a home loan is rejected by the lending institution or, for any reason, Buyer(s) fail to complete the purchase, any money collected for the following changes will be retained by the Seller. This change order is not binding until accepted by Coppell Townhomes, LLC. The salesperson's signature does not constitute acceptance. DESCRIPTION OF CHANGES EXTRA COST SALESPERSON DATE PROJECT MANAGER DATE COPPELL TOWNHOMES, LLC DATE White - Office Yellow - Sales Pink- Buyer TOTAL: $ REQUIRED DEPOSIT: $ (Minimum 50%) CHECK #: BUYER DATE BUYER DATE