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 ExchangeI IMPORTANT 

Here is a list of everything you missed on case two. I only counted off one point for your formatting:
– only the street address goes in the top of the Addendum for Sale…, not the lot and block
– wrong days – B – Addendum for Sale…
– missing addresses top of pages 7-11
– You messed up the formatting on the form. Were you using MS Word?
– “2 days and 7days” don’t belong in 21
– missing both addresses – 21
– Seller Financing Addendum, Loan Assumption Addendum, and Short Sale Addendum should not be checked – 22
– Addendum for Sale of Other Property… should be checked – 22
– Nothing goes in either blank – 23
– wrong date – “Executed” box
– both agent’s names in the wrong blanks – Broker Information
– missing information in the “Broker Firm” blanks
– two missing checkmarks – “Broker Information”
– nothing goes in either “Team Name” blanks
– missing commission percent – bottom of page 10
– missing address top of Third Party Financing Addendum
– missing two checkmarks – 1A – Third Party Financing Addendum
– wrong origination charge percent – 1A
– nothing goes in all 24 blanks – 1A(2)
– missing checkmark – 2A and wrong days – 2A – Financing Addendum
– missing address – top of second page – Financing Addendum
– nothing goes in 4 – Financing Addendum