Is this Informal Offer Language a good starting place in Texas?
We've agreed verbally but are meeting this afternoon to sign the offer. I'm gleaning this from DeCima's book.
McLennan CAD Property ID:xxx
Legal Description (partial):xxx Block 3 Lot 4B 5 Acres 0.2083
ADDRESS: 2222 xxxx Ave.
Waco, Texas 76706-2906
DWELLING: The house and outbuilding(s) located at the above address
SELLER:Maria S xxx
BUYER:Waco House BUYER, LLC
TERMS:$xxx Cash
Terms and Conditions
SELLER warrants there are no outstanding “fix-it” letters or letters of demand for repairs, code violations, hazardous conditions or red tags from the city, county, or any other government agency.
Offer is contingent upon BUYER being able to obtain a standard fire insurance policy.
BUYER agrees to waive standard lead-based paint and asbestos tests required for older properties—years built from 1938 to 1952.
SELLER warrants DWELLING is “hooked up” and serviced by city/county water and sewer providers.
BUYER has observed marginal condition of roof on the DWELLING. BUYER will waive roof inspections and hold SELLER harmless for leaks in the DWELLING.
BUYER is aware that there are floor issues. BUYER will waive foundation inspections and hold SELLER harmless for foundation problems.
BUYER has observed possible termite damage. BUYER will waive the termite inspection and accept the DWELLING in “as is” condition.
SELLER warrants there are no unpaid utility assessments or undisclosed debts or liens, recorded or unrecorded, secured by the DWELLING and property being purchased.
SELLER shall remove all personal items, furniture, food or other items that are not part of the real estate within seven (7) days after acceptance of this offer.
BUYER shall have the right to inspect and approve DWELLING and property (inside and outside) with SELLER or her agent within seven (7) days after acceptance of this offer.
SELLER agrees that the heating and cooling unit that was removed from the DWELLING’S front room shall be returned in good working order.
BUYER and SELLER agree to the customary split of closing costs.
SELLER agrees to furnish at SELLER’s cost a Title Policy as part of this transaction.
Upon acceptance of this offer, BUYER or his agent will deliver a deposit of $1,000 to the closing Title Company (to be agreed upon). Closing shall be set for 60 days or sooner and the Balance of the purchase price will be paid at closing.
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BUYER’s AcceptanceDateSELLER’s AcceptanceDate