Welcome to the Kazi Law Firm! We are a boutique law firm steeped in Texas tradition personifying the warmth and congeniality consistent with southern hospitality. We believe in preserving integrity and professionalism with true Texan charm, staying true to our roots, while providing essential, affordable legal services to all. Located just north of Dallas, Texas in the rapidly growing suburb of Frisco; the Kazi Law Firm concentrates on contracts drafting and review, immigration law, will & estates, real estate law, landlord, tenant, mediation, and general business law needs.
Common Texas Purchase Contract Addendums
Third Party Financing Addendum
This addendum is used when any type of third-party financing is being used for all or some of the purchase price. In other words, the purchase is being financed by someone other than the buyer or the seller.
Addendum Concerning Right to Terminate Due to Lender’s Appraisal
This special addendum is only to be used in conjunction with the Third-Party Financing Addendum. It cannot be used in transactions involving FHA or VA financing. Additionally, this addendum has three options that can change a buyer’s ability to terminate because of an appraisal.
- Waiver: If your client selects this choice, they are waiving their right to terminate if the appraisal doesn’t satisfy the lender’s underwriting requirements. The form says if the lender reduces the amount of the loan, the buyer covers the difference between the loan and the sales price. Make sure your client understands the financial consequences.
- Partial Waiver: If your client selects this choice, they are waiving their right to terminate only if the appraisal meets or exceeds the amount they select for the space in (2)(ii). If the appraisal is lower than the amount in (2)(ii), the buyer may terminate if the appraisal doesn’t satisfy the lender’s underwriting requirements. The form says if the lender reduces the amount of loan because of the appraisal, and the appraisal is equal to or more than the amount written in (2)(ii), the buyer covers the difference between the loan and the sale price. Your client should carefully choose the amount for the space in (2)(ii).
- Additional Right to Terminate: If your client selects this choice, they have an additional right to terminate the contract due to the appraisal in certain circumstances. For example, your client might want an option to terminate if the property does not appraise for a certain dollar amount. Make sure your client carefully considers the appraisal amount that they are comfortable with and selects a time period that gives the lender enough time to obtain an appraisal. Please note: This addendum is not required or necessary if your client is not interested in modifying his/her right to terminate due to the lender’s appraisal.
Addendum for Seller’s Disclosure of Information on Lead-Based Paint
This addendum is used if the home being purchased was built before 1978. Federal regulations require that properties built prior to this time provide a lead paint disclosure that discloses any knowledge of lead-based paint and lead-based paint hazards before the property is sold.
Addendum for Property Subject to Mandatory Membership in a Property Owners Association (HOA)
When the property owner is required to be a member of a property owners association, this addendum will be used. With this form, the buyer may elect to receive or not receive information regarding the association. This addendum is not used for condominiums.
Addendum for Sale of Other Property by Buyer
In the case that the buyer is unable to purchase the property until their existing property has been sold, this addendum will be used. This addendum lists the contingent property address, a date by which the property must be sold, and the number of days a buyer has to waive their contingency in the event the seller receives another offer.
Non-Realty Items Addendum
Sometimes, the seller will agree to include additional items like a refrigerator, washer & dryer or patio furniture with the sale of the home. If this is the case, this addendum will be used to disclose these items if they haven’t already been mentioned in the property section of the purchase contract.
Seller’s Temporary Residential Lease
If the buyer agrees to lease back the property to the seller after the purchase has been completed, this form will be used as the lease. The form states the rental rate and security deposit amount as well.
I built my law practice on the premise of being a life raft in a sea of sharks. I want to be an advocate for those that have been wronged and are too intimidated to seek help. My firm is here to explore your options, guide you through your legal journey, and give you that safe space to ask questions! There’s no such thing as a stupid question…Only the ones you don’t ask. So, my question to my clients is not “do you have any questions?” But rather “what questions do you have?”
As always, the Kazi Law Firm is standing by to help you in your time of need. Don’t hesitate to contact us today. We specialize in real estate law, landlord-tenant disputes, immigration, and wills & estate planning. Family is at the core of our practice. Just as we treat our family with respect and understanding, we treat yours. Come join the Kazi Law Firm family today!
Why swim alone in shark-infested waters when you don’t have to?
