AI Texas Purchase Agreement

1. Parties

Buyer Full Name(s): [[Buyer Name]]

Buyer's Current Address for Notices: [[Buyer Notice Address]]

Seller Full Name(s): [[Seller Name]]

Seller's Current Address for Notices: [[Seller Notice Address]]

If either party is married, both spouses should execute this Agreement unless the Property is separate property.

2. Property

The real property that is the subject of this Agreement is located at:

[[Property Address]]

Legal Description (from current deed or title commitment):

[[Full Legal Description]]

Tax Parcel / Appraisal District ID: [[Parcel ID or Tax ID]]

The Property includes the land, all improvements and structures, all fixtures and appurtenances, and all rights and privileges pertaining to the Property, except as expressly excluded in writing.

3. Purchase Price

The total purchase price for the Property is [[Purchase Price]] (the "Purchase Price").

The Purchase Price shall be paid as follows:

• Earnest money deposit as provided in Section 4

• Additional sums at or before closing, including any loan proceeds or cash balance

Buyer represents that Buyer has sufficient funds or financing approval to complete the purchase, subject to any financing contingency below.

4. Earnest Money Deposit

Within 3 business days after the Effective Date of this Agreement, Buyer shall deliver to the escrow agent [[Escrow Agent / Title Company Name]] (the "Escrow Agent"), located at [[Escrow Agent Address]], the sum of [[Earnest Money Amount]] as earnest money (the "Earnest Money").

The Earnest Money shall be held in a federally insured escrow or trust account. The Escrow Agent is authorized to release the Earnest Money only upon written agreement of the parties, a final court order, or as otherwise provided in this Agreement or by law.

Failure by Buyer to timely deliver the Earnest Money constitutes a default by Buyer, and Seller may terminate this Agreement.

5. Option Period and Option Fee - Unrestricted Right to Terminate

Buyer has paid (or will pay upon execution) a non-refundable Option Fee in the amount of [[Option Fee]] to Seller in consideration for the Option Period.

The Option Period shall be [[Option Period Days]] days, commencing on the Effective Date and expiring at 5:00 p.m. local time on the final day of the Option Period.

During the Option Period, Buyer shall have the unrestricted right to terminate this Agreement for any reason or for no reason whatsoever by delivering written notice of termination to Seller or Seller's agent. Upon timely termination:

• The Earnest Money shall be returned to Buyer

• The Option Fee shall be retained by Seller as consideration for granting the Option

This Texas-specific Option Period (sometimes called the "free look" or unrestricted right to terminate) is a key feature of Texas residential contracts and is distinct from ordinary inspection contingencies in other states.

Buyer may obtain inspections, surveys, appraisals, and other due diligence during the Option Period at Buyer's sole expense.

6. Financing Contingency

This Agreement is:

☐ All cash - no financing contingency. Buyer shall provide proof of funds within [[Proof of Funds Deadline]] days.

☐ Contingent on financing. Buyer shall apply for a loan in the amount of approximately [[Loan Amount]] within [[Loan Application Deadline]] days. Buyer shall obtain a written loan commitment on or before [[Financing Deadline]].

If Buyer is unable to obtain financing meeting the terms despite good-faith efforts, Buyer may terminate by written notice before the Financing Deadline and receive return of the Earnest Money (Option Fee retained by Seller if after Option Period or as agreed).

7. Inspection, Appraisal, and Due Diligence Period

Buyer may have the Property inspected during the Option Period and any additional agreed inspection period by qualified inspectors of Buyer's choosing. Seller shall provide reasonable access.

Buyer may also obtain an appraisal. If the appraised value is less than the Purchase Price, Buyer may renegotiate or terminate under any applicable appraisal contingency.

8. Title Examination, Survey, and Objections

Seller shall deliver or cause to be delivered to Buyer a title commitment within [[Title Commitment Deadline]] days after the Effective Date.

Buyer may obtain a new survey at Buyer's option and expense. Buyer shall have [[Survey / Title Objection Period]] days after receipt of the title commitment and survey (if obtained) to object to title defects or survey matters.

Seller shall have a reasonable period to cure valid objections. If Seller cannot or will not cure, Buyer may terminate and receive return of Earnest Money.

9. Seller's Disclosure Notice

In accordance with Texas Property Code § 5.008, Seller shall complete and deliver to Buyer the Texas Seller's Disclosure Notice (or substantially equivalent form) disclosing all known material facts and defects affecting the Property, including but not limited to:

• Structural or foundation issues

• Roof, plumbing, electrical, or HVAC defects

• Previous flooding, water penetration, or mold

• Prior repairs or insurance claims

• HOA or subdivision violations

• Any known lead-based paint or other hazards

Seller represents that the disclosures are true and complete to Seller's actual knowledge as of the date of the Notice. Delivery of the Notice is required for most residential sales; certain transfers are exempt (foreclosure, court-ordered, new construction in limited cases, etc.).

10. Lead-Based Paint Disclosure and Federal Requirements

If the residential dwelling on the Property was constructed before January 1, 1978, the following apply:

• Seller must disclose all known lead-based paint and/or lead-based paint hazards

• Seller must provide Buyer with the EPA pamphlet "Protect Your Family From Lead in Your Home"

• Buyer has ten (10) days (or other agreed period) to conduct a lead-based paint inspection or risk assessment at Buyer's expense, unless waived in writing

The required federal Lead-Based Paint Disclosure Addendum is incorporated herein or attached as an exhibit.

Year Property built: [[Year Built]]

Lead disclosure applies: [[Yes / No / Unknown]]

11. Closing Date and Possession

Closing shall take place on or before [[Closing Date]] at the office of the Escrow Agent or such other place as the parties agree.

Possession of the Property shall be delivered to Buyer:

☐ At closing

☐ [[Other Possession Arrangement, e.g. 3 days after closing or as agreed]]

Seller shall deliver the Property in its present condition, reasonable wear and tear excepted, broom clean, with all personal property not included removed, and all utilities in working order unless otherwise disclosed.

12. Closing Costs and Prorations

Taxes, assessments, HOA dues, rents, and other items shall be prorated as of the closing date.

Responsibility for closing costs:

• Seller pays: [[Seller Closing Costs, e.g. owner's title policy, prorated taxes]]

• Buyer pays: [[Buyer Closing Costs, e.g. lender fees, survey if any, prorated items]]

Any transfer taxes or recording fees shall be paid as required by Texas law or local custom in the county where the Property is located.

13. Contingencies and Removal

Buyer's additional contingencies are: [[Contingencies]]

Each contingency must be satisfied or waived by written notice to the other party on or before the applicable deadline. Failure to give timely notice of termination results in waiver of the contingency.

14. Default and Remedies

If Buyer defaults after the Option Period (or fails to close when obligated), Seller may terminate this Agreement and retain the Earnest Money as liquidated damages (Option Fee already retained).

If Seller defaults, Buyer may:

• Terminate and receive return of the Earnest Money plus recovery of the Option Fee paid

• Seek specific performance of this Agreement

• Pursue other remedies available at law or in equity

The prevailing party in any dispute shall be entitled to reasonable attorney's fees.

15. Risk of Loss

Risk of loss or damage to the Property remains with Seller until closing. If the Property is materially damaged before closing, Buyer may terminate or negotiate an adjustment.

16. HOA / Condominium / Subdivision Obligations

If the Property is subject to a homeowners association or condominium regime:

HOA Name: [[HOA Name]]

Buyer shall receive copies of governing documents, current financials, and any special assessments within [[HOA Document Delivery Deadline]] days.

Seller shall pay any transfer or resale certificate fees required by the HOA unless otherwise agreed.

17. Assignment

Buyer may not assign this Agreement without Seller's prior written consent, which shall not be unreasonably withheld.

18. Notices

All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when:

• Personally delivered

• Sent by certified mail, return receipt requested

• Sent by overnight courier with tracking

• Sent by email with read receipt or confirmation of delivery

Notices shall be sent to the addresses set forth above or to such other address as a party designates in writing.

19. Governing Law and Venue

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to conflicts of law principles. Venue for any action shall be in the county in which the Property is located.

20. Entire Agreement; Amendments; Severability

This Agreement, together with all exhibits and addenda attached or referenced, constitutes the entire agreement between the parties. No modification shall be binding unless in writing and signed by both parties.

If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

21. Counterparts and Electronic Signatures

This Agreement may be executed in counterparts, each of which shall be deemed an original. Electronic signatures and PDF or electronic transmission of signed copies shall be deemed valid and binding.

22. Exhibits and Addenda

The following exhibits and addenda are attached to and made a part of this Agreement:

• Seller's Disclosure Notice (Texas Property Code §5.008)

• Lead-Based Paint Disclosure and Addendum (if applicable)

• [[Other Addenda or Exhibits]]

Signatures

SELLER

By: ___________________________________________ Date: [[Seller Signature Date]]

Printed Name: [[Seller Name]]

BUYER

By: ___________________________________________ Date: [[Buyer Signature Date]]

Printed Name: [[Buyer Name]]

BROKER / AGENT ACKNOWLEDGMENT (if applicable)

Listing Broker / Agent: [[Listing Agent Name]], License #: [[Listing Agent License Number]]

Buyer's Broker / Agent: [[Buyer Agent Name]], License #: [[Buyer Agent License Number]]

Each broker confirms delivery of required disclosures including the Information About Brokerage Services (IABS) form at first substantive communication.

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*Sample template - not professional legal advice. This incorporates elements of TREC-promulgated contract forms and Texas Property Code §5.008 (Seller's Disclosure), federal lead-based paint rules (pre-1978), and standard Texas earnest money and option practices. Texas license holders must use official TREC forms where required. Verify all terms, forms, and statutory requirements with a licensed Texas real estate attorney or broker prior to use. Information current as of June 2026.*