Is the contract automatically terminated if the closing date has passed?
No. Generally, once the closing date has passed, there are two ways to formally terminate the One to Four Family Residential Contract (Resale) (TAR 1601, TREC 20-14):
- The parties can agree to terminate and sign a document like Release of Earnest Money (TAR 1904) that releases both parties from further obligations under the contract.
- A judge can order a contract termination.
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So, are the parties still required to perform?
On item 6D , page 2 of the 1-4 Residential Contract, what goes in the blank?
I used to put “Residential Use” and an Austin MCE Instructor told us we were wrong. To put “None” which is correct?
What about the TAR form 1950 Seller’s Termination Of Contract when Buyer fails to go to closing??? Doesn’t that kill the contract?? Is that enough for Seller to start again??
The buyer of my family inherited vacant lot in Texas has been trying since 2014 to buy it. He has not paid court fees necessary to complete this purchase and the last closing date has passed. How/ what do I do to terminate this sale?
looks like you need a judge.
I had a cash offer on my home with the closing date set for Jan 12 2022. 7 days later after the set date no call or monies were deposited in my account. But I did observe my house listed on the market. Is this legal?
What happens when closing date was passed, twice, then no extension signed for the 3rd time. His house was off the market for 6 weeks. The Lender said they were waiting for Flood Insurance docs, then we find out delay was due to Buyer not having a job. Next day the Lender tells us the New Construction Home built on Concrete Slab has to have Termite Treatment. Buyer wants the Earnest money back. Seller feels he should have it. It probably wouldn’t have closed even if he did get the Termite Treatment because of the Buyer’s job situation.