Who holds the earnest money check under the One to four family residential contract once it has been executed by both parties?


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BRYAN-COLLEGE STATION BOARD OF REALTORS®

ONE TO FOUR FAMILY RESIDENTIAL EARNEST MONEY CONTRACT (RESALE)
ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR OWNER FINANCED

PROMULGATED BY TEXAS REAL ESTATE COMMISSION

NOTICE: Not For Use For Condominium Transactions

PARTIES Southwest Savings and Loan

Selleri agrees to kell and convey to Mark A. Hardaway and Deborah Lynn Hardaway

Buyer) and Buyer agrees to buy from Seller the property described below

Block 13

Philips Addition Adation, City of Bryan Brazos

County, Texas, Enown as 500 E. 30th

Address); or a described on attached exhibit, together with the following in af any curtains and rous, drapenes sa rodsvalaxces. Winds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrons fixed in place, ceiling lans, alte lans, mail boxes, tekvision ennas. permanently installed heating and air conditioning units and equipment, built-in secunity and fure detecten cyuipment, loptring and plumbing fixtures, water softena, trash compactor, fungt door openen with controls, shrubbery and all other property owned by Seller an Mached in the abone described real property All property sold by this contract called ** Property". CONTRACT SALES PRICE A Cash porabke a closing

2,600 8 Sum of all financing described in Paragraph 4 below

23,400 C Saks Prxe Sum of A and B)

26,000
FINANCING (Check applicable bones below) GA ALL CASH This is an all cash sake; no financing is involved. OB ASSUMPTION

(1) Buyer's assumption of the unpaid principal balance of a first lien promissory wote payable to. in present monthly installments of S

- including principal, interest and any reserve deposits, with Buyer's first installment payment
being payable on the first installmens payment date after closing the assumed principal balance of which a closing will be
12) Buyer's assumption of the unpaid principal balance of a second lien promissory note payable to in present monthly installments of

- including principal, interest and any reserve deposits, with Buyer's first installment payin being payable on the first installment payment date after closing the assumed principal balance of which a closing will be Buyer'i assumpion of an existing not includes all obligations imposed by the deed of trust securing the role. If the temal principal balance of all assumed loans vertes in en wound preier than $350.00 a closing either perty many terminate this comunest and the Earxes

at Money shall be refunks to Buyer. If the colcholder um assumption (a) requires Buyer to pay an assumption fee in exces of B(1) abune u

in B(2) above and Seller declines to pay such ccess or (b) raises the cresting in CTC rate aburre in Bellatunt u

in B(2) above. Buyet mey terminate this context and the Eames Money shall be refunded w Buyet. The cash payable at cloning shall be adjusted by the amount of any vanance in the loan balance(s) shown above. NOTICE TO BUYER Monthly payments, interest rates or other terms of some loans may be adjusted ha closing. Before signing the contract, clamine the noues and deeds of trust to determine the possibility of future adjustments.

OC THIRD PARTY FINANCO. 01. A third party first lica note of

due in full in

-year(s). payable in initial monthly payments of principal and interest not exceedings

for the first

year(s) of the loan. 02 A third party second lien sok of

due in full in

-yearts). payable in initial monthly payments of principal and interesi nox caceedings

for the first

-year(s) of the loan. NOTICE TO PARTIES. Before signing this contract Buyer is advised to determine the financing options from kender. Cenain loans have variable rates of interest, some have monshly payments which may not be sufficient to pay the accruing interest, and soms have interest rate bwydowns" which reduce the nok of interes for part or all of the loan term at the apense of one or more of the parties to the contract.

TEXAS VETERANS HOUSING ASSISTANCE PROGRAM LOAN:

al subject to approval for Buyer of Teras Veterans' Housing Assistance Program Loan (the Program Loun) in an amount of for a period of at least

year o the interest rase established by the Texas Veterans' Land Board at the time or OXE SLLER SANCED A promissory note from Buyer to Seller in the amount of s23, 400

aring

intertal per annum. and to (30 year amortization, 9 year Balloon) O 1. In one payment due

after the date of the more intepayable X5C ? In installments of s

205.37

IX including interesi plus interest beginning
after the date of the note and continuing a

monthly intervals thereafter for

9

-years) when the entire balance of the not shall be due and payable, Os Interest only in

installments for the first

yearts) and thereafter in installments of S. 1 including interest I plus interest beginning

her the date of the note and continuing a intervals thereafter for

-year(s) when the entire balance of the role is due and payable. 04. This conu xt is subject to Buyer furnishing Seller evidence of good credit within

days from the effective date of this contract. If once ol disapproval of Buyer's credit is not given within five (5) days thereafter, Seller shall be deemed to have approved Buyer's credu. Buyer screby

suthonxes Buyer's credit report to be furnished to Selle. Any Seller financed some may be prepaid in whole or in pan e any time without penalty The lien securing payment of such rate will be inktur to any leen securing any loun swmed a given in connection with third party financing If an Owner's policy of Ticke Insurance is furnished. Buyer shall furnish

Seller with a Mungages s Tilk Policy Buyer shall apply for all third party financing or notcholder's approval of Buyer for assumption and waiver of the right to accerate the nose within days from the effective case of this contract and shall make every reasonable ellon no obain the same. Such financing or assumption shall have been approved when Buyer has satisfied all of lender's financial conditions, e.g.. wake of other property requirement of co-signee ar financial verifications. If such financing or notcholder's approval and wriver is not obtained within

days from the elective data hercol, this contract shell terminal and the Earnest Money thall be refunded to Buyer EARNEST MONEY $ 500.00