# PURCHASE AGREEMENT SUMMARY — Vasquez / Hines

**[SYNTHETIC EXAMPLE — AI-generated; closer/attorney review required before reliance]**

## 1. Header

| Field | Value |
|---|---|
| Property | 1414 Linden Ave, Austin, TX 78704 |
| State | Texas |
| Form version | TREC 20-17 (One to Four Family Residential Contract — Resale) |
| Documents received | PA (executed 2024-08-05); Amendment #1 — Inspection / Repair Credit (executed 2024-08-23); Seller's Disclosure Notice (signed 2024-08-04); Lead-Based Paint Addendum (N/A — post-1978); Third Party Financing Addendum |
| Effective date | 2024-08-05 (date of last signature) |
| Summary date | 2024-09-13 |
| Disclaimer | (See Section 15 — appears verbatim at end) |

## 2. Deal Snapshot

| Field | Value |
|---|---|
| Buyers | Maria E. Vasquez, an unmarried woman |
| Sellers | Robert J. Hines and Linda K. Hines, husband and wife |
| Property | 1414 Linden Ave, Austin, TX 78704; APN R-104-22-7 |
| Price | $515,000.00 (current controlling) |
| Total EMD | $7,500.00 |
| **Option Fee** | **$200.00 (paid to seller, not escrow — TX-specific)** |
| Closing Date | 2024-09-17 |
| Possession | 2024-09-17, 5:00 PM (concurrent with closing) |
| Loan Type / Amount | Conventional 30-year fixed; $412,000 |
| Title Co. | Capitol Title Co. (Travis County) |
| HOA | Yes — Linden Heights HOA |
| Special Assessments | Not stated — confirm local custom |
| Key Flags | Critical: 1; High: 1; Medium: 2; Low: 1 |

## 3. Parties & Contacts

- **Buyer:** Maria E. Vasquez, an unmarried woman. Address on PA p. 1.
- **Seller:** Robert J. Hines and Linda K. Hines, husband and wife. Address on PA p. 1.
- **Listing broker:** Tate & Co. Realty (Lisa Tate). License #0123456. Commission: 3.0%.
- **Selling broker:** Linden Realty Group (Andrew Park). License #0234567. Commission: 3.0%.
- **Title / escrow:** Capitol Title Co., Austin office. Escrow officer: D. Marquez.
- **Lender:** First Travis Bank, N.A. (loan officer: K. Olalde).
- **Buyer's counsel:** J. Mireles, Esq., Mireles Law PLLC.
- **Seller's counsel:** None of record.

No spousal-acknowledgment issues identified (buyer unmarried; seller spouses both signing). No corporate signers. Names consistent across documents.

## 4. Property Details

- **Address:** 1414 Linden Ave, Austin, TX 78704.
- **APN:** R-104-22-7 (Travis CAD).
- **Legal description:** Lot 7, Block 4, Linden Heights Section Two, City of Austin, Travis County, Texas, per plat recorded Vol. 88, Page 144, Travis County Plat Records.
- **County:** Travis.
- **Additional parcels / outlots:** None.
- **Personal property included:** All built-in appliances; ceiling fans; window coverings; refrigerator (per Amendment #1).
- **Personal property excluded:** Washer and dryer; seller's wall-mounted television in primary bedroom.
- **Bill of Sale required?** No — included items conveyed via PA inclusion; refrigerator added via Amendment #1.

## 5. Price, Earnest Money & Credits

| Item | Value | Source |
|---|---|---|
| Original purchase price | $515,000.00 | PA § 3 |
| Current controlling price | $515,000.00 | PA § 3 (no price amendment) |
| Escalation clause | None | N/A |
| EMD #1 | $7,500.00 to Capitol Title; deposited 2024-08-08 | PA § 5 |
| **Option Fee** | **$200.00 to Seller; paid 2024-08-05; expires 2024-08-22** | **PA § 23 — TREC promulgated Termination Option** |
| Repair credit | $3,200 (in lieu of repairs) | Amendment #1 |
| Closing-cost credit | $4,000 from seller | PA § 11 |
| Rate buy-down credit | None | N/A |

**Flag (TX-specific):** Option Fee is paid to seller, not escrow — kept separate from EMD per `references/STATE-OVERLAYS.md`.

**Flag (lender):** Seller credits totaling $7,200 ($4,000 closing-cost + $3,200 repair). Confirm acceptable under loan program.

## 6. Financing & Appraisal

- **Loan type:** Conventional 30-year fixed.
- **Loan amount:** $412,000.
- **Down payment:** $103,000.
- **Application deadline:** 2024-08-12 (PA § 4 / Third Party Financing Addendum).
- **Commitment / approval deadline:** 2024-09-09 (Third Party Financing Addendum § 2).
- **Appraisal contingency:** Lender-driven; standard low-appraisal termination right per Third Party Financing Addendum.
- **Appraisal status:** Cleared 2024-08-30 ($518,000 appraised).

## 7. Contingencies

| Contingency | Responsible | Deadline | Status | Remedy if unsatisfied |
|---|---|---|---|---|
| TREC Option (unrestricted termination) | Buyer | 2024-08-22 | **Closed** | Termination during option period; option fee retained by seller |
| Repair request / resolution | Buyer | 2024-08-22 (within option period) | **Resolved via repair credit** | Termination + EMD return |
| Financing | Buyer | 2024-09-09 | **Cleared** | Termination + EMD return |
| Appraisal | Buyer (lender) | 2024-08-30 | **Cleared** | Termination + EMD return |
| Title | Buyer | 2024-09-04 | **Cured** | Termination + EMD return |
| Survey | Buyer | 2024-08-26 | **Cleared (existing accepted)** | Termination + EMD return |
| HOA documents review | Buyer | 2024-08-19 | **Reviewed; no objection** | Termination during review window |

## 8. Title, Survey & Closing Documentation

**Title:**
- Title company selected by: buyer.
- Owner's policy: required; paid by seller (Texas custom).
- Lender's policy: required; paid by buyer.
- Permitted exceptions: standard plus the mineral-rights reservation per 1971-09-08 deed; recorded HOA covenants.
- Commitment delivered 2024-08-12 (effective date 2024-08-09).
- Objection deadline 2024-09-04 — **cured.**

**Survey:**
- Existing survey accepted with affidavit of no change (standard TLTA T-47).
- Cost: N/A (existing).

**Closing documents:**
- Deed: Special Warranty Deed.
- Bills of sale: None separately required.
- Affidavits: debts and liens; FIRPTA (non-foreign seller affidavit).
- Settlement statement: ALTA-style; Closing Disclosure issued 2024-09-12 (see `closing-disclosure` review memo).

## 9. HOA & Condominium

- **Association:** Linden Heights HOA.
- **Disclosure delivery:** 2024-08-13 (within statutory window).
- **Buyer review period:** 6 days; concluded 2024-08-19; no objection.
- **Transfer fee allocation:** $250 transfer fee paid by buyer per HOA estoppel.
- **Master insurance:** N/A (not a condominium).
- **Estoppel value (current):** Pending as of memo date — see Section 14.

## 10. Closing Date, Possession & Occupancy

- **Closing date:** 2024-09-17. **Time is of the essence** per PA § 7.
- **Possession date:** 2024-09-17 at 5:00 PM (concurrent with closing).
- **Rent-back / use-and-occupancy:** None.
- **Per diem holdover rate:** Not specified.
- **Utility transfer:** Buyer responsible from possession.

## 11. Closing Costs, Taxes & Prorations

| Cost | Allocation | Source |
|---|---|---|
| Owner's title policy | Seller | PA § 6 (TX custom) |
| Lender's title policy | Buyer | PA § 6 |
| Escrow / closing fee | Split 50/50 | PA § 6 |
| Recording fees | Buyer (deed); Seller (release) | PA § 6 |
| Transfer taxes | None at TX state level | N/A |
| Survey | N/A (existing) | Amendment to PA |
| Pest inspection | Buyer (if ordered) | PA § 7 |
| Home warranty | Not selected | PA § 7E |

**Prorations:**
- **Tax proration method:** "Calendar year basis using the most recent tax bill available at closing" (PA § 12 verbatim).
- **HOA dues:** Through closing date (PA § 14).
- **Rents:** N/A.
- **Utilities:** Through closing date.

## 12. Addenda & Amendments Inventory

| # | Name / Label | Date | Signing status | What it modifies | Source pages |
|---|---|---|---|---|---|
| 1 | Amendment #1 — Inspection / Repair Credit | 2024-08-23 | Fully executed | Adds $3,200 repair credit; adds refrigerator to included items | Amendment #1 pp. 1–2 |
| 2 | Third Party Financing Addendum (TREC promulgated) | 2024-08-05 | Fully executed | Loan type, amount, deadlines, low-appraisal termination | TPF Addendum pp. 1–2 |
| 3 | Seller's Disclosure Notice (Tex. Prop. Code § 5.008) | 2024-08-04 | Signed by sellers | Statutory disclosure | SDN pp. 1–4 |
| 4 | Homeowners' Association Addendum | 2024-08-05 | Fully executed | HOA disclosures, review period | HOA Addendum p. 1 |

No referenced addenda missing from file.

## 13. Critical Dates & Deadlines

| Item | Deadline (as written) | Computed | Status | Source |
|---|---|---|---|---|
| Effective date | "Last signature" | 2024-08-05 | — | PA p. 8 |
| EMD deposit | "Within 3 days of execution" | 2024-08-08 | Passed | PA § 5 |
| Loan application | "Within 5 days of effective date" | 2024-08-10 | Passed | TPF Addendum § 2 |
| TREC option period | 17 days | 2024-08-22 | Passed | PA § 23 |
| Repair-request deadline | "By end of option period" | 2024-08-22 | Passed | PA § 23 |
| Appraisal contingency | "Within 25 days of effective date" | 2024-08-30 | Passed | TPF Addendum § 2 |
| Title objection | "Within 5 days of commitment delivery" | 2024-09-04 | Passed | PA § 6 |
| Loan commitment | "Within 35 days of effective date" | 2024-09-09 | Passed | TPF Addendum § 2 |
| Closing | "On or before" | 2024-09-17 | Future (≤ 7 days) | PA § 7 |
| Possession | "At closing" | 2024-09-17 5:00 PM | Future (≤ 7 days) | PA § 10 |

## 14. Flags & Follow-Up

**Critical:**
- HOA estoppel current dollar figure not yet incorporated on Closing Disclosure (Page 4 HOA dues field). **Action:** Capitol Title to populate before closing on 2024-09-17. **Owner:** Capitol Title.

**High:**
- Recording fee on CD ($235) exceeds Loan Estimate ($145), creating a zero-tolerance variance of $90. **Action:** Cure $90 to borrower (or correct CD if recording fee is wrong). **Owner:** First Travis Bank. (See `closing-disclosure` review memo of same date for cure methodology.)

**Medium:**
- Special-assessment allocation not stated in PA. **Action:** Confirm Linden Heights local custom or HOA estoppel disclosure. **Owner:** Capitol Title.
- Seller credits totaling $7,200 ($4,000 closing-cost + $3,200 repair). Confirm acceptable under loan program guidelines. **Owner:** First Travis Bank.

**Low:**
- Mineral-rights reservation per 1971 deed accepted as Schedule B exception. Buyer awareness only. No action required.

## 15. Source Map

| Category | Source |
|---|---|
| Buyers | PA p. 1; SDN p. 1 |
| Sellers | PA p. 1; SDN p. 1 |
| Property address | PA p. 1; HOA Addendum p. 1 |
| APN / legal description | PA Exhibit A; Title Commitment Schedule A |
| Price (controlling) | PA § 3 |
| Price history | PA § 3 (no amendment) |
| EMD | PA § 5 |
| Option Fee | PA § 23 |
| Repair credit | Amendment #1 § 1 |
| Closing-cost credit | PA § 11 |
| Loan terms | TPF Addendum §§ 1–2 |
| TREC option period | PA § 23 |
| Inspection / repair deadlines | PA § 23; Amendment #1 |
| Title commitment / objection | PA § 6; Title Commitment dated 2024-08-12 |
| Survey | PA § 6; T-47 Affidavit dated 2024-08-04 |
| HOA disclosures | HOA Addendum; HOA estoppel dated 2024-09-10 |
| Closing date / possession | PA §§ 7, 10 |
| Cost allocations | PA § 6 |
| Prorations | PA §§ 12, 14 |

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## Disclaimer (verbatim)

> Operational summary for title and escrow processing only. Not legal advice. Verify all terms against the fully executed purchase agreement, counteroffers, amendments, and addenda. Flagged items require human review before reliance.