Addendum

TXR 1953 — Addendum Regarding Residential Leases

This addendum addresses the handling of existing residential leases when a tenant-occupied property is sold. It provides two primary paths: (A) all leases must be terminated by closing with the property delivered vacant, or (B) existing leases are assigned by the Seller and assumed by the Buyer at c

Source: TXR
Form Number: 1953
Category: Addendum
Revised: November 7, 2022

Used For

Residential Sales

Form Outline

The TXR 1953 form is organized into the following sections:

  1. Header, Definition, and Consent Restriction
    Identifies the property, defines 'Residential Lease' broadly (includes addenda, amendments, and move-in condition forms), prohibits Seller from executing new leases or amending existing ones without Buyer's written consent, and requires selection of Option A or B.
  2. Termination of Residential Leases
    Requires all leases to be terminated by closing with the property delivered vacant. Includes an important notice that this paragraph alone does not terminate any lease — the Seller must take separate action to properly terminate leases per their terms and applicable law.
  3. Assignment and Assumption of Residential Leases
    Existing leases are assigned from Seller to Buyer at closing. The Buyer takes over as landlord. Includes detailed sub-provisions for lease delivery, security deposits, Seller's representations, and remedies for untrue representations.
  4. Delivery of Residential Leases
    Three sub-options for lease delivery: (a) Buyer already has copies, (b) Seller must deliver within 3 days and Buyer gets a review period, or (c) oral leases are disclosed by name, amount, and term. Multiple options may be selected (e.g., (b) for written leases and (c) for oral leases).
  5. Security Deposit Transfer
    Requires Seller to transfer all security deposits to Buyer at closing. Buyer must provide each tenant with a signed written statement acknowledging the ownership change and the exact security deposit amount, per Texas Property Code Section 92.102.
  6. Seller's Representations Regarding Leases
    Seller represents (to their knowledge) seven statements about the status of each lease. Any exceptions must be explained in writing. These representations are qualified by 'to Seller's knowledge.'
  7. Post-Effective Date Changes to Representations
    If any of the Seller's representations become untrue after the Effective Date, Seller must promptly notify Buyer and has 7 days to cure. If not cured, Buyer may terminate within 5 days. Failure to terminate means Buyer waives the right. The Closing Date extends as needed to accommodate the notice and cure process.

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