I am looking for ways to incorporate known costs into a Texas standard TREC condo form between myself and the seller on an off market deal.
I have a list of things that I want done, so I would like to include these in the contract and bump the sales price to cover these by the seller to minimize out of pocket costs.
I have just completed a remodel on a similar unit in the building so I know pretty much what I want to do this round 😉
New AC needed. $5400
Electrical work needed. $1500
Plumbing work (replace all shutoff valves as recommended by HoA & install shutoff valves for the unit) $1500
SS appliances $1750
Lighting fixtures $800
Replace doors and paint $1500
What can be included?
My title company said they would just need an invoice at closing to cut a check to the contractor.
From my research (I am not a realtor) it appears this must go in section 7.d(2) of the form:
(2) Buyer accepts the Property As Is provided Seller, at Seller’s expense, shall complete the
following specific repairs and treatments: ________
. Do not insert general phrases, such as “subject to inspections,” that do not identify
specific repairs and treatments.)
Looking forward to your feedback. Thanks for the creative financing assist! The last condo put a bigger strain on my finances than I expected, so trying to learn from it this round 😇
Why not just go custom? TREC is limited as a form contract. you'll be typing very long paragraphs anyway.
@Ronald Rohde thanks that is a possibility. Do you have any insight as to which of these would be allowed?
I can have my title company draw up a contract, I was just trying to keep it simple by using the default state form.
You can list all of those repairs/improvements. I agree that the title company can just cut a check, the biggest hurdle is likely with (any) lender.
@Ronald Rohde . Perfect. Thank you! I am working with the lender as well. So I can clear these thru them before we finalize the contract.