Assistance with contracts / Addendum

[Christopher Batista]

I’d like to know what resources I can access to be able to find what to include in an contract / addendum. Can anyone help !

[Jerry Puckett]

Hello @Christopher Batista

I generally advise, and personally use the State's promulgated contract 90% of the time, even though it appears to be more complex (it isn't....almost all of the boxes are filled or checked in the same manner every deal, with relatively few unique entries required.).

Why? Because that's what Realtors, Agents, Brokers and JUDGES are expecting to see. It's the one in normal use and promulgated by the State. If you use one, you cut the chances of losing a conflict (should one arise) in half automatically. However, if you choose to use something different, well now the governing authority looks closer to see why you are above the State contract and what you might be trying to get away with as a non licensed person. (Licensees are generally required to use the State promulgated contract).

I generally reserve the use of a shorter (shorter...not simpler) for those times I am working with another investor who's like "it'll close when it closes"

That said, there is nothing wrong with using a custom contract so long is it lines up with State requirements. I would highly recommend you pass the contract by an actual attorney before using it. Your first step would be to get ahold of the actual State contract through either a Broker, Agent or Real Estate association.

Texas makes it easy, all of the State contracts and addendum are published in one place. I didn't dig deeply, but I found this at the NCRealtors.org site. Might be a good place to start reading through it....it looks pretty standard.

Hope that helps.