Investor · Leander, TX · Member since 2018 · 11 posts · 2 votes
Hi All - Can anyone direct me to:
1.) Where can I get a "Purchase Agreement" template? Ideally, I'd like to be able to modify it with exit clauses and so forth.
2.) Directions as to how to fill it out? Ideally, I'd like to read, or listen to, or view someone giving some "wisdom" as to how to use a Purchase Contract to one's advantage, i.e. putting together an "offer" and then filling that into the Contract form. Are there any videos, podcasts, articles or blogs on this subject?
I happen to be in Texas, so I guess that makes a difference for these forms, but still any advice from other states would be welcome as well. Thank you!
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
8y
What is it you are trying to purchase? It sounds like you have a lot of issues that an attorney could address for you. As stated the TREC forms are pretty good.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8y
Hi David. In TX you have great forms called TREC. They appear to be completely downloadable and fill-inable (if that's a word!).
Most will be residential 1-4 family residential resale for you. They also have forms for new const, vacant land, condos, etc. The forms are at trec.texas.gov
To get the legal desc and parcel #, I go to my county assessors website. For full details on how to complete a p&s, ask a title co or buy a realtor lunch, maybe. Good to talk to a quality realtor anyway. Good luck!
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
8y
As @Steve Vaughan stated, publicly accessible forms are available at TREC.texas.gov. As far as completing them, there are some videos available online but you want to be cautious when using that information since so much of it is old or simply put out there by minimally active and informed agents / investors. There are many intricacies in the TREC form (or any contract form) you want to educate yourself on so you know what your obligations and rights are under that contract form.
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
8y
What is it you are trying to purchase? It sounds like you have a lot of issues that an attorney could address for you. As stated the TREC forms are pretty good.
Investor · Leander, TX · Member since 2018 · 11 posts · 2 votes
8y
Thank you for the replies so far!
Yes, I have seen the TREC site and forms. Thank you very much for confirming these as being legit. But I didn't know whether these forms were the actual forms that real people used - ha! And from other forum posts I've read, people have complained about their complexity.
Investor · Leander, TX · Member since 2018 · 11 posts · 2 votes
8y
@Ronald Rohde - I hear you. I intend to work with an attorney. I just don't want to start off from bare-metal scratch with an attorney; I'd like to have some kind of a "foundation" to start with - like good contract forms, for one - and then engage an attorney. Being an attorney, yourself, does that sound reasonable? To answer your question: I'm planning on purchasing an investment property - hopefully small multifamily. Thank you for confirming that the TREC forms are good, too!
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
8y
Yes, in fact, I prefer it when my clients are prepared and know what items on the contract they want to modify and why.
Any standard purchase agreement will have different levels of due diligence and option period and termination without penalty, etc. All up for negotiation with the seller.