Wholesaling in Texas, what's not allowed?

6 Replies

Wholesaling in Texas, what's not allowed?

1) Does Texas require anyone (licensed or not) to use their Purchase and Sale contracts or will they accept the one you or you're attorney writes up?

2) When doing a lease option, does the 6 month limit also apply to a Master-Lease Option when buying apartments?

3) A lease option on residential properties, how many times can you re-write the contract to extend the lease option period?

4) Does anyone who does deals in Texas have any recommendations for a:

    * Title Company

    * Escrow Agent / website

    * Notary

    * Attorney, Enrolled Agent, Accountant

    * Rehabbers

    * Realtor/s

( who works best with investors? )

Thanks so much guys

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@Octavia D.   You don't have to use a TREC contract, as a matter of fact, I prefer not to, as the wholesale doc I use is very pro-me.

The 180 day part of Title 2 Chapter five does not apply to commercial.

You can extend so long as the contract or series of agreements don't go beyond 3 years.

I use Texas Title in Colleyville.

The attorney is very area specific, so it depends what you need.

I have the same question as @Octavia D.

As a licensed agent and investor in Texas, should I be using TREC One to Four? I've read mixed opinions on this matter, maybe someone could weigh in? 

@Octavia D.

@Micah Ainsworth

Licensee's, when representing a buyer or seller (via the broker), are required to use the TREC/TAR forms or one provided by the client/client's attorney.  When acting as a principal to a transaction, you may use any contract form you wish subject only to a sponsoring broker's policies, if any.   

When acting as a principal, I sometimes use the TREC form (with considerable revisions noted in an Exhibit to the contract) and other times I use an attorney drafted contract form, depending on the specific situation. But understand that I predominantly flip or assign my contracts.

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