San Antonio, TX · Member since 2015 · 12 posts · 1 vote
I am a new investor from San Antonio. I am currently trying to start up my business and do some wholesaling ! I am not sure what contract or form i would need to be using to get a property under contract. Some help would be nice ! Also, if you are a investor in the San Antonio area, i would love to connect with you ! Thanks guys.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
Real Estate Agents in Texas MUST use the TREC forms, but anyone CAN use them also. I have used them for over 10 years. The one to four is a very comprehensive contract that covers everything and even has room for special provisions when something out of the ordinary needs to be spelled out.
When doing not so normal purchases like a sub-to, I dont use the TREC, but one that I created from several other contracts. Contracts do not need to be prepared by an attorney. A contract is just an agreement between parties. It can be hand written with the terms that both parties are agreeing to. Signed by both parties and consideration given.
Real Estate Agent · San Antonio, TX · Member since 2014 · 311 posts · 176 votes
10y
I would use the TREC 1-4 family contract. You can get a shorter, simpler one drawn up by an attorney, I know some guys use a nice clean 1 page doc, but if you're going to be doing a lot of business in Texas it's good to get familiar with the TREC forms.
Investor · Southern California · Member since 2011 · 27 posts · 98 votes
10y
Carl - i assume your not a licensed agent. Ive seen wholesalers use various type of paperwork. I use the TREC 1-4 as i am a broker. Take your time and find one that you like and has good protection.
Realtor · Bedford, TX · Member since 2015 · 172 posts · 55 votes
10y
Along with this conversation, are there certain contracts to use with mobile homes? I'm not an agent and don't plan on using one for the transaction I'm thinking of making in the next couple of weeks. The mobile home is not on the market and I'll be paying cash.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
Real Estate Agents in Texas MUST use the TREC forms, but anyone CAN use them also. I have used them for over 10 years. The one to four is a very comprehensive contract that covers everything and even has room for special provisions when something out of the ordinary needs to be spelled out.
When doing not so normal purchases like a sub-to, I dont use the TREC, but one that I created from several other contracts. Contracts do not need to be prepared by an attorney. A contract is just an agreement between parties. It can be hand written with the terms that both parties are agreeing to. Signed by both parties and consideration given.
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
10y
There is a tremendous amount of bad information being spread here, so be careful who you're taking advice from.
1. If you're licensed and acting as a fiduciary, you are required to use the TREC promulgated form or another form approved for use by TREC (ie TAR) unless the seller or buyer or their attorney requires the use of another form.
2. If you're licensed (or unlicensed) and are a principal in the transaction, you can use any form you wish but it is foolish to use a form that does not have the required notices included it.
3. A principal (who is not well versed in contract law) in a transaction can draft their own contract form just like someone accused of murder can represent themselves...and both would be making a grave mistake.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
@Ashley Wolfe if the mobile is attached to its own land, you can use the 1 to 4. If its in a park or you are just buying the mobile itself, then you are just buying personal property, like a car. You can write something up with the owner but you will need to get an SOL with the State of Texas https://www.tdhca.state.tx.us/mh/ownership-location.htm
Contractor · Fort Worth, TX · Member since 2015 · 379 posts · 740 votes
10y
A couple of other folks have mentioned this, but the TREC forms are absolutely available for anyone to use. Realtors often claim they're restricted to Realtor use, but that is incorrect.
"As public records, the contract forms adopted by the Texas Real Estate Commission are available to any person."
TAR forms, on the other hand, are restricted to Realtor use. My attorney told me there's some question whether contracts are actually copyrightable, but it doesn't seem worth it to test it.
Real Estate Agent · Austin, TX · Member since 2024 · 13 posts · 6 votes
1y
I wonder if you could help me out as well. I'm a Texas Realtor. It seems I am a going to be a middle man between a wholesaler and another licensed realtor. What forms do I use to protect myself? Thank you!