Poll: One page purchase contract or the state approved contract?

4 Replies

I am an investor in the Austin Texas area and want to take a quick poll on whether people are using their own one-page purchase contracts or the standard state approved contracts (TREC for us in Texas)?  

What, if any, additional disclosures do you also include?

I already have a legal advisor so I am not asking for legal advice.  I am simply wanting to see what people are doing and any experiences that I can learn from and improve my business.  I personally favor the one page quick contracts because I feel that it simplifies the process for me and my sellers, but through my networking I have recently run into several other investors that have challenged this mindset.  Any thoughts would be appreciated?

Originally posted by @Christel Gustafson :

I am an investor in the Austin Texas area and want to take a quick poll on whether people are using their own one-page purchase contracts or the standard state approved contracts (TREC for us in Texas)?  

What, if any, additional disclosures do you also include?

I already have a legal advisor so I am not asking for legal advice.  I am simply wanting to see what people are doing and any experiences that I can learn from and improve my business.  I personally favor the one page quick contracts because I feel that it simplifies the process for me and my sellers, but through my networking I have recently run into several other investors that have challenged this mindset.  Any thoughts would be appreciated?

 We use the standard contract, I personally think that it is worthwhile to have a contract that both the realtors are familiar with and I would presume that it would have the most impartial terms.

If someone sent me a non standard contract, I would counter on standard paper so I didnt have to figure out how the other party was being advantaged with their contract.

But that is just me.

TREC form regardless of whether I'm buying or selling.  Yes, I will make add, delete or revise language depending on which side of the equation I'm on, but I still find using a form that anyone can use and that agents, title companies and attorneys are familiar with makes purchases/sales go smoother.