All Forum Posts by: Chris Barcomb
Chris Barcomb has started 1 posts and replied 3 times.
Post: Addendums / Additions to Texas Real Estate Contract
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THANK YOU, COURTNEY!!
Post: Addendums / Additions to Texas Real Estate Contract
- Posts 3
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Originally posted by @Courtney King:
@Chris Barcomb It sounds like you need a long option period. Paragraph 23 of the TAR 1-4 family contract OR a long contingency period if you are using financing.
@Courtney King: This is a great answer! I didn't even know this was "a thing". Just looked at a blog on HAR.com about the Option Period, and wow! Great eye opener and seems like a powerful tool to protect the buyer. In addition to this, I've heard of the 'contingent on my business partner' vis a vis Rich Dad. Do I need this contingency if I use the Option Period?
My intention is to use a private lender with 20% of my own cash. How long can / should the Option Period be? HAR blog generically lists 1-10 days. I'm thinking 2 weeks +. The deal is off market. Does this change the use of the Option Period?
Thanks for the help!
Post: Addendums / Additions to Texas Real Estate Contract
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I'm seeking guidance on my first purchase. It's a SFH. Will be bought as is with limited contingencies. Owner is in no position financially to make any repairs, therefore price will be very low. Only contingency I can think of that I need to protect myself is Title Insurance. I would also like a "get out of the deal for any reason" clause. What do I need to add to the standard TREC to protect myself? Thanks!!