I live in Texas, and I've heard of the TREC 20-12 but its 9 pages and I've seen a lot of wholesaler's just locking up contracts with a simple but yet effective 1 page Contract,
I looked around the web and found these two contracts, let me know what you think on these and if I can combine them and make a better one
Sample 1
REAL ESTATE OFFER TO PURCHASE
THIS AGREEMENT MADE THIS ____ DAY OF ________,______ BY AND BETWEEN ________________, SELLER AND _________________, BUYER. SETTLEMENT SHALL TAKE PLACE WITHIN_____ BUSINESS DAYS, OR ON________. THIS AGREEMENT IS SUBJECT TO AND CONTINGENT UPON BUYER INSPECTION AND BUYER OBTAINING FINANCING. BUYER WILL HAVE IMMEDIATE RIGHT OF ENTRY AND THE RIGHT OF POSSESSION FOR OBTAINING ESTIMATES FROM GENERAL CONTRACTORS, SHOWING PARTNERS/ASSIGNEES AND GENERAL INFORMATIONAL AND INSPECTION PURPOSES. SELLER AUTHORIZES THE BUYER TO MARKET THE PROPERTY FOR RESALE OR LEASE TO ACCOMPLISH FINANCIAL GOALS PRIOR SETTLEMENT.THIS PROPERTY IS BEING SOLD IN ITS '' AS IS ''. SELLER DOES HEREBY SELL AND CONVEY UNTO BUYER AND BUYER DOESHEREBY PURCHASE FROM SELLER, THE REAL PROPERTY KNOWN AS ___________________________________.INCLUDING ALL IMPROVEMENTS, APPURTENANCES, RIGHTS, PRIVILEGES, EASEMENTS, AND OTHER PROPERTY INTERESTS EXISTING THEREON AND BENEFITING, BELONGING OR PERTAINING IN FEE SIMPLE___ LEASEHOLDESTATE_______CONDOMINIUM _______. BUYER WILL PAY_____________________________DOLLARS(_________) OF WHICH ________________(______) HELD AS A REFUNDABLE DEPOSIT HAS BEEN PAID IN CASH AT THE SIGNING HEREOF TO BE HELD BY ________ UNTIL CLOSING WITH THE BALANCE OF THE PURCHASE PRICE TO BE PAID AT SETTLEMENT. AT SETTLEMENT, UPON PAYMENT AS ABOVE, PROVIDED OF THE UNPAID PURCHASE MONEY, A DEED AND FURTHER ASSURANCE WILL BE EXECUTED BY THE SELLER TO CONVEY PROPERTY AND ALL INTERESTS THEREIN TO BUYER. TITTLE WILL BE GOOD AND MERCHANTABLE, FREE AND CLEAR OF LIENS AND ENCUMBRANCES. IF SELLER IS UNABLE TO CONVEY TITLE FREE AND CLEAR OF LIENS AND ENCUMBRANCES THE DEPOSIT WILL BE RETURNED TO THE BUYER. ___________ WILL PAY ALL TRANSFER COSTS. SELLER WILL CURE AT THEIR OWN EXPENSE ANY OUTSTANDING LIENS, ENCUMBRANCES, OR JUDGMENTS.IF THE SELLER DEFAULTS UNDER THE TERMS OF THIS CONTRACT, BUYER MAY PURSUE ALL REMEDIES AVAILABLE AT LAW OR AT EQUITY INCLUDING COLLECTION OF MONETARY DAMAGES AND/OR SPECIFIC PERFORMANCE OF THIS CONTRACT. IF THEBUYER DEFAULTS, SELLER MAY HAVE THE RIGHT TO MARKET THE PROPERTY. THE PARTIES HERETO BIND THEMSELVES, THEIR HEIRS, PERSONAL REPRESENTATIVES, SUCCESSORS, AND ASSIGNS FOR THE FAITHFUL PERFORMANCE OF THIS CONTRACT.SELLER:________________________ DATE: _________________________________________BUYER: _______________________ DATE: _____________________________
Then when I found the right investor who was willing to go through with the deal, I would make him sign this then show up with both contracts at closing:
AGREEMENT TO ASSIGN CONTRACT FOR SALE AND PURCHASE
SUBJECT PROPERTY:
LEGALDESCRIPTION:
THIS AGREEMENT IS MADE BETWEEN ________ (ASSIGNOR) AND _________ (ASSIGNEE) REGARDING PURCHASE OF ABOVE REFERENCED SUBJECT PROPERTY. WHEREAS________. (BUYER) HAS ENTERED INTO A PURCHASE AND SALES AGREEMENT WITH _______ (SELLER) FOR THE PURCHASE OF SUBJECT PROPERTY, AND WHEREAS BUYER WISHES TO ASSIGN ITS RIGHTS, INTERESTS AND OBLIGATIONS IN THE PURCHASE AND SALES AGREEMENT, IT IS HEREBY AGREED BETWEEN ASSIGNOR AND ASSIGNEE AS FOLLOWS:
1. ASSIGNEE SHALL PAY ASSIGNOR A NON- REFUNDABLE ASSIGNMENT FEE OF ______ (PAYABLE _______ WITH SIGNING OF CONTRACT AND BALANCE AT CLOSE).
2. ASSIGNEE’S INSPECTION PERIOD SHALL EXPIRE UPON EXECUTION OF THIS ASSIGNMENT. ASSIGNEE ACCEPTS ALL TERMS AND CONDITIONS OF THE CONTRACT FOR SALE AND PURCHASE BETWEEN BUYER AND SELLER IN ITS ENTIRETY.
3. ASSIGNEE ACKNOWLEDGES RECEIPT OF LEGIBLE COPIES OF THE ORIGINAL CONTRACT FOR SALE AND PURCHASE IN ITS ENTIRETY INCLUDING ALL ADDENDUMS ASSOCIATED WITH THIS TRANSACTION.
4. ADDITIONAL TERMS AND CONDITIONS OF THIS ASSIGNMENT ARE AS FOLLOWS: -THIS ASSIGNMENT CONTRACT IS NON-ASSIGNABLE WITHOUT THE EXPRESS WRITTEN CONSENT OF THE ASSIGNOR.
5. DISCLOSURES AND ACKNOWLEDGEMENT:
A) ASSIGNOR AND AFFILIATED ASSOCIATES MAKE NO WARRANTY, EXPRESSED OR IMPLIED, REGARDING INSPECTION REPORTS OR OTHER REPORTS PROVIDED TO ASSIGNEE BY ASSIGNOR OR THIRD PARTIES CONCERNING THIS PROPERTY.
B) ASSIGNEE ACKNOWLEDGES THEY ARE CONDUCTING A TRANSACTION DEALING DIRECTLY WITH ASSIGNOR FOR THE PURCHASE OF SUBJECT PROPERTY. ASSIGNEE IS NOT RELYING UPON OR BEING REPRESENTED BY A REAL ESTATE BROKERAGE IN THIS TRANSACTION.
AGREED AND ACCEPTED ASSIGNOR (____________)
SIGNATURE:
DATED:
PRINT NAME:
ASSIGNEE(_________________ )
SIGNATURE:
DATED:
PRINT NAME:
Sample 2:
AGREEMENT FOR SALE
THIS AGREEMENT is made this ___ day of _______, _____, by and between
_______________________, hereafter called Seller(s), and
______________________and/or assigns, hereafter called Buyer.
I.DESCRIPTION OF THE PREMISES. Seller(s) agrees to sell to Buyer the property located at:______________________________
Description Written As Follows: __________________________
Description is including any fixtures, window and floor coverings, built-in appliances, draperies including hardware, shades, blinds, window and door screens, awnings, outdoor plants, trees, and other permanently attached items now on premises.
II.PURCHASE PRICE. The Seller agrees to convey property to Buyer for the sum of ____________________________________ with earnest money in the amount of __________
III.TERMS. The following terms are applicable to this contract:
1)Closings costs, attorney fees, title fees and other miscellaneous costs are to be paid in the following fashion __________________________________________
__________________________________________________________________________________________________________________________________
2)Any taxes owed will be appropriately prorated between parties at closing.
3)Closing to be set as soon as possible for all parties, but no later than ____________________________without written addendum to this agreement.
4)Property sold “as is” with no warranties implied or stated from seller.
5)Earnest money to be held in escrow by buyer’s closing attorney:
_________________________________________________________________
6)Earnest money non-refundable to buyer unless title is non-conveyable or seller not available to close within time period of this contract.
7)This contract is contingent upon clear title and final inspection of the property by buyer or buyer’s agent before closing.
8)Legal consideration for this agreement is ten dollars ($10.00).
9)Seller to provide buyer with permission to access property solely for purposes such as evaluation of repairs needed, appraisal of said property for securing financing, and professional advisement on resell of property.If property is vacant, Seller shall provide Buyer with a key to access property specifically for the reasons above.
10)Any furniture, fixtures, attachments, and debris located in and around property not removed within day of closing become ownership of buyer.
11)ADDITIONAL TERMS: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
BUYER: _____________________________________________DATE: _________
SELLER: _____________________________________________ DATE: _________
SELLER: _____________________________________________ DATE: _________
