What is a Texas Real Estate Contract?
A Texas real estate contract, also known as a residential purchase and sale agreement, is a legally binding contract that is entered into by a buyer and a seller to facilitate a real estate sale. It is common for buyers and sellers to hire realtors and real estate agents to help with the transaction, but it is also possible to complete the sale on your own.
The contract is initiated when a buyer provides the seller with a valid offer in writing. If the seller accepts the offer, the two parties will negotiate the real estate contract terms that will govern the sale. The contract becomes legally binding and enforceable when it is signed by both parties as long as it adheres to all applicable real estate and contract law.
Common Texas Real Estate Contracts
The most common Texas real estate contracts are those approved by the Texas Real Estate Commission, or TREC. There are several types of TREC contracts, and each contract has a different purpose.
- Standard Residential Purchase Agreement (1-4 family). The most commonly used form because it is for the purchase and sale of residential homes under four units. This form can be used for single family homes, duplexes, triplexes, and quads.
- Condominium Purchase Agreement. Used for buying or selling condominiums when the sale does not include developers and builders.
- Farm and Ranch. Used when selling a farm or ranch, this contract includes clauses relating to land rights, zoning, and other issues that are more specific to farm and ranch land.
- New Home Contract (completed construction). Used when purchasing and newly built and finished home. This home has not been previously owned by another homeowner.
- New Home Contract (incomplete construction). Used when purchasing a home that has not been constructed or completed. Closing will occur after the home is completed and this form should not be used for condos or when the closing date is set prior to completion of the home.
Can Anyone Use a TREC Contract?
Yes. TREC contracts are available for public use so anyone buying or selling a house is free to utilize these contract forms. These forms however were created and approved by the Texas Real Estate Commission and were meant to be used by licensed real estate brokers and agents who are trained to correctly complete these forms. Any mistakes on these forms could lead to an invalid real estate contract and a financial loss.
If you are buying or selling a property, it is highly recommended that you consult with a licensed realtor or real estate attorney to assist in the transaction. A professional can walk you through the process and ensure you understand all the terms of the real estate contract.
4 Essential Elements of a Texas Real Estate Contract
In Texas, the 4 essential elements that make a real estate contract valid and legally binding include:
- A valid offer and acceptance of the offer
- A legal purpose for the contract
- Mutual assent or agreement between the parties
- Consideration
Real estate contracts must also be in writing and signed by both parties before they are considered valid and binding.
Is Texas a Buyer Beware State?
In Texas, the principle of “buyer beware” only applies to multi-family properties. When selling a single-family home, sellers are required to provide the buyer with a seller’s disclosure notice and other state required disclosures.
When selling a multi-family property, the buyer does not have the protections of required disclosures. The buyer is responsible to do their due diligence and have the property inspected for defects before agreeing to finalize the sale.
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Meet some of our Texas Real Estate Contract Lawyers
Joshua B.
Josh Bernstein has been serving real estate and corporate transactional clients since 2002. His experience is varied, and he enjoys working on and puzzling out novel and complex corporate and real estate matters. Josh’s experience includes, among other things, the following: representation of public companies in connection with SEC reporting and compliance work (proxies, 10-K’s; 10-Q’s; 8-K’s, etc.); representation of public and private company securities issuances (including private placements, and other similar offerings); assistance in structuring and drafting joint ventures, both for investors and operating partners, and including both real estate and corporate ventures; handling public and private company mergers and acquisitions; and asset sales and dispositions; assisting clients, big and small, with real estate acquisitions, sales and financings; managing large-scale and multi-state real estate portfolio acquisitions, dispositions and financings; complex condominium creation, structuring and governance work, including: commercial condominiums, use of condominiums as a land planning tool, wholesale condominium property acquisitions and dispositions, and rehabilitating failed or faulty condominium legal structures to make ready for sale; development of restrictive covenants and owners’ association documents for master-planned communities; compliance with federal statutes governing real estate sale and development (including, without limitation, the Interstate Land Sales Full Disclosure Act, the Housing for Older Persons Act, and the Americans with Disabilities Act); representation of real estate lenders, for both improved and unimproved property, and including numerous construction financings secured by real estate; assistance with commercial leasing; from both the landlord and tenant side, and including condominium leasing; training residential home and condominium sales staff for compliance with applicable local and federal law; and workouts of all kinds. When he’s not busy lawyering, Josh may be found watching 80’s commercials, flying a single-engine plane, playing poker, or trying to be a good dad.
August 30, 2023
Joe C.
Born in Dallas, Texas, Joe Craddock represents clients in a range of litigation and transactional matters covering Contracts, Real Property, Oil and Gas, and Construction Defects.
August 31, 2023
Bryan Kennedy C.
10-year lawyer with a B.A. in Rhetoric and Writing. I use clear, direct language instead of hollow jargon to draft effective legal documents for family law, business, and general contract situations.
September 4, 2023
Tetyana J.
I am a highly accomplished and dedicated immigration attorney, renowned for providing top-tier immigration legal services that consistently exceed expectations. I am known for my expertise in offering exceptional representation across a broad spectrum of immigration cases, including EB-2 National Interest Waivers (NIW), O visas, EB-1A, family-based immigration, TPS, Adjustment of status, asylum petitions, and skillful advocacy in Immigration Court proceedings. My clients rely on my unwavering commitment to their immigration needs, trusting in my in-depth knowledge of the intricate legal processes and my steadfast determination to secure favorable outcomes. My reputation as a leading authority in the field is a testament to my unwavering commitment to delivering unparalleled, high-quality immigration services. In addition, I am fluent in Ukrainian and Russian.
September 6, 2023
Christian D.
Christian Davila received his Juris Doctorate from St. Mary’s University and becoming a member of the State Bar of Texas in 2013. Before law school, he studied at Texas A&M International University (TAMIU), and participated in multiple programs across various fields of study, including the University of Texas Medical Branch-School of Medicine’s “Early Medical School Acceptance Program,” and the Hispanic Association of Colleges & Universities’ “National Internship Program” at the Library of Congress in Washington, D.C. Christian’s legal experience includes criminal law (both prosecution and defense), family law, transactional law, business litigation, real estate litigation, and general civil litigation. Christian was previously in-house counsel for a multi-million dollar apartment construction and management company, handling all property acquisition, document drafting, negotiations, and litigation. Christian is a former member of the American Association for Justice (formerly the Association of Trial Lawyers of America), and he has been distinguished by the National Trial Lawyers as one of their TOP 40 Civil Plaintiff attorneys in Texas UNDER 40 years old. He likes weightlifting, reading comicbooks, and being silly with his kids in his spare time.
September 13, 2023
Joseph K.
I am a business, transactions, and estate attorney working out of central Texas.
October 1, 2023
Lynette P.
I am licensed in both Texas and Arkansas but actively working in Arkansas. My primary focus is criminal defense, family law, and estate planning (wills and trusts).
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Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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ContractsCounsel User
Assign purchase agreement to holding entity for Title name purpose
Location: Texas
Turnaround: Over a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $950 - $975
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Arizona wholesaline homes contract
Location: Arizona
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Service: Drafting
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