I am looking for a website that I can find blank RE contracts in Texas. Does anyone have a source? I am trying to locate a purchase contract to buy a house from my parents. There is no Realtor involved so I am at a loss for this one.
You may, or may not find what you want online. You can always go to your local title company, and ask the gal at the counter for a “for sale by owner” purchase agreement.
well its what the bank wants to finance it. I have found a 1-4 unit housing contract listed with the state Realtor board. I think that is the one I need.
[QUOTE=bambam;885765]I am looking for a website that I can find blank RE contracts in Texas. Does anyone have a source? I am trying to locate a purchase contract to buy a house from my parents. There is no Realtor involved so I am at a loss for this one.[/QUOTE]
I would expect you have someone handling the title paperwork. A title company or a lawyer. More so given the later reply where you said a lender is involved. If someone is handling the legal paperwork, they can organize the right forms.
Lenders make the rules
The bank will tell you what it wants and the forms it wants to use so this really isn’t going to be any choice of yours.
The TX Bar Ass’n tightened up its rules on RE forms years ago and limits their use to its members, so they’re unavailable to you and T & E Cos have also become hesitant to give their forms out freely.
But again, this isn’t your choice and you’ll either work with your bank and its rules or go somewhere else for your purchase money.
John M, all the bank said was they wanted a contract before they talked to me about the mortgage. I am hoping the 1-4 dwelling is sufficient.
John C, yes that will be part of the closing cost I am sure (title search) but the land has been in the family for over a hundred years so no worries there. The only encumbrance is 6000 back taxes that I agreed to pay out with the tax collector. Once the mortgage is done it will be paid off. My sister lived here and let the taxes go and almost lost it. I have a payment plan in place until the mortgage is finished.
The land was to be willed to me one day but since getting involved with CRE I have come up with a plan to use this money as equity for half interest in an RV park by the bay. It will give my father and I some income in the meantime. He is the other half interest.
[QUOTE=bambam;885789]The land was to be willed to me one day but since getting involved with CRE I have come up with a plan to use this money as equity for half interest in an RV park by the bay. It will give my father and I some income in the meantime. He is the other half interest.[/QUOTE]
Sounds like a good way to get somthing rolling…
Lawyer’s your logical source
Your only choice is to find the legal form somewhere (?) or hire a TX lawyer to do this for you.
The title co is really calling the shots as it won’t issue you a clean title report or policy unless you produce the form(s) it wants…and no smart buyer would buy from you w/o that clean title report.
[QUOTE=John Merchant;885793]Your only choice is to find the legal form somewhere (?) or hire a TX lawyer to do this for you.
The title co is really calling the shots as it won’t issue you a clean title report or policy unless you produce the form(s) it wants…and no smart buyer would buy from you w/o that clean title report.[/QUOTE]
I see what you mean. I need to go to the title company and see what they require as that is what the bank will use.
[QUOTE=AmotoXracer;885791]Sounds like a good way to get somthing rolling…[/QUOTE]
I thought so too. The best part is I will have half interest in the RV park free and clear even if I was to default on the mortgage. Which I would never do anyway. I was raised on the land I am mortgaging and it is priceless to me. It will go to my kid one day.
[QUOTE=bambam;885794]I see what you mean. I need to go to the title company and see what they require as that is what the bank will use.[/QUOTE]
Now we are talking. It should be easy to clear up. Even if there is a minor costs, it will not be material to the size of the deal.
Get it done completely correctly so there is nothing to correct or fix at some later date.