Texas Investors - Contract Issue - Posted by Brandi_TX

Real Estate Investing
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Posted by Jeff (Dallas, TX) on April 26, 1999 at 22:10:10:

As long as you check box 2 when filling out the contract, you’re covered… Note that section 5.008 of the property code only applies to single family dwellings- so, if you’re buying a multi, you’ll need to have another escape clause.

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Texas Investors - Contract Issue - Posted by Brandi_TX

Posted by Brandi_TX on April 26, 1999 at 16:26:53:

In the standard TREC contract, it states the following:

(A) SELLER?S DISCLOSURE NOTICE PURSUANT TO SECTION 5.008, TEXAS PROPERTY CODE (check one box)

  1. Buyer has received the Notice.
  2. Buyer has not received The Seller?s Disclosure Notice. Within 7 days after the effective date of this contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice, Buyer may terminate this contract at any time prior to the closing. If Seller delivers such notice, Buyer may terminate this contract for any reason within 7 days after Buyer receives the Notice or prior to closing, whichever occurs first.
  3. The Texas Property Code does not require this Seller to furnish the Notice.

In drafting my own contracts, will using this be enough of an out? As I understand this, I have 7 days from receiving this notice to back out of the contract. Is there a need for any other “inspection and approval” clause?

Any tips on items to include in self-drafted contracts or in an addendum to the standard TREC contract would be much appreciated. I have an attorney that will be reveiwing them when I am finished.

Thanks in advance,
Brandi_TX