Texas Wholesale Contract

[Larry Simmons Jr]

Hey everyone,

I have a few properties I am trying to assign but first I realize I need to tie them up under contract.

Is there a basic contract I can use to tie up the property? A P&S, or what?

Thanks.

*Side Note* I have read up on the previous topics with this matter, I was just wondering if someone could provide atleast a template.

[Jerry Puckett]

Hi Larry,
Go to the TREC website, or just Google TREC contract. They have all the standard contracts, addendum and amendments in PDF format you can easily down load and print.We use the "One to Four Family Residential Contract" These are the standard in Texas.

Under section 11, type or write in "Buyer reserves the right to assign this contract" Our attorney told us that in Texas all contracts are assignable, but spelling it out in plain language makes for smoother sailing, Whenever I have special clauses to add, I also reiterate this in my Exhibit 1. Nothing wrong with redundancy.

I went to the trouble of converting to a Word doc so I could fill in all the blanks, then removed the blanks also.When you have blanks and check boxes, you leave yourself more open to having to negotiate each point. People tend to question less when it's all standard

One other thing, limit the sellers remedy to retention of the earnest money. Let me know if this helps.