Archive for July, 2014

Unimproved Property Contract TREC 9-11

by BULL Forms on July 24, 2014 in Forms with No comments

Unimproved Property Contract Texas

As of 4/28/2014 the Texas Real Estate Commission has released and required everyone to use the new form of the Unimproved Property Contract. Lets look at what has changed and what the unimproved property contract is used for. The unimproved property contract is actually used for land or lot sale purchases. The contract is designed to outline the condition of the lot and other conditions that exist with the land. This contract shouldn’t be used when purchasing or selling a structure that has been built on the land. Lets take a look at the recent revisions to the unimproved property contract in Texas.

LOOKING FOR THE UNIMPROVED PROPERTY CONTRACT ONLINE - CLICK HERE TO USE OUR SOFTWARE

The Unimproved Property Contract 9-11 Changes

The first real change of the unimproved property contract is in the Title Policy and Survey section. TREC has removed the statement that the buyer at their expense may have the exception read … when related to the standard discrepancies to the boundary and encroachments. They have now changed this portion to clearly state whether or not the section will be amended, deleted or will remain in tact and whether or not it will be paid for by the buyer or seller. You can see the changes below.

Unimproved Property Contract 9-11 Title Change

Unimproved Property Contract Title Buyer and Seller

The next notable change to the unimproved property contract 9-11 occurs in the title notes portion. An additional tenth item has been added to the list of title notices to require the seller to notify the purchaser if the land that is being purchased is in a propane gas system area. As per Texas Utilities Code 141.010 and addendum must now be provided to give the additional information.

Unimproved Property Contract Propane Change

After the addition of the propane gas notice, the following section is about property condition. Here in this version of unimproved property contract 9-11 TREC has provided additional clarification on as-is. The prior version of the contract briefly touched on accepting the land as-is or as-is with outlined modifications or terms. This version now further clarifies as-is and exactly what the purchaser is assuming. This added level of clarity helps avoid misunderstanding and misinterpretations. It also then removes the notice portion. The notice portion is now included in the further disclaimer portion.

Unimproved Property Contract As Is

After the as is portion the Texas real estate commission has now replaced the verbiage in the completion of repairs section. This section appears to cover the same notice but has been modified to provide a more concise message. The wording is clearer and more easily understood. Just under this section there is further clarification about disclosing flooding of the property that has had a material adverse effect. It also adds this clarification to the environmental section.

 

Unimproved Contract 9-11 Disclosure Changes

The last notable change to the unimproved property contract is in the closing section of the form. Section 5 of the closing section refers to the property being under a residential lease and the notices that should be given. This section should actually never have been included. This contract is for the sale of vacant land or lots. This means that no residential leases should exist. There are of course obscure cases of a person living in a tent and renting the land or a mobile home there but these cases in general should be handled outside of this portion and require further explanations. After the residential lease portion there is some added disclaimer about this type of land lease though. The lease would need to be disclosed to the purchaser and after the sale the seller would not retain that right to lease.

Unimproved contract 9-11 Repairs

You made it. You actually read through all the exciting changes to the contract and you should be proud of yourself. Most people don’t pay attention to these changes. Having this knowledge and understanding whats changing is what keeps you one step ahead as a real estate professional. If you are unaware of who we are, we offer a texas real estate form software. Our software allows you to easily complete all of the Texas real estate forms online, send them to clients, have them e-signed and much much more. Sign up to use our free texas residential contract or learn more about our full featured software.

Texas Sales Contract Which One Should I Use

by BULL Forms on July 24, 2014 in Uncategorized with No comments

Texas Sales Contract

Old Texas Sales Contract

photo by Mike McKay

Are you thinking of selling your house? Or maybe you are a real estate investor and looking to make an offer on a property. Or maybe you are like one of the thousands of Texas real estate agents who are looking for an easier way to fill out your Texas sales contracts online. If you are looking for a simple way to complete the Texas sales contract feel free to sign up for our free Texas real estate software here. Looking for more information in general then lets start from the beginning. In Texas the Texas sales contracts are actually provided by the Texas real estate commission. They provide approved versions of the contracts depending on the details of the real estate transaction you are working with. There are a number of different versions and we will briefly discuss them below.

Unimproved Property Texas Sales Contract

The unimproved property Texas sales contract is designed to be used for transactions that are related to the sale of land that has not yet been developed. This would be residential or commercial land that does not have a structure built on it yet. This would not include condominium properties.

1-4 Family Residential Resale Texas Sales Contract

The majority of the time in residential contracts this is the form that would be used. This Texas sales contracts involves the sale of residential units when they are under 4 units. This means that single family homes, as well as duplex, triplex, and quads would be included under this contract. This does not include condominiums as there is a specific contract intended for this type of property. We actually offer a free solution to fill this out online and you can signup in 5 minutes here. New Home Incomplete Texas Sales Contract Another version of the Texas sales contract is the new home incomplete form. This form is to be used for

New Home Incomplete Texas Sales Contract

Another version of the Texas sales contract is the New Home Incomplete form. This form is intended to be used for transactions when you are purchasing a home that has not been constructed or completed yet. You may be purchasing a home from plans or on spec and this would be the contract that is used. Note that this contract should not be used for condominium pre-construction transactions and also should not be used if you are closing prior to completion of the construction.

New Home Completed Texas Sales Contract

Similar to the new home incomplete version there is a complete texas sales contract version. This contract is intended to be used for the purchase of a new home that is completed. Construction is not remaining but its not being resold from another owner. This is not to be used in condominium transactions or closings prior to completion of the construction.

Farm and Ranch Texas Sales Contract

When you are looking to sell farm land or a ranch there is a specific form also provided by the State of Texas. This form is called the Farm and Ranch Contract. This specific form outlines items that are often a concern on a transaction like this. There are items such as land rights, utilities and zoning that are more specific and important to a transaction involving farm and ranch land then they would be to a purchaser of a condominium.

Residential Condo Resale Texas Sales Contract

The last of the texas sales contracts is the residential condo resale version. This form is used when buying or selling a condominium when the transaction does not include a developer or builder. If you are buying or selling your condo to another owner this would be the version of the form you would be looking to use.

Lastly its important to understand that real estate transactions can be a complicated and expensive ordeal. If you have concern over how to complete any one of the Texas sales contracts or exactly which version pertains to you we would advise you consult with a professional. Our real estate form software allows you to easily work with all of the TREC forms required to buy and sell property and you can learn more here about our Texas sales contract software.

Share TREC Forms

by BULL Forms on July 16, 2014 in New Feature with No comments

As a Texas real estate professional there are often times that you would like your clients to complete portions of the TREC forms. The current workflow typically entails emailing your clients the form and then waiting for them to complete it (many times with multiple revisions), sign and date the form and then send it back to you via fax or email. In addition to degrading the quality of your document due to multiple transmissions back and forth, you are wasting precious time waiting for your customer to fax or email the form back to you.

Our goal at BULL Forms has always been to make your jobs easier. Completing Texas Real Estate Commission (TREC) forms should not require hours of work. Great news, BULL Forms has a feature to help you save time … Share

Sharing TREC Forms

Once you are ready to share a form, click on the share icon from within your form, outlined in red below: Share Texas Real Estate Contract Once clicked, a window will open requesting that you enter the information on the parties that you would like to share the document with.

Send TREC contract for completion

You can send the email to multiple parties by entering a comma between each of the emails. Also, you should enter some descriptive comments so that the parties you are sharing your document with are aware of what and why they are completing the form.

Once completed, the parties will receive an email like the one illustrated below:

Email TREC contracts

The link will expire after 7 days. If the parties you shared the form with are having issues clicking on the email, instruct them to copy and paste the link into their web browser. Once they have clicked on the link they will be taken to the TREC real estate contract you chose to share with them. It should look familiar to you as it is similar to our classic view.

Share TREC Forms View

Once they have completed entering their information they will click on the submit button.

Once your clients click on the submit button, you will receive an email informing you that the parties have completed the form you requested. The email is sent to the account you have registered with BULL Forms Texas and looks like the image below:

TREC Contract Completed

When you log back into your account the form will have all of the information your parties entered into the document. You can now send this document to them for e-signature.

The sharing feature is available for all of the forms, therefore, you can share a contract with an attorney if they would like to review a contract or with any other interested parties.

Thank you,

BULL Forms Team