Real estate attorneys are fond of saying that verbal agreements are worth as much as the paper they’re printed on. Real estate deals are complicated, expensive transactions, and misunderstandings occur all the time. Buyers think sellers promised to make certain repairs. Sellers claim that buyers said they could stay in the home after closing.
It doesn’t matter if you’re outlining your relationship with an agent, making an offer on a home, negotiating repairs, or some other element of a real estate transaction. Get it in writing, or face an increased risk of ending up involved in a lawsuit.
Start with good form
The best way to obtain a written record of an agreement in a real estate deal is to use a form specifically created for your transaction. This form, when filled out properly, provides a clear statement of everyone’s intentions and responsibilities. Such contracts, forms and addenda exist for many types of real estate transactions, and you can access forms for common activities related to real estate from the Texas Real Estate Commission’s Web site. As public records, these forms are available to anyone; however, get an expert to help you. Filling out the forms incorrectly could result in a contract as useless as a verbal agreement.
Just for you
While the Texas Real Estate Commission puts out forms that cover some real estate transactions, its forms library has holes – no listing or buyer-representation agreements, property management contracts, forms for commercial property, or residential leases.
Many of these other types of forms are created by attorneys and associations. For example, Texas Realtors® – real estate agents and brokers who choose to join the Realtor association and abide by a professional Code of Ethics – regularly use the Texas Real Estate Commission’s forms. However, Texas Realtors® have about 100 additional forms in their arsenal for every type of real estate situation imaginable. These additional forms are available only to members of the Texas Association of Realtors®.
For example, Texas Realtors® have forms that indicate whether mineral rights convey with the sale of a property, specify whether a buyer walked through the property and accepted its condition prior to closing, and state contingencies such as the sale of one property being contingent on the buyer selling his existing home.
More forms, more protection
When you work with a Texas Realtors®, you benefit from his access to all those forms. You can put in writing all the details of your transaction exactly as you want them on a form specifically created for your type of deal. That means that your intentions and responsibilities are clearly stated for the record.
If you want to avoid surprises, hassles, misunderstandings and lawsuits, make sure every detail of your real estate transaction is in writing. Your Texas Realtor has the form designed for your transaction and the expertise to fill it out correctly.
For more information about buying or selling property, visit TexasRealEstate.com.
For your real estate needs, contact RE/MAX Genesis at 830-833-2000.