OfflineHello all
This question may have been already answered but I don't have the time to look right now, I'm working with an agent submitting offers on the MLS and I need to know are the contracts the same as fsbo contracts? I agents keeps asking about option money and option days, is this the same as inspection period?
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No inspection period is totally different.
The contract are not the same a realtors contract will be very long with a lot of cjntigencies
A FSBI contract can be as little as 1 page which is what we us.
An insoectionoeriod should be used in both the inspection period is an out if needed but it is a time for you to complete an inspection. An option or maybe they are referring to earnest money?!! Not sure an option could kind of be any thing... We use an option to purchase in our rent to ownndeals I hope that helps but I'm not clear as to what you need
"Don't tell me I can't, Tell me how I can."
All brokers use a state approved RPC (residential purchase contract) to submit offers. If your offers are for properties listed on the MLS then they're most likely referring to the conditions found in the RPC. Financing and inspections are the most common contingencies.
Talk to your agent/broker or a real estate attorney.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
Donna,my agent said instead of an inspection period I have an 10 day option period and a option fee of 300 dollars,I'm am just trying to wholesale right now did I forget something or handle the contract wrong?
A. Buyer shall have ____________ days (10 days if left blank) after the Time Reference Date to complete any investigations, inspections, and reviews. Seller shall have water, gas and electricity turned on and serving the Property for Buyer’s
inspections, and through the date of possession or Closing, whichever occurs first. If required by ordinance, Seller, or Seller’s Broker, if applicable, shall deliver to Buyer, in care of Buyer’s Broker, if applicable, within five (5) days after the
Time Reference Date any written notices affecting the Property.
http://www.ok.gov/OREC/documents/Residential%20Sales%201-2011.pdf
An option gives you the right but not the obligation to purchase a property for a set price for a set time. There is no mention of "option" or $300 in the Oklahoma Uniform Contract cited above. It clearly mentions inspections. I would check with a different agent.
TRSD is right here thanks for the clarification. Ask another agent
"Don't tell me I can't, Tell me how I can."
The subject property is in Texas, not Oklahoma!
Jumping to conclusions is never a good thing. As the proverb says - "Ask and it will be given to you; seek and you will find; knock and the door will be opened to you."
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
https://www.trec.state.tx.us/formslawscontracts/forms/forms-contracts.as...
You can reference the Texas contract at the above link. Paragraph 23 deals with the option. In El Paso, the typical terms for a $100,000 property would be $25 for a 10 day option. Price and time are both negotiable, as well as if the option consideration is applied to the purchase. During the option period, you have the right to cancel the contract for any reason. If you cancel, you will get your earnest money back, but not the option money. After the expiration of the option period, if you elect to cancel the contract for any reason, you will lose your earnest money. If you discover a cracked slab after the option period expires and you cancel the contract, you will lose your earnest money. Thus it is very important to conduct your due diligence during the option period. Working the 25-1 system could get expensive when you factor in option money for every offer. Hope this helps.
Don't listen to any of these unqualified opinions. The fact of the matter, and the matter of the fact, is that none of them are qualified to give you advice concerning Texas RE law. If they were smart enough to know it they wouldn't attempt to misguide in the first place, but unfortunately, they're not that smart to begin with.
Either consult with your agent/broker or contact a real estate attorney licensed to practice law in Texas. This is much too much of a critical matter to even consider taking advice from amateurs.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
ROFLMAO...I called a broker in El Paso.
Keep on ROFLMAO if you really think we believe you called a broker in Texas at this hour of the night to get advice. Now I'm ROFLMAOing!
Please cite time, date, name, and BRE #.
Besides, you expect him to hinge his whole financial wellbeing on a nameless Texan broker who just happened to answer a phone call from a Californian on behalf of a Oklahoman....now that gives a whole new meaning to the "OK" in Oklahoma.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
Why would you think I called a broker at this hour of the night?
There you go, you're assuming and jumping to conclusions again without facts.
Another habit is you tend to skip over major concerns and focus in on some insignificant part. How is it you happen to gloss over time/date/name/BRE #?
If you want to establish credibility, you must provide hard evidence to back up your claim, otherwise, your advice holds no water. Not even enough water to down your daily fistful of meds.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
purchase and Sales are different in every state. And all agents will do the best they can to tell you how things are done however they also are suppose to tell you to talk to an attorney.
"Don't tell me I can't, Tell me how I can."
Exactly and that's why I'm telling him not to take amateur advice from any person that happens to be sitting in front of a computer somewhere in San Diego.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
Not just "any person" CaREi. Someone who took the time and effort to do a little research and make a phone call in the spirit of helping another.
Had you bothered to read the TREC contract, you would have seen the contract clearly states
24. CONSULT AN ATTORNEY BEFORE SIGNING: TREC rules prohibit real estate licensees from
giving legal advice. READ THIS CONTRACT CAREFULLY.
I provided a link to the contract in its entirety, so fredc would be aware and not take anything I posted as gospel as it states in the contract. I sincerely try to help people. You, not so much. Continue to post your seeds of discord and negativity
Again, taking advice from a novice is a surefire way towards financial disaster.
The best advice comes in the form of three little words - consult an attorney - otherwise, you're opening yourself up to practicing law without a license.
That's why taking advice from novices and wet behind the ear types should be avoided at all cost. If they're not even bright enough to know the legal consequences, then why take anything else they say seriously?
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
Thanks for your insight. It is invaluable.
Talking to the wind.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
alright guys, poor fredtec, boy you must be feeling confused right now, lets not get off track guys. fred was just trying to find out about options, now fred I would talk to another agent & have them sit down with you & go through the contract paragraph by paragraph.
become familiar with the contract ok since you are going to make lots of offers I hope ok. That simple & yes consult an attorney too ok while your at it, just call a few & get some free 10-15 minute consultation alright.
Tony
Go faster do more! GFDM!