Two real estate professionals discuss whether to use Texas TREC contracts or custom attorney-drafted documents for seller-financed deals. One explains that certain lenders prohibit seller financing at closing, so separate documents prepared with attorneys are necessary.
And then just. Just for future reference, in case I have anybody else in the future that you know is open to what you're offering in terms of seller financing, because I haven't seen anybody else structure it like you have. What would you be using the TREC contract? Would you still let us write it up on the TREC contract? Because I know some of the other people that have reached out to us. You know, they have their own systems that they're doing. They have their own contracts. And obviously I represent the seller and would want to be it on our. Our Texas real estate contract with the seller financing addendum.
So the way we structure it, I mean, we spent a lot of money on these types of contracts with attorneys. So we, you know, as far as using a Trek contract, like, I. It doesn't matter at all. But we wouldn't be able to use a seller finance addendum. There's completely different paperwork for that as far as how we structure it. But on the initial purchase agreement like that wouldn't, you know, there's no concerns whatsoever on using that, you know, if that's what you prefer using.
So you're saying that the offer, or let's say you and I were working on making an offer on another property, we, we could do it on a check contract, but you would want it to be signed or redone on your attorney's contract. Is that what you say?
So basically the way it works, and we work with DSER lenders that allow this type of structure, but what they don't allow is seller financing at the time of closing on their loan.
