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A Texas real estate contract, also known as a residential purchase and sale agreement, is a legally binding contract that is entered into by a buyer and a seller to facilitate a real estate sale. It is common for buyers and sellers to hire realtors and real estate agents to help with the transaction, but it is also possible to complete the sale on your own.
The contract is initiated when a buyer provides the seller with a valid offer in writing. If the seller accepts the offer, the two parties will negotiate the real estate contract terms that will govern the sale. The contract becomes legally binding and enforceable when it is signed by both parties as long as it adheres to all applicable real estate and contract law.
The most common Texas real estate contracts are those approved by the Texas Real Estate Commission, or TREC. There are several types of TREC contracts, and each contract has a different purpose.
Yes. TREC contracts are available for public use so anyone buying or selling a house is free to utilize these contract forms. These forms however were created and approved by the Texas Real Estate Commission and were meant to be used by licensed real estate brokers and agents who are trained to correctly complete these forms. Any mistakes on these forms could lead to an invalid real estate contract and a financial loss.
If you are buying or selling a property, it is highly recommended that you consult with a licensed realtor or real estate attorney to assist in the transaction. A professional can walk you through the process and ensure you understand all the terms of the real estate contract.
In Texas, the 4 essential elements that make a real estate contract valid and legally binding include:
Real estate contracts must also be in writing and signed by both parties before they are considered valid and binding.
In Texas, the principle of “buyer beware” only applies to multi-family properties. When selling a single-family home, sellers are required to provide the buyer with a seller’s disclosure notice and other state required disclosures.
When selling a multi-family property, the buyer does not have the protections of required disclosures. The buyer is responsible to do their due diligence and have the property inspected for defects before agreeing to finalize the sale.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
Corporate Attorney that represents startups, businesses, investors, VC/PE doing business throughout the country. Representing in a range of matters from formation to regulatory compliance to financings to exit. Have a practice that represents both domestic and foreign startups, businesses, and entrepreneurs. Along with VC, Private Equity, and investors.
I grew up in Beaumont, Texas. I attended Baylor University for college and the The University of Texas School of Law for law school. I gained extensive experience in many areas of transactional law through my former position as corporate counsel at National Western Life Insurance Company and my current position as an Associate at Nance & Simpson, LLP.
