Texas Commercial Purchase Agreement

Dez 18, 2020 von

Commercial: The seller of a commercial property refused my client`s offer to acquire this property. We used the form TAR 1801, The Commercial Contract – Real Estate Improved. The seller`s representative stated that the seller had refused the offer because he was selling the property „as he says“ and would not make repairs. Therefore, the buyer`s request for a feasibility period and his right to inspect the property were not necessary for the contract. The listing agent suggests that we submit another offer without the feasibility rate being verified on the form. Do we have to choose between the basic „how to see“ contract and the feasibility sales in the contract? There are two factors to consider. First, in the listing agreement between the seller and the listing agent, the seller agreed to sell the property at the stated price. Technically, if a willing, willing and able buyer submits an offer for the list price advertised in the MLS and the seller refuses or cannot accept the offer because the seller cannot cover the difference, the exchange broker`s tax has been earned and is payable. Second, REALTOR® members are required to comply with Article 12 of the Code of Ethics, which requires realTORS® to be honest and truthful in their communication and to give a real image in their ads at all times. It is quite predictable that a hearing body could find a member who would violate the code if that member advertises a list price in mls with the full knowledge and understanding that the seller is not able to accept offers at that price. Nar will soon consider whether to adopt new rules that would better describe how the status of short-sale real estate should be disclosed in REALTOR`s MLS®.

Is the independent consideration in TAR sales contracts refundable? Preparing your own document or amending a rental agreement prepared by a lawyer for another transaction is a violation of the Real Estate Licensing Act. In addition, you may be sued by the parties if they disagree on the lease you are preparing. It is not a good idea to do so because the seller might be required to sell the property to two different buyers if both accepted the seller`s counter-offer. Instead, the seller could refuse both offers and ask interested parties to submit better offers using the seller`s invitation to the buyer to submit a new offer form (TXR 1926), or the seller could only make a counter-offer to one interested party.

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