We reveal a few reasons why you should never use a particular land contract when purchasing larger tracts of land in Texas. Plus, we’ll share which contract is preferred by listing agents and brokers.
The contract that we believe you should never use when buying larger tracks of land in Texas is the TREC, otherwise known as Texas Real Estate Commission Unimproved Property contract.
There are several reasons that we don’t think you should use this contract for larger tracts of land:
First off, it doesn’t have any provisions that states any of the farm and ranch accessories or residential accessories that are fixed to the land will convey to the buyer at closing.
In addition, it doesn’t have a provision that states the sales price will be adjusted per the acreage that’s found on a new survey. We discussed this in a previous video and this could be very costly because it could cost you tens of thousands of dollars if you don’t have that provision.
Lastly, listing agents and brokers are more accustomed to using the TREC farm and ranch contract as opposed to the Unimproved Property contract, so if you make an offer with the Unimproved Property contract it’ll show that you’re probably not as knowledgeable and experienced and they may not want to work with you because they don’t want to teach you the intricacies of the land business when trying to sell a property for their client.
Of course, we always recommend that you consult an attorney before making any offers on property.
Feel free to reach out to us with questions or other topics you’d like to see covered.
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