Chattel Mortgage Form Formal Contract In Houston
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FAQ
While anyone may use forms promulgated by TREC, the 150-plus Texas REALTORS® forms are for the exclusive use of the association's members.
Even if a written contract is not required, it is always a good idea to have a written agreement. A written agreement does not have to be a formal or complex contract, and it can be handwritten. It must contain the terms of the agreement and be signed by both parties.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).
Are Texas real estate contracts assignable? Yes, Texas real estate contracts are generally assignable unless stated otherwise in the contract itself, allowing buyers to transfer their rights and obligations to another party with the consent of all involved parties.