Listing Agreement For Unimproved Property In Texas
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Unimproved land (sometimes known as vacant lots or more commonly raw land) is land that does not have any active services or public utilities running through it like water lines, electricity or even street access from the public roadways.
When buying or selling land in Texas, an important decision is what contract form to use. If you're a realtor, you are required to use the Texas Real Estate Commission (TREC) contract forms. Other people buying or selling land in Texas have additional options.
A listing agreement is “a legally binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction.” In other words, a listing agreement is an employment contract between a client and a broker that spells out what the broker is responsible for ...
Undeveloped land is a completely blank slate for you to use or build on. That means you can choose to use it however you (legally) want and customize your build from the ground up to your exact specifications – as long as they keep with local zoning laws.
Unimproved Property Contract (Form ID: 9-16): This contract form is for property that does not have physical buildings, additions or fixtures on the land. It is generally used for property that has been platted (has a recorded Lot/Block legal description). It is not for use for inium transactions.
50 Surprisingly Creative Uses for Vacant Land Build a Spec House. Community Garden. Wildlife Preservation. Tiny Houses. Farming. Recreation. Education. Harvest Timber.
While it's not legally required, hiring a real estate attorney to help draft and review the contract is highly recommended. Can I use a template for my Texas real estate contract? While many templates are available online, it's best to have an attorney review and customize the contract to ensure it meets your needs.
Benefits of Buying Unimproved Land Investment potential: Unimproved land can be a viable long-term investment. Its value may appreciate over time, especially if located in an area experiencing growth or development. Investors can hold the land for future development or resale, potentially generating a profit.