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Old Yesterday, 08:23 PM
 
Location: Albuquerque, NM
1 posts, read 27 times
Reputation: 10

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I am in the process of buying the home I am currently renting and require a few months to get all the boxes checked off my list. The seller asked me to look into a "temporary real estate contract" as something the both of us can have in writing to our benefit while I am getting my ducks in a row. I have researched this and have come up short. There is really nothing that I have found other than a purchase agreement, which I believed to be different. Is this the same thing? I live in New Mexico. Thanks in advance!
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Old Yesterday, 08:52 PM
 
Location: DFW - Coppell / Las Colinas
37,093 posts, read 41,274,490 times
Reputation: 44990
No such thing in TX. It would be something an lawyer would need to do.
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Old Yesterday, 09:08 PM
 
Location: Rochester, WA
8,990 posts, read 5,657,410 times
Reputation: 23931
I think it would most simply be a purchase and sale agreement, with contingencies for whatever timelines you need to get your ducks in a row. You can have a long contract period on a standard contract.
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Old Today, 05:25 AM
 
Location: DFW - Coppell / Las Colinas
37,093 posts, read 41,274,490 times
Reputation: 44990
Our contracts says you have ___Blank days for your Personal Financing to be approved. Yes you could put something in there very long and also a very low $$ for your Earnest Money.

You do need someone familiar with NM Contracts either an agent or a lawyer to guide you through the options.
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Old Today, 05:28 AM
 
Location: Cary, NC
37,477 posts, read 64,963,806 times
Reputation: 37752
Quote:
Originally Posted by Rakin View Post
Our contracts says you have ___Blank days for your Personal Financing to be approved. Yes you could put something in there very long and also a very low $$ for your Earnest Money.

You do need someone familiar with NM Contracts either an agent or a lawyer to guide you through the options.
Yup!
This might be a fairly simple arrangement, or it might be complicated.



Local rules rule.
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Old Today, 06:37 AM
 
7,755 posts, read 9,708,419 times
Reputation: 14142
It sounds like you could either do a sales contract with appropriate contingencies and an extended timeline...or you could do an Option-to-Buy which would lock in a price the owner would sell at and provide you with the option--but not the obligation--to buy within a certain timeframe, giving you the opportunity to "get your ducks in a row". Receiving counsel from a good real estate attorney would be advisable.
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Old Today, 12:32 PM
 
3,166 posts, read 6,275,512 times
Reputation: 7215
I've never heard of a "temporary" RE contract.

Surely there is a more informative/ more official title. In any case...or especially in this case...make sure you understand all of the provisions of the deal.
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Old Today, 04:56 PM
 
Location: Salem, OR
14,788 posts, read 35,846,544 times
Reputation: 14806
I think maybe the seller means a right of first refusal? An option to purchase?

Honestly, you just need a purchase and sale agreement with a very long financing and closing date.
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Old Today, 05:07 PM
 
7,755 posts, read 9,708,419 times
Reputation: 14142
Quote:
Originally Posted by rational1 View Post
I've never heard of a "temporary" RE contract.

Surely there is a more informative/ more official title. In any case...or especially in this case...make sure you understand all of the provisions of the deal.
It's a short-term rental agreement.

However, in this context, it means that the owner doesn't know what he's talking about...or hasn't expressed himself properly. The OP should try to get some clarification before consulting with an attorney to draw up a contract.
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Old Today, 07:43 PM
 
Location: USA
2,008 posts, read 742,748 times
Reputation: 5474
For your biggest and most important financial transaction, invest in a real estate attorney.
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