I’m a first time homebuyer in Texas and we chose a home and then they sent us a contract agreement which I’m going through and I see that there is a clause that the buyer waves the rights under the Texas deceptive trade practices act. Is this a common thing or this builder is scamming me.
And there is a clause that says all disputes go to binding arbitration jams no jury no class actions no appeal. Is this right? Is this common for builders in Texas?
Builder repurchase contract is that if I sue after closing and claim damages more than 10% of the home price the builder can force me to sell the home back to them at original price plus few costs. Are these clauses fishy or should I negotiate with them.
There is another clause that says main contract isn’t contingent on loan approval unless they accept a financing addendum.
Should I add a real estate attorney to go through the contract? Can anyone please guide me and any advice will help thank you.
Builder making me sign DTPA in Texas. Is this common?
byu/Master_Release_1116 inRealEstate
Posted by Master_Release_1116
2 Comments
Def have an attorney take a look at it.
And Google the builder.
Edit – And as I skim a number of sites, I think Texas *requires* that an attorney sign off on your waiver.
Sounds like a normal builder contract. They’re all written to protect the builder. You could have an attorney explain the clauses to you so you know what you’re getting into, but be aware that builders don’t negotiate contracts. They’re take it or leave it.