MAKING AN OFFER TOOL
Buyer Resource Center
The 10 Elements of an Offer
Offer Training Complete
The 10 Elements of an Offer
Here's a quick recap of everything you've learned. Tap any element to review it.
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Definition
What is a Leaseback?
A leaseback (also called a "rent-back" or "seller leaseback") is an arrangement where the seller remains in the home after closing, typically as a tenant paying rent to the new owner.
This often happens when the seller needs extra time to move out or is waiting to close on their next home. The terms—including duration, rent amount, and security deposit—are negotiated as part of the contract.
Why Texas is Different
What is TREC?
TREC stands for the Texas Real Estate Commission—the state agency that regulates real estate brokers, salespersons, inspectors, and other license holders in Texas.
But here's what makes Texas unique: instead of every transaction requiring custom contracts drafted by attorneys (like in many other states), TREC creates promulgated forms—standardized contracts that must be used for most residential real estate transactions.
How It Works
The Texas Real Estate Commission includes a Broker-Lawyer Committee—a group of six attorneys and six brokers appointed by the commission. This committee drafts and revises all the standard forms used in Texas real estate transactions.
Why This Benefits You
- Lower costs: You don't need to hire an attorney to draft your purchase contract.
- Consistency: Every agent knows these forms inside and out, reducing errors and misunderstandings.
- Proven protection: These forms have been refined over decades to protect both parties.
- Faster transactions: Standardized paperwork means fewer delays.
Common TREC Forms
The standard contract for most home purchases.
Outlines your financing terms and protects you if the loan falls through.
Used when your purchase depends on selling your current home.
The seller's disclosure of known property conditions.
Covers HOA responsibilities, fees, and rules.
From the TREC Contract
What Stays With the Home?
Under Texas law, items that are permanently attached to the property are considered "real property" and transfer with the sale automatically. The TREC contract lists these "accessories" that convey with the home.
ACCESSORIES INCLUDED:
"All equipment and appliances, valances, screens, shutters, awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television antennas, mounts and brackets for televisions and speakers, heating and air-conditioning units, security and fire detection equipment, wiring, plumbing and lighting fixtures, chandeliers, water softener system, kitchen equipment, garage door openers, cleaning equipment, shrubbery, landscaping, outdoor cooking equipment..."
What This Means
- Curtain rods stay, curtains don't: The rod is attached; the fabric hangs from it.
- TV mounts stay, TVs don't: The bracket is attached; the television is not.
- Built-in appliances stay: Dishwashers, built-in microwaves, and cooktops are real property.
- Freestanding appliances don't: Refrigerators, washers, and dryers must be negotiated.
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Cash offer — not subject to financing contingency
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Keep Austin Full of People Who Love It
We don’t just buy and sell homes. We build community, one house at a time
Timothy Powles and Adam Stanley work together on the Adam Timothy Group at Compass RA and manage AT Real Estate Group LLC, a rental and vacation property investment business. We are about building community. We believe a real estate transaction is an important and extremely significant event but relationships last a lifetime. Our clients, partners, and friends trust us to get to know their story and what is most important to them. And we work tirelessly to retain that trust.
