TX SOS 801 2011-2024 free printable template
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Hi it's Barbara brindle with Remix hallmark and welcome to teachable moments today we're going to talk about form 801 which is a widely misunderstood document that has recently joined our marketplace as another piece of paper to fill out when you're presenting an offer it's really not that complicated however I just give you a little of history where this came from consumers had concerns around phantom offers in the marketplace and demanded that Rico do something about it bill 55 was tabled and as a result of Bill 55 being passed form 801 came alive what it's designed to do is to ensure that all written offers on a property are tracked now our broker doesn't want to manage the amount of paperwork that 20 and 30 offers being generated on a property might entail so in lieu of having to keep all the agreement of purchase and sales on a property we can use form 801 in its place there's another use for form 801 that I'll talk about as well that you can use to your advantage in the marketplace particularly on properties that are holding offers but let's stick with form 801, so I'm the listing brokerage and I have to comply with Bill 55 so if you're bringing an offer on any one of my listings my request to you is that you're going to submit your offer with the form 801 and the reason I'm going to ask you to do that is so that I don't have to keep the original agreement of purchase and sale if we don't end up negotiating a firm agreement with your client I just want one piece of paper to keep in my file to comply with the regulations that say that I can provide this to Rico in the event of an audit, so that's why listing brokerages require form 801 because we really don't want to keep all of this agreement of purchase and sales now in the event your offer goes through I'm going to keep the entire agreement of purchase and sale and I don't need a form 801 so hopefully that gives you a little of background the other use for form 801 is let's say you're shopping with a buyer, and they see a property that's holding offers and there's an offer date of next Tuesday for example, and you have a concern that a bully offer might come in because quite frankly you could call the listing agent and say please keep me posted and then get a call the next day and find out that the property has sold and this has happened in our market so in order to avoid that to reserve your place in line you can use form 801 in lieu of sending an agreement of purchase and sale in advance of an offer date because you don't want to show all of your cards this early in the process, but you could send the listing broker a form 801 and where it says this offer was submitted by fax email or in person I would say this offer was submitted, and I would put in brackets waiting for offer date so that you've now registered your offer bear in mind you have to actually have an offer already signed to complete form 801 you've registered your offer you're holding your place in line for your buyer and...
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