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This is from the TAR website:
The Texas Real Estate Commission has proposed changes to several of its forms and is asking for your input. Here’s a breakdown of some of the changes under consideration: - Extend the option-period fee’s due date. The termination-option fee will be due within three days of the effective date instead of two days, and the buyer can give the fee to the listing agent or the seller, and it’s considered received. This will affect six forms :
- One To Four Family Residential Contract (Resale) – TREC 20-11, TAR 1601
- New Home Contract (Incomplete Construction) – TREC 23-12, TAR 1603
- New Home Contract (Complete Construction) – TREC 24-12, TAR 1604
- Residential Condominium Contract (Resale) – TREC 30-10, TAR 1605
- Unimproved Property Contract - TREC 9-10, TAR 1607
- Farm and Ranch Contract - TREC 25-9, TAR 1701
- Add another financing option
- USDA-guaranteed financing will be added to the Third Party Financing Addendum for Credit Approval (TREC 40-5, TAR 1901).
- Lawsuits and property-owner associations
- Language in the Subdivision Information form (TREC 37-4, TAR 1923) will include situations where the association is a party to a lawsuit, not just a defendent.
- A brand-new form
- TREC also proposed a new form, Mutual Termination of Contract (TREC 46-0), that would enable all parties to release each other from the contract without necessarily releasing the earnest money.
You can view the proposed changes at TREC’s website and submit your comments to general.counsel@trec.texas.gov before Oct. 1.
Hope these help.
-Greg
Greg Wilson The REI Mentor |
