AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) adopted changes to standard contract forms at its Feb. 14 meeting. The changes take effect today.
Revised forms include the Unimproved Property Contract; the One to Four Family Residential Contract (Resale); the New Home Contract (Incomplete Construction); the New Home Contract (Completed Construction); the Farm and Ranch Contract; and the Residential Condominium Contract.
The forms were amended to remove new subparagraph 15B, which was added to the contract forms in November 2010 to require a seller or buyer to file an action for specific performance within 45 days of the closing date of the contract.
This action was taken based on a recommendation from the Broker Lawyer Committee, a committee appointed by the Commission to draft and revise contract forms that are capable of being standardized to expedite real estate transactions and minimize controversy.
The updated contract forms are available for immediate use on the TREC website. Licensees should begin using the amended forms as soon as possible
