Your TREC forms are changing

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A pair of glasses and a silver pen sit on top of a contract.

08/11/2015 | Author: Editorial Staff

The Texas Real Estate Commission is considering changes that will affect several of its forms.

Why are the forms changing?
Legislation passed during this year's session requires some changes, and the Broker-Lawyer Committee has recommended others..

When will the forms change?
TREC is meeting August 17 to consider the changes. Any form modifications adopted on August 17 will be adopted on an emergency basis, mandatory for use beginning September 1, and reviewed again at TREC's November meeting. At that November meeting, any changes adopted on August 17 will be considered for permanent adoption—they could also be tweaked before permanent adoption.

What is changing?
Read the cover story of this month's Texas REALTOR® magazine for details on the changes being considered. You can also view a PDF that includes all the redlined forms on TREC's website.

Categories: Forms, Legal
Tags: trec contracts, trec, form update


Comments

Ward Lowe, TAR staff on 08/11/2015

@Dena: Any comment period will happen after the Aug 17 meeting. I encourage you to contact TREC at 512-936-3000 to learn the best way to provide your input.

Dena Smith on 08/11/2015

I don’t find any place online to provide feedback for the changes. In fact I don’t find the red line versions anywhere online outside of this report.

Also some of these changes seem to warrant the creation of new forms or at the very least some kind of direction on how to provide the new notices… sellers permission to perform hydrostatic testing… buyer’s notice to seller for 10 day closing extension.

Tim Thornton on 08/11/2015

If I understand it correctly, the committee wants to arbitrarily change the time frame for the option period from 12 midnight, to 5pm. Besides attorney’s, who ends their day at 5pm in this business? or any business, for that matters. I probably have less than 5% of clients who are even home by 5pm. Yes, I understand that this is the last day of the option period and waiting until the last day is not something that buyers and sellers should do—but let’s be honest, it happens every day. And changing the definition of “the day” is not only silly, and not useful, it is arbitrary and gives favor to the seller over the buyer. This is a bad idea and does not help clarify anything in the contract and it does not give both buyer and seller a more balanced contract.

We just fixed the big gaping problem with the option period when a contract is written during a holiday or long weekend. Why would you want to do this and cloud the option period again? This makes no sense.


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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

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