January 01, 2020
From the Legal Hotline: How Far in the Future Can the Closing Date of a Contract Be Set?
January 01, 2020 We’ve been asked if the closing date for a residential contract can be set a year after the execution date. If a residential contract does not close within 180 days (six months) of it being executed, Texas Property Code Sections 5.061 to 5.085 come into effect, adding notice and dis
January 01, 2020
We’ve been asked if the closing date for a residential contract can be set a year after the execution date. If a residential contract does not close within 180 days (six months) of it being executed, Texas Property Code Sections 5.061 to 5.085 come into effect, adding notice and disclosure requirements that are not contained in the TREC residential contracts. Before setting a closing date for more than six months after the contract’s execution, the parties should consult with an attorney.
—Traci Jackson, associate attorney