Update on Texas Real Estate forms for use. The Texas Real Estate Commission (TREC) has revised new real estate forms that go into effect for mandatory use on June 1, 2014. Looking to prepare a real estate contract? The revised forms include:
- Unimproved Property Contract
- One to Four Family Residential Contract (Resale)
- New Home Contract (Incomplete Construction)
- New Home Contract (Completed Construction)
- Farm and Ranch Contract
- Residential Condominium Contract (Resale)
TREC has also adopted a new Reverse Mortgage Financing Addendum for voluntary use. While this is important information for Realtors and Brokers, non-real estate professionals should consult a real estate attorney or agent before using the forms for personal use.
When considering negotiating a real estate transaction, a buyer or seller should consider utilizing a real estate lawyer or Realtor. Why involve a real estate professional when the TREC form is available online? Because dealing with real estate transactions is often more complicated than expected. Realtors can run a comparative market analysis to determine a proper sale price. In addition, lawyers can modify the actual language of the form to favor their clients. Why would a seller or buyer want to modify a “standard” contract? Sometimes a specialized contract is required when a party wants to protect from the harm or liability associated with potential injury or wrongful death claims that result from a serious or catastrophic injury on the premise.
– Article By Richard D. Weaver, a Texas real estate lawyer based out of Houston.