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Happy New Year!

2016 once again brings new real estate contracts from the Texas Real Estate Commission.  Do not worry, we have all of the forms ready for you! If you are a current member you can start using the 2016 Texas Real Estate Commission forms now.  Not a member? Sign up now!

Here are all of the forms that were updated for 2016:

Sales Contracts

• 20-13 – Unimproved Property Contract
• 20-13  – 1 – 4 Family Residential Resale Contract
• 24-14 – New Home Contract (Incomplete Construction)
• 25-11 – Farm and Ranch Contract
• 30-12 – Residential Condominium Contract (Resale)

Addenda to Contracts

• 40-7 – Third Party Financing Addendum for Credit Approval
• 39-8 – Amendment to Contract

Disclosure Documents

• OP-H – Property Condition
• IABS1-0 – Information about Broker Services

All of these forms are currently available in our software. With BULL Forms Texas you can easily complete a contract and send it for signatures with our integrated e-signature tool.

You can sign up here.

As always, if you have any questions please do not hesitate to contact us.

Unimproved Property Contract Texas

As of 4/28/2014 the Texas Real Estate Commission has released and required everyone to use the new form of the Unimproved Property Contract.  Lets look at what has changed and what the unimproved property contract is used for.  The unimproved property contract is actually used for land or lot sale purchases.  The contract is designed to outline the condition of the lot and other conditions that exist with the land.  This contract shouldn’t be used when purchasing or selling a structure that has been built on the land.  Lets take a look at the recent revisions to the unimproved property contract in Texas.

LOOKING FOR THE UNIMPROVED PROPERTY CONTRACT ONLINE – CLICK HERE TO USE OUR SOFTWARE

The Unimproved Property Contract 9-11 Changes

The first real change of the unimproved property contract is in the Title Policy and Survey section.  TREC has removed the statement that the buyer at their expense may have the exception read … when related to the standard discrepancies to the boundary and encroachments.    They have now changed this portion to clearly state whether or not the section will be amended, deleted or will remain in tact and whether or not it will be paid for by the buyer or seller.  You can see the changes below.

The next notable change to the unimproved property contract 9-11 occurs in the title notes portion.  An additional tenth item has been added to the list of title notices to require the seller to notify the purchaser if  the land that is being purchased is in a propane gas system area.  As per Texas Utilities Code 141.010 and addendum must now be provided to give the additional information.

After the addition of the propane gas notice, the following section is about property condition.  Here in this version of unimproved property contract 9-11 TREC has provided additional clarification on as-is.  The prior version of the contract briefly touched on accepting the land as-is or as-is with outlined modifications or terms.  This version now further clarifies as-is and exactly what the purchaser is assuming.  This added level of clarity helps avoid misunderstanding and misinterpretations.  It also then removes the notice portion.  The notice portion is now included in the further disclaimer portion.

After the as is portion the Texas real estate commission has now replaced the verbiage in the completion of repairs section.  This section appears to cover the same notice but has been modified to provide a more concise message.  The wording is clearer and more easily understood.  Just under this section there is further clarification about disclosing flooding of the property that has had a material adverse effect.  It also adds this clarification to the environmental section.

The last notable change to the unimproved property contract is in the closing section of the form.  Section 5 of the closing section refers to the property being under a residential lease and the notices that should be given.  This section should actually never have been included.  This contract is for the sale of vacant land or lots.  This means that no residential leases should exist.  There are of course obscure cases of a person living in a tent and renting the land or a mobile home there but these cases in general should be handled outside of this portion and require further explanations.  After the residential lease portion there is some added disclaimer about this type of land lease though.  The lease would need to be disclosed to the purchaser and after the sale the seller would not retain that right to lease.

You made it.  You actually read through all the exciting changes to the contract and you should be proud of yourself.  Most people don’t pay attention to these changes.  Having this knowledge and understanding whats changing is what keeps you one step ahead as a real estate professional.  If you are unaware of who we are, we offer a texas real estate form software.  Our software allows you to easily complete all of the Texas real estate forms online, send them to clients, have them e-signed and much much more.  Sign up to use our free texas residential contract or learn more about our full featured software.

TREC or the Texas Real Estate commission has updated their forms again.  Below is a list of the updates and what has changed.  Some of the changes are minor and merely are phone number and website changes while others are substantial changes in the body of the forms.  Rest assured we will have the forms changed in the system.

TREC No. 20-10 (TAR 1601) 1-4 Family Residential Contract (Resale)
Paragraph 6.B: adds a sentence regarding the buyer’s ability to terminate the contract if the
commitment and exception documents are not delivered within the time required, which was deleted
from paragraph 15;
paragraph 6.D: adds the phrase “by Buyer” for clarity;
paragraph 6.E.(2): adds additional disclosures required by amendments to §207.003, Property Code;
new subparagraph 6.E.(8): adds new statutory disclosure regarding private transfer fee obligations;
paragraph 7.A: adds a new requirement for a seller to have utilities turned on and kept on while the
contract is in effect;
Paragraph 7.F: changes a phrase regarding the buyer’s remedies if the seller fails to complete agreed
repairs and treatments prior to the closing date; the new text provides that the buyer may exercise
remedies under paragraph 15 or extend the closing date up to 15 days to allow the seller to complete
the repairs;
Paragraph 15: delete the sentence regarding seller’s failure to make non-casualty repairs or deliver the
commitment or survey. The sentence was moved to paragraph 6.B.
TREC No. 23-11 (TAR 1603) New Home Contract (Incomplete Construction)
Same as for TREC No. 20-10 except that there are no amendments to paragraphs 7.A. or 7.E.
TREC No. 24-11 (TAR 1604) New Home Contract (Completed Construction)
Same as for TREC No. 20-10
TREC No. 30-9 (TAR 1605) Residential Condominium Contract (Resale)
Same as for TREC No. 20-10 except that 6.E.2 is not amended
TREC No. 9-9 (TAR 1607) Unimproved Property Contract
Same as for TREC No. 20-10
TREC No. 25-8 (TAR 1701) Farm and Ranch Contract
Same as for TREC No. 20-10 except that 6.E.2 is not amended TREC No. 39-6 (TAR 1903) Amendment
Paragraph 8 is changed to reference the correct title to TREC No. 40-3
TREC No. 37-4 (TAR 1923) Subdivision Information, Including Resale Certificate for Property
Paragraphs D, H, and I are amended to track statutory changes to Ch. 207

This is a list of forms that just had the contact information changed on them.

TREC No. 40-3 (TAR 1901) Third Party Financing Addendum for Credit Approval
TREC No. 38-3 (TAR 1902) Notice of Termination of Contract
TREC No. 44-0 (TAR 1905) Addendum for Reservation of Oil, Gas, and Other Minerals
TREC No. 10-5 (TAR 1908) Sale of Other Property by Buyer
TREC No. 11-6 (TAR 1909) Addendum for Back-Up Contract
TREC No. 15-4 (TAR 1910) Seller’s Temporary Residential Lease
TREC No. 16-4 (TAR 1911) Buyer’s Temporary Residential Lease
TREC No. 26-4 (TAR 1914) Seller Financing Addendum
TREC No. 33-1 (TAR 1915) Addendum for Coastal Area Property
TREC No. 34-3 (TAR 1916) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway
TREC No. 28-1 (TAR 1917) Environmental Assessment, Threatened or Endangered Species
TREC No. 45-0 (TAR 1918) Short Sale Addendum
TREC No. 41-1 (TAR 1919) Loan Assumption Addendum
TREC No. 12-2 (TAR 1920) Release of Liability on Assumed Loan and/or Restoration of Seller’s VA
Entitlement
TREC No. 32-2 (TAR 1921) Condominium Resale Certificate
TREC No. OP-I (TAR 2504) Consumer Notice Concerning Hazards or Repairs
TREC NO. OP-K (TAR 2501) Information About Brokerage Services
TREC No. OP-L (TAR 1906) Addendum For Seller’s Disclosure of Information On Lead-Based Paint
TREC No. OP-M (TAR 1924) Non-Realty Items Addendum to Contract